美國科技股對利率的反應函數已明顯不對稱——收益率下行時引發的上漲幅度，約爲收益率上行時下跌幅度的3倍。這意味着市場對利率的計價已經“單邊化”：利空鈍化、利好放大，科技股正在吸收越來越多的風險敞口。低寬度是泡沫堆積的經典特徵，“通常直到泡沫破裂纔會停止”。而不願押注狹窄的人工智能與科技領漲結構的資金，跑輸風險正在上升。利率與科技板塊反應函數的分化，意味着收益率上行週期的“抗跌科技”依賴單一敘事，一旦人工智能敘事受挫，缺乏寬度意味着承接盤薄弱。

The National Development and