美软件股危机未除!花旗:AI冲击或让终端价值蒸发三分之一

华尔街见闻
Feb 09

花旗指出,软件与服务板块正经历一场由“AI颠覆恐惧”引发的剧烈估值重估。据追风交易台,花旗在2月6日发布的最新美股策略研报中认为,当前的市场抛售并非源于短期基本面恶化,而是投资者正在激进地重新定价该行业的“终端价值”。研报指出,市场正在计入未来利润率的结构性下降,目前股价已充分反映了终端倍数压缩10%的预期,并接近反映20%的压缩。然而,如果AI对商业模式的冲击导致终端倍数压缩幅度达到30%,股价...

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