JOE RENNISON2026年11月6日标准普尔500指数每日变化。数据来源：LSEG。 By The New York TimesStocks had their worst day in nearly two years as investors’ concerns about weaknesses in the A.I. industry re-emerged after Democratic midterm victories raised the prospect of tighter regulation.民主党在美国中期选举中获胜后，投资者担心人工智能行业可能面临更严格的监管，加之对该行业自身弱点的忧虑再度浮现，美股遭遇近两年来最惨重的单日跌幅。The S&P 500 fell 4.4 percent on Thursday, marking the most severe drop for the index since April 2025, when President Trump unveiled sweeping global tariffs.周四，标普500指数下跌4.4%，创下自2025年4月以来的最大单日跌幅。当时，特朗普总统宣布对全球实施大规模关税。The tech-heavy Nasdaq Composite dropped 5.5 percent, putting the index into correction, defined as a drop of 10 percent or more from its recent peak. The Philadelphia Semiconductor Index, a benchmark for the industry, tumbled over 12 percent. That index has fallen over 30 percent since the beginning of October and is almost 40 percent below its peak in June.以科技股为主的纳斯达克综合指数下跌5.5%，进入回调区间，也就是较近期高点下跌至少10%。作为半导体行业基准指标的费城半导体指数暴跌逾12%。自10月初以来，该指数累计下跌超过30%，较6月的峰值已下跌近40%。After the Democrats won majorities in the House and Senate, the market initially rallied on Wednesday, as gridlock in Washington has broadly been welcomed by investors because it reduces the likelihood of new rules and laws being imposed on businesses.民主党赢得众议院和参议院多数席位后，市场周三最初上涨。投资者普遍乐见华盛顿陷入政治僵局，因为这意味着政府出台新法律法规、加强对企业监管的可能性降低。But by Thursday morning, concerns about the midterms ushering in a period of heightened scrutiny of A.I. compounded the fears of runaway spending and rising debt at tech firms that had been swirling in the market for weeks.但到了周四上午，市场开始担心中期选举可能开启一个人工智能行业受到更严格审查的时期，这进一步加剧了此前已持续数周对科技企业支出失控、债务攀升的忧虑。Some analysts noted that Democrats had flipped key governorships in states that are becoming important hubs for data centers, and that this could create a meaningful roadblock to the A.I. build-out.一些分析师指出，民主党在几个正逐渐成为重要数据中心枢纽的州夺得了州长职位，这可能对人工智能基础设施建设构成实质性阻碍。The declines gathered pace through the day, engulfing all sectors of the S&P 500. And as stocks tumbled, the 10-year Treasury note, seen as a haven during periods of market stress, rallied, meaning its yield fell, dropping to 4.83 percent, its lowest since September.当天股市跌势愈演愈烈，标普500指数所有板块无一幸免。股价暴跌之际，被视为市场动荡时期避险资产的10年期美国国债价格上涨，收益率随之降至4.83%，创下9月以来的最低水平。Gene Goldman, chief investment officer at Cetera Financial Group, said the sell-off had become “exaggerated” as selling accelerated through the day. He predicted the market would recover.Cetera金融集团首席投资官吉恩·戈德曼表示，随着抛售在当天不断加速，市场跌势已经有些“过头”。他预计股市将会出现反弹。“When you have a correction in a bull market they are typically short lived,” he said. “It’s ugly right now but we do think we will see a bounce back soon.”“牛市中的回调通常不会持续太久，”他说。“现在的情况确实很难看，但我们确实认为市场很快就会反弹。”纳斯达克综合指数：美国科技股为主的指数走势。注：数据至少延迟15分钟。数据来源：FactSet。Thursday’s decline rekindled a sell-off that had paused in the immediate run-up to the election. That sell-off had intensified last week when tech giants like Meta and Amazon reported their quarterly results that included huge spending plans on A.I., amplifying concerns about how quickly these investments would result in increased profits.周四的下跌重新点燃了在选举前夕暂停的抛售。上周，当Meta和亚马逊等科技巨头公布季度业绩、披露了庞大的人工智能支出计划时，引发更猛烈的抛售。投资者愈发担心，这些投资究竟需要多久才能转化为利润增长。