Global stock markets have dropped as expensive technology stocks, especially those focused on artificial intelligence, faced heavy selling after the release of quarterly reports and updated financial forecasts.

由於部分高價科技股，特別是聚焦於人工智慧（AI）的股票，在公布季度報告與更新財務預測後面臨大量拋售，全球股市隨之下跌。

The semiconductor industry saw a sharp decline, caused by Broadcom's second-quarter results. Although the company reported AI revenue of $10.8 billion—a 143% increase from last year—its total revenue of $22.19 billion was slightly lower than the $22.27 billion analysts expected. Consequently, Broadcom's share price fell by more than 10% because the company did not increase its $100 billion AI revenue target for 2027. This trend affected other AI companies as well; for example, CrowdStrike's shares dropped 11% because investors worried that its annual revenue growth was slowing down.

半導體產業出現大幅下跌，由 Broadcom 的第二季業績所觸發。儘管該公司報告 AI 營收達 108 億美元，較去年增長 143%，但總營收 221.9 億美元略低於分析師預期的 222.7 億美元。因此，由於該公司並未調高 2027 年 1,000 億美元的 AI 營收目標，Broadcom 的股價下跌超過 10%。此趨勢也影響了其他 AI 公司；例如 CrowdStrike 的股價下跌 11%，原因是投資者擔心其年度營收增長正在放緩。

Furthermore, institutional risks are evident in the SoftBank Group, which recently became Japan's most valuable company. However, analysts emphasized that the company has high debt and is too dependent on OpenAI, which makes up about 30% of its portfolio. Because of this, S&P Global Ratings changed SoftBank's credit outlook to negative in March. Meanwhile, the retail sector also struggled, as Lululemon lowered its yearly goals due to poor product reception and negative media coverage, leading to a 10% drop in after-hours trading.

此外，近期成為日本市值最高公司的軟銀集團（SoftBank Group）也顯現出制度性風險。分析師強調，該公司債務高企且過於依賴 OpenAI，後者約佔其投資組合的 30%。因此，標普全球評級（S&P Global Ratings）在三月份將軟銀的信用展望下調至「負面」。與此同時，零售部門同樣陷入困境，Lululemon 因產品反應不佳及媒體負面報導而下調年度目標，導致盤後交易下跌 10%。

Finally, macroeconomic pressures increased due to rising conflicts between the United States and Iran. While these tensions initially pushed oil prices higher, a ceasefire agreement between Israel and Lebanon helped Brent crude prices stabilize. Despite this, Barclays analysts suggested using specific financial tools to protect against volatility. They noted that semiconductors and hardware now make up over 30% of the S&P 500, which means the index is now more sensitive to changes in the tech sector.

最後，由於美國與伊朗之間的衝突升溫，宏觀經濟壓力增加。雖然這些緊張局勢最初推高了油價，但以色列與黎巴嫩之間的停火協議有助於布倫特原油價格趨於穩定。儘管如此，巴克萊（Barclays）分析師建議使用特定的財務工具以對沖波動。他們指出，半導體與硬體目前佔 S&P 500 指數超過 30%，這意味著該指數現在對科技部門的變動更加敏感。

The current market is shifting from speculative growth based on AI hype toward a need for proven financial results, all while dealing with geopolitical instability and profit-taking.

目前的市場正從基於 AI 炒作的投機性增長，轉向對實質財務結果的需求，同時還需應對地緣政治不穩定與獲利了結的壓力。