近年来推动大盘屡创新高的“科技七巨头”股票今年表现出现逆转。进入2026年，该集团中除两只股票外其余均录得下跌，微软跌幅近18%，特斯拉和亚马逊分别下跌逾8%。2025年被视为人工智能主要赢家之一的谷歌母公司Alphabet基本持平，而芯片宠儿英伟达今年仅微涨1%。Roundhill “科技七巨头”ETF今年迄今下跌近6%。

　　这些下跌背后，市场对这些公司在人工智能领域飙升的资本支出，以及它们能否满足日益增长的盈利增长预期存在诸多担忧。此外，AI模型的快速迭代和行业竞争加剧也增加了市场波动性。

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