On Thursday, some of the biggest losses occurred among the chip makers. Qualcomm, a large chipmaker, sank 9.5 percent on Thursday after the company dialed down its earnings forecast; it said high demand for chips was raising its own costs faster than it has been able to raise prices. The sharp stock move reflected broader concerns that supply bottlenecks created by the rush to build A.I. infrastructure could slow the industry’s growth, which means slowing the time it takes for investors to realize profits on their A.I. bets.周四跌幅最大的一些股票来自芯片制造商。大型芯片制造商高通周四股价下跌9.5%。此前，该公司下调了盈利预期，表示芯片需求旺盛使其自身成本上升速度快于其提价能力。高通股价大跌也反映出市场更广泛的担忧：人工智能基础设施建设热潮造成的供应瓶颈可能拖慢整个行业的增长，进而延长投资者从人工智能投资中获得回报所需的时间。Arm Holdings, another chipmaker, fell 13.1 percent after reporting underwhelming revenue from its push into A.I.另一家芯片制造商安谋控股因进军人工智能领域的业务收入不及预期，股价下跌13.1%。Nvidia, a chip industry leader, dropped 9.3 percent, dragging its stock into negative territory for the year.芯片行业领头羊英伟达下跌9.3%，使其今年以来的累计涨幅化为乌有，转为下跌。Shares of Elon Musk’s Tesla and SpaceX fell sharply for a second day. The two companies are run by the world’s richest person — and Republican megadonor — and have come under particular focus after the elections, with potential investigations and regulatory scrutiny in store.埃隆·马斯克旗下的特斯拉和SpaceX股价连续第二天大幅下跌。这两家公司均由世界首富、共和党巨额捐款人马斯克掌管。选举结束后，两家公司受到格外密切的关注，未来它们可能面临调查和更严格的监管审查。The stocks of some of the large “hyperscalers,” like Alphabet and Microsoft, fell less on Thursday than the broader market. Some analysts suggested that a slowdown in the race to build A.I infrastructure could favor these large, entrenched players, securing their dominant position and slowing the rapid pace of spending that has put pressure on their businesses.相比整体市场，Alphabet和微软等大型“超大规模云计算服务商”周四的股价跌幅较小。一些分析师认为，人工智能基础设施建设竞赛如果放缓，反而可能有利于这些根基稳固的大型企业，既能巩固它们的主导地位，也能减缓此前令其承受压力的快速支出增长。“The underlying intuition is that a slower build out could be relatively favorable for those doing the spending, and potentially less so for those receiving it,” said Frank Flight, head of macro strategy at Citadel Securities.“这里的基本逻辑是，建设速度放缓，对那些花钱投资的企业可能相对有利，而对那些收取投资资金的企业则未必是好事，”城堡证券宏观策略主管弗兰克·弗莱特说。Analysts broadly remained sanguine about the outlook for the stock market, expecting major indexes to rally once the current volatility subsides, though some expected choppy trading to continue through the end of the year.分析师总体上仍对股市前景乐观，预计一旦当前波动消退，主要指数将反弹，不过，也有人认为，市场的剧烈震荡可能持续到年底。Many saw the tech sell-off as part of the move out of some of the companies that have led the market higher and into the next cohort of companies to benefit from the adoption of the technology, such as health care companies and financials.许多分析师认为，此轮科技股抛售是市场资金轮动的一部分。资金正从此前引领股市上涨的部分企业撤出，转向下一批有望从人工智能技术普及中受益的公司，例如医疗保健和金融企业。Many also noted that the S&P 500 has risen over the 12 months after every midterm election since the Second World War. The index remains 7.4 percent higher for the year.不少分析师还指出，自第二次世界大战以来，每次美国中期选举结束后的12个月里，标普500指数均实现上涨。今年以来，该指数仍累计上涨7.4%。“The valuations in some of these names had just got so frothy, it’s not a complete surprise that we are seeing this,” said Alan McKnight, chief investment officer at Regions Bank.“其中一些股票的估值此前已经被炒得过高，因此如今出现这样的情况，并不完全令人意外，”Regions Bank首席投资官艾伦·麦克奈特说。标普500指数：美国股市交易情况。注：数据至少延迟15分钟。数据来源：FactSet。Joe Rennison撰写有关金融市场的文章，内容包括记录股市的变幻莫测、解释华尔街内部人士常常难以理解的交易决策等。翻译：杜然点击查看本文英文版。