近期芯片股下跌主要源于 AI 资本开支与硬件盈利预期的重新定价。比特币回撤幅度更小,显示其定价更偏向宏观流动性,与 AI 叙事的关联正在减弱;不过这种分化是阶段性的,一旦美元与长端利率重新主导定价,联动会迅速加强,周四晚间 CPI 公布正是最近的检验窗口。
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