投资者担心中国人工智能的发展，股市下跌
【中美创新时报2025 年 1 月 27 日编译讯】（记者温友平编译）人工智能热潮前沿的科技巨头之间的竞争愈演愈烈，促使投资者重新评估这些公司的高估值和激进的支出计划。《纽约时报》记者Jason Karaian对此作了下述报道。
周一，大型科技股遭遇恐慌，投资者担心中国新贵在人工智能方面的进步可能会威胁到美国、欧洲及其他地区科技巨头的赚钱能力。
中国人工智能公司 DeepSeek 凭借与尖端聊天机器人的能力相匹配，同时使用领先人工智能公司所依赖的专用计算机芯片的一小部分，引起了轰动。这促使投资者重新考虑他们期望从 Nvidia 等芯片制造商的高估值中获得的巨额回报，这些芯片制造商的设备为最先进的人工智能提供动力。系统，以及谷歌、Meta 和 OpenAI 等公司为建立人工智能业务而进行的巨额投资。
美国股市开盘暴跌，标准普尔 500 指数下跌超过 2%，科技股为主的纳斯达克指数下跌 3.5%。科技股也打压了欧洲和日本的市场。
痛苦集中在人工智能繁荣前沿的公司，包括那些推动美国市场自 1990 年代以来连续两年实现最大年度涨幅的价值数万亿美元的巨头。投资者担心这波涨势是否走得太远，让目前主导市场的少数科技公司几乎没有犯错的余地。
盈透证券首席策略师史蒂夫·索斯尼克 (Steve Sosnick) 表示，对于那些等待某些东西来动摇对科技估值信心的人来说，DeepSeek 可能是投资者看待人工智能新阶段的开始。他称，有关该行业竞争加剧的最新报道对投资者来说是“一记重击”，可能会改变他们计算风险的方式。
英伟达早盘下跌约 13%，市值蒸发数千亿美元。其他芯片制造商如 AMD 和 Arm，以及半导体设备专家如 ASML 也录得大幅下跌。DeepSeek 上个月推出了新系统，但上周的一份研究论文详细介绍了其如何构建该技术，引起了科技界的关注。盛宝银行首席投资策略师 Charu Chanana 在一份研究报告中写道，“这提醒我们，全球人工智能领域的竞争正在加剧，英伟达可能不会永远处于领先地位。”
Meta 上周宣布大幅增加数据中心支出计划，数据中心是为人工智能提供动力的大型计算机仓库，该公司股价下跌约 3%。同样在人工智能上押注巨额赌注的微软股价下跌 4%。甲骨文是与 OpenAI 和软银合作成立的合资企业的合作伙伴，该合资企业上周在与特朗普总统举行的活动上亮相。甲骨文股价下跌近 7%。软银的股票在东京也下跌了 8% 以上。
在 Meta、微软和其他公司准备本周公布最新季度收益之际，这些举措给科技巨头蒙上了一层阴影。回顾过去的丰厚利润，分析师可能会向高管提出尖锐的问题，询问他们在更激烈的全球竞争下未来的财务前景。
（《纽约时报》起诉 OpenAI 及其合作伙伴微软，称其侵犯了与人工智能系统相关的新闻内容的版权。这两家科技公司否认了诉讼的指控。）
这场动荡还打击了公用事业公司的股票，这些公司开辟了新的业务线，满足数据中心对电力的巨大需求。Constellation Energy 下跌超过 13%。
美国国债上涨，就像投资者在动荡时期寻求避风港时通常出现的情况一样。
特朗普承诺加速美国制造的人工智能的生产，与中国争夺全球技术领导地位。周四，他签署了一项行政命令，旨在“消除”人工智能发展的障碍。美国政府努力保持其在人工智能竞赛中的领先地位，试图限制可以出售给中国和其他竞争对手的强大芯片的数量，例如 Nvidia 生产的芯片。
伯恩斯坦的分析师承认 DeepSeek 系统具有巨大潜力，但他们指出，“最初的反应并不包括恐慌”。他们表示，更高效的人工智能系统所释放的任何计算能力都将被快速增长的需求所吸收：“我们仍然需要、并且会得到大量芯片。”
题图：周一的走势给市场蒙上了一层阴影，因为 Meta、微软和其他公司准备在本周发布最新季度收益。图片来源：Seth Wenig/美联社
附原英文报道：
Stocks Sink as Investors Worry About China’s A.I. Advances
Stiffer competition for the tech giants at the forefront of the artificial intelligence boom prompted investors to reassess the companies’ sky-high valuations and aggressive spending plans.
Nasdaq Composite Index
Jan. 23Jan. 24Jan
By Jason Karaian
Jan. 27, 2025
A jolt of panic hit big technology stocks on Monday, with investors rattled by fears that advances in artificial intelligence by Chinese upstarts could threaten the moneymaking power of tech giants in the United States, Europe and beyond.
The Chinese A.I. company DeepSeek has made waves by matching the abilities of cutting-edge chatbots while using a fraction of the specialized computer chips that leading A.I. companies rely on. That has prompted investors to rethink the large returns they are expecting on the heady valuations of chipmakers like Nvidia, whose equipment powers the most advanced A.I. systems, as well as the enormous investments that companies like Google, Meta and OpenAI are making to build their A.I. businesses.
U.S. markets tumbled at the open, with the S&P 500 slumping more than 2 percent and the tech-heavy Nasdaq dropping 3.5 percent. Tech stocks also dented markets in Europe and Japan.
The pain was concentrated at companies at the forefront of the A.I. boom, including the multitrillion-dollar behemoths that drove the largest back-to-back annual gains for U.S. markets since the 1990s. Investors have fretted about whether the rally has gone too far, leaving little room for error at the small group of tech firms that now dominates the market.
For those waiting for something to shake the faith in tech valuations, DeepSeek could be the start a new phase in how investors think about A.I., said Steve Sosnick, chief strategist at Interactive Brokers. He called the latest reports of increased competition in the industry a “big slap in the face” for investors that could reset the way they calculate risk.
Nvidia was down about 13 percent in early trading, a move that erases hundreds of billions of dollars in market value. Other chipmakers like AMD and Arm, and semiconductor equipment specialists like ASML also recorded substantial declines. The emergence of DeepSeek, which unveiled its new system last month but grabbed the tech world’s attention with a research paper last week detailing how it built the technology, “serves as a reminder that competition in the global A.I. arena is intensifying, and Nvidia may not be in the pole position forever,” Charu Chanana, chief investment strategist at Saxo Bank, wrote in a research note.
Shares of Meta, which last week announced a big jump in its spending plans for data centers, the huge warehouses of computers that power artificial intelligence, fell about 3 percent. Microsoft, which has also bet heavily on A.I., fell 4 percent. Oracle, which is a partner in a joint venture with OpenAI and SoftBank unveiled at an event with President Trump last week, fell nearly 7 percent. SoftBank’s stock also shed more than 8 percent of its value in Tokyo.
The moves cast a cloud over the tech giants as Meta, Microsoft and others prepare to present their latest quarterly earnings this week. Looking past their bumper profits in the past, analysts could aim pointed questions at executives about financial prospects in the future under stiffer global competition.
(The New York Times has sued OpenAI and its partner, Microsoft, claiming copyright infringement of news content related to A.I. systems. The two tech companies have denied the suit’s claims.)
The turmoil also hit the stocks of utility companies that have opened new lines of business serving the voracious power needs of data centers. Constellation Energy fell more than 13 percent.
U.S. Treasury bonds rallied, as they often do when investors seek havens during times of turbulence.
Mr. Trump has promised to accelerate the production of American-made A.I. to compete against China for global leadership in the technology. On Thursday, he signed an executive order aimed at “removing barriers” to the development of artificial intelligence. As the U.S. government works to maintain the country’s lead in the A.I. race, it is trying to limit the number of powerful chips, like those made by Nvidia, that can be sold to China and other rivals.
While acknowledging the potential of DeepSeek’s systems, analysts at Bernstein noted that their “initial reaction does not include panic.” Any computing capacity freed up by more efficient A.I. systems would be absorbed by fast-growing demand, they said: “We are still going to need, and get, a lot of chips.”
