恒科蒸发6000亿美元,市场在怕什么?

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恒生科技指数自去年10月高点累跌28%,市值蒸发近6000亿美元。虽估值已跌破历史均值,却难掩"烧钱换份额、回报存疑"的核心隐忧。各巨头春节期间豪掷11亿美元抢用户,即将公布的财报将是下一个关键考验。国内科技巨头正面临一场由AI军备竞赛引发的估值重估。恒生科技指数自去年10月高点以来累计下跌28%,市值蒸发近6000亿美元。腾讯与阿里首当其冲,而字节跳动等竞争对手持续加码资本支出,令市场的核心忧虑...

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