高貝塔動量股正在經歷金融危機以來最劇烈的一輪迴撤。高盛美國高貝塔動量指數顯示，該指數本月跌幅可能達到約23%，接近2008年金融危機以來最差單月表現。圖中數據顯示，當前跌幅已經明顯超過過去多數風險釋放階段，僅次於2008年的極端行情。 這輪調整並非針對整個科技行業，而是集中發生在此前漲幅最大、資金最擁擠的AI相關股票。英偉達、超微電腦、Palantir以及部分量子計算、半導體概念股等高波動標的，均屬於市場追逐度較高的方向。 市場正在重新評估AI資本開支邏輯：過去一年，投資者交易的是“AI需求無限增長”，但隨着超大規模雲廠商持續投入，市場開始關注這些基礎設施投資能否轉化爲足夠回報。如果算力建設速度超過實際商業需求，最先承壓的往往是估值最高、預期最充分的股票。

Tokyo-based supply-chain risk firm Resilire’s online June survey of 400 decision-makers at manufacturers that buy rare earths and rare-earth materials found average procurement costs rose 22.3% year-on-year. About 30% of respondents reported cost increases of 20–29% (the largest share); roughly 20% reported increases of 10–19%; just over 10% reported increases of 30–39%. Most firms report limited ability to pass higher input costs to customers: among firms with rising procurement costs, 4.2% said they can almost fully pass the increase through to prices, about 10% said they cannot pass costs on at all, and more than 40% said they can absorb less than half of the added cost when combining the under-25% and 25–49% pass-through groups.

MSCI亞太（除日本）指數下跌超過2%。