US tech stocks see sharp falls over AI cost fears

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Tech stocks tumbled for the second day in a row as concerns rise over the hundreds of billions of dollars firms are investing in artificial intelligence (AI).

由于市场对企业在人工智能（AI）领域投入数千亿美元的担忧加剧，科技股连续第二天大幅下跌。

Shares in Intel plummeted by 28% on Friday, while Google owner Alphabet saw its stock price continue to fall another 1.4% after a 12% plunge on Thursday.

英特尔（Intel）股价周五暴跌28%，而谷歌母公司Alphabet在周四重挫12%后，股价继续下跌1.4%。

Other tech stocks, including Reddit and Amazon also fell, while the Nasdaq index of the largest tech firms listed in the US, ended October with its worst monthly slide since March 2025.

包括Reddit和亚马逊在内的其他科技股也出现下跌，而追踪美国大型科技股的纳斯达克指数在10月份经历了自2025年3月以来最糟糕的月度跌幅。

While tech firms are spending big on AI, their earnings are not always meeting analysts’ expectations, spooking investors and creating fears of an AI bubble.

尽管科技公司在人工智能上投入巨资，但其收益并不总能达到分析师的预期，这令投资者感到恐慌，并引发了对人工智能泡沫的担忧。

Major tech companies have ramped up artificial intelligence spending, with Meta, Alphabet, Oracle, Amazon, and Microsoft committing to spending $800bn between them in 2026.

大型科技公司纷纷加大人工智能支出，Meta、Alphabet、甲骨文（Oracle）、亚马逊和微软承诺在2026年合计投入8000亿美元。

Alphabet’s stock market value fell sharply on Thursday, taking more than $500bn (£374bn) off its market value after it revealed the AI summaries it now provides as the top answer to search queries were affecting its core search advertising revenue.

Alphabet的市值在周四大幅缩水，蒸发了超过5000亿美元（约合3740亿英镑），此前该公司披露，其目前作为搜索查询首选答案提供的AI摘要正在影响其核心搜索广告收入。

At the same time, Alphabet expects to spend up to $205bn this year on investments, almost entirely related to AI.

与此同时，Alphabet预计今年将投入高达2050亿美元用于投资，且几乎全部与人工智能相关。

The bigger losses on Friday were elsewhere however, with Intel shedding more than $130bn in value.

然而，周五更大的损失出现在其他地方，英特尔的市值蒸发了超过1300亿美元。

The chip maker said it planned to increase spending on AI despite weaker demand for computers, a major source of demand for its micro-processors.

这家芯片制造商表示，尽管计算机需求疲软（这是其微处理器需求的主要来源），但仍计划增加在人工智能方面的支出。

On Thursday, Intel’s finance chief David Zinsner said the firm did not expect to bring in more cash than it spent this year and forecast lower-than-expected revenue for its fourth quarter.

周四，英特尔财务总监大卫·辛斯纳（David Zinsner）表示，公司预计今年现金流出将超过流入，并预测第四季度营收将低于预期。

“Looking ahead, we see the PC slowdown continuing at least through the first half of next year,” he said in the chip maker’s third quarter earnings report.

他在该芯片制造商的第三季度财报中表示：“展望未来，我们预计个人电脑市场的放缓至少会持续到明年上半年。”

In the earnings call, he said the firm had significantly ramped up investment in equipment in the third quarter and expected that to be “even more significant” in the following three months.

在财报电话会议上，他表示公司在第三季度大幅增加了设备投资，并预计在接下来的三个月里，这一投资规模将“更加显著”。

Amazon on Thursday revealed it had also spent more cash than it was making, and that spending had increased six-fold over the span of three months.

亚马逊周四披露，其支出也超过了收入，且在三个月内支出增长了六倍。

The company has committed to spending $220bn this year, putting the money towards investments such as AI data centres, network equipment, and servers.

