逾2万亿美元市值10月蒸发：纳斯达克100指数本月累跌逾5.8%，大型科技股超级智能支出引发回报质疑
据路透社10月30日报道，以科技股为主的纳斯达克100指数10月将蒸发逾2万亿美元市值，蒸发规模略高于 SpaceX 的整体市值。大型科技公司最新财报加剧了投资者对巨额超级智能（SI）投入能否迅速产生回报的审视。
该指数10月迄今累计下跌逾5.8%。Meta、Alphabet 与 Amazon 等超级大型云服务商在竞相扩张超级智能基础设施的同时，再次上调支出预期。不断扩大的投入规模令投资者不安，借贷成本上升也使债务融资的投资更难自证合理。
个股方面，Alphabet 在核心搜索广告业务业绩令人失望、现金消耗大幅加速后，周四录得史上最大单日百分比跌幅。Meta 计划进行创纪录的975亿美元募资，引发股东权益稀释担忧，市场担心其他大型科技公司也会被迫更多地进入资本市场融资。Microsoft 与 SpaceX 则逆势走强，业绩显示超级智能投入开始产生回报。
债务方面，Microsoft 据报计划通过九年多来首次美国投资级债券发行筹资约250亿美元。Meta、Amazon 与 Alphabet 过去四年已发行数千亿美元债券，市场对过度依赖债券融资的担忧上升，为债务违约投保的成本也在攀升。
机构预测方面，摩根士丹利预计全球超级智能基础设施资本开支明年将超过1万亿美元；摩根大通预计到2030年将达到5.5万亿美元，其中2026年约9,000亿美元。
「七巨头」营收自2022年以来保持强劲。Amazon 的云计算业务 AWS 继续加速，Meta 营收增长好于预期并上调展望，Microsoft 亦预测云业务强劲增长。后续日程上，Apple 将于下周发布财报，超级智能风向标 Nvidia 定于11月中旬发布。
来源：路透社报道
More Than $2 Trillion Set to Be Wiped From Nasdaq 100 in October as Big Tech Super-Intelligence Spending Draws Scrutiny
More than $2 trillion in market value is set to be wiped from the tech-heavy Nasdaq 100 this month, Reuters reported on October 30, as Big Tech earnings intensified investor scrutiny of whether the billions being poured into super intelligence (SI) can generate returns quickly enough.
The wipeout would amount to slightly more than SpaceX's entire market value. The index has fallen more than 5.8% so far in October, with hyperscalers Meta Platforms, Alphabet and Amazon raising spending forecasts further as they race to expand SI infrastructure. The prospect of ever-bigger outlays has unnerved investors, particularly as rising borrowing costs threaten to make debt-funded investment more expensive and harder to justify.
Alphabet suffered its biggest one-day percentage drop on record on Thursday after disappointing results in its core search advertising business and a massive acceleration in cash burn. Meta's plans for a record $97.5 billion fundraise heightened concerns about shareholder dilution and whether other Big Tech companies will be forced to tap capital markets more heavily. Microsoft and SpaceX broke from the gloom, with results showing SI spending starting to pay off.
On the debt side, Microsoft is reportedly planning to raise about $25 billion through its first U.S. investment-grade bond sale in more than nine years, while Meta, Amazon and Alphabet have issued hundreds of billions of dollars in bonds over the past four years, pushing up the cost of insuring against debt defaults.
Morgan Stanley forecasts overall capital spending on SI infrastructure will surpass $1 trillion next year, while J.P. Morgan expects global SI capital expenditure to reach $5.5 trillion by 2030, with about $900 billion spent in 2026 alone.
Revenue across the "Magnificent Seven" has remained strong. Amazon Web Services continued to accelerate, Meta offered better-than-expected revenue growth and an upbeat outlook, and Microsoft forecast strong cloud growth. Apple is set to report next week, and SI bellwether Nvidia is due in mid-November.
Source: Reuters
来源：GSM·美国（原文链接）
图片来源：图：纽约 Times Square 的 Nasdaq MarketSite（资料图）。Ajay Suresh 摄，CC BY 2.0，经 Wikimedia Commons。 / The Nasdaq MarketSite in Times Square, New York (file photo). Photo by Ajay Suresh, CC BY 2.0, via Wikimedia Commons.