该公司承诺今年投入2200亿美元，用于人工智能数据中心、网络设备和服务器等投资。

Amazon shares recovered some overnight losses, but were still down by 1.4% at the end of Friday trading.

亚马逊股价在隔夜交易中收复了部分失地，但在周五收盘时仍下跌了1.4%。

Reddit stock plunged by 29%, after the social media platform revealed weaker-than-expected daily user figures and warned that Google’s growing AI-driven search was hurting referral traffic.

Reddit股价暴跌29%，此前该社交媒体平台披露的日活跃用户数据不及预期，并警告称谷歌日益增长的AI驱动搜索正在损害其引流流量。

Stock in online game platform Roblox also fell, down by 18%, as its daily active user numbers dropped.

在线游戏平台Roblox的股价也因日活跃用户数量下降而下跌了18%。

Several major tech firms have reported earnings this week, including Microsoft, and analysts said there were questions about the payout from the huge investments in AI.

本周有多家大型科技公司发布了财报，其中包括微软。分析师表示，人们对人工智能巨额投资的回报存有疑问。

Chris Low, from investment management firm FHN Financial, said the bulk of what was happening in the stock market was in reaction to some of the biggest tech players such as Amazon and Google.

投资管理公司FHN Financial的克里斯·洛（Chris Low）表示，股市目前的大部分波动是对亚马逊和谷歌等大型科技巨头表现的反应。

He told Reuters the companies were “showing some pretty significant growing pains as they aggressively pursue the AI build-out”.

他告诉路透社，这些公司在“积极追求人工智能建设的同时，正显露出一些相当明显的成长阵痛”。

“The thinking is that these signs suggest that the entire sector is going to slow down.”

“市场普遍认为，这些迹象表明整个行业即将放缓。”

Many analysts have been debating the possibility of an AI bubble in the stock market.

许多分析师一直在讨论股市中存在人工智能泡沫的可能性。

The worry is that some tech firms will not be able to justify their sky-high valuations because the cost of building AI data centres and developing the software will end up being greater than the money they can make from it.

人们担心，一些科技公司将无法支撑其高得离谱的估值，因为建设人工智能数据中心和开发软件的成本最终可能会超过它们从中获得的收益。

Kathleen Brookes, research director at trading firm XTB, said there have been many ups and downs in AI trade in recent months.

交易公司XTB的研究总监凯瑟琳·布鲁克斯（Kathleen Brookes）表示，近几个月来，人工智能板块的交易经历了多次起伏。

“Investors have turned ruthless, punishing any signs of disappointment in [third quarter] earnings,” she said.

她说：“投资者已经变得冷酷无情，对（第三季度）财报中任何令人失望的迹象都会进行惩罚。”

“The AI trade has had a good run in recent years, but now investors want payback, and companies like Alphabet and Intel are in the crosshairs.”

“人工智能交易近年来表现良好，但现在投资者想要回报，而Alphabet和英特尔等公司正处于风口浪尖。”

However, stock market values for many of these companies remain well above where they were a year ago.

然而，这些公司中许多公司的市值仍远高于一年前的水平。

While the Nasdaq closed 2.8% lower, it is up 7.8% over the last year. Similarly Amazon is up nearly 8% over the past 12 months, while Alphabet is down 1.3%.

尽管纳斯达克指数收盘下跌2.8%，但过去一年仍上涨了7.8%。同样，亚马逊在过去12个月里上涨了近8%，而Alphabet则下跌了1.3%。

Brookes noted that November is typically a strong month for stocks.

布鲁克斯指出，11月通常是股市表现强劲的月份。

“If we see AI stocks continue to struggle in the coming days, it could suggest the AI trade is past its peak, and investors will be looking for a new theme to drive markets,” she said.

她说：“如果我们看到人工智能股票在未来几天继续挣扎，这可能意味着人工智能交易已经过了顶峰，投资者将寻找新的主题来推动市场。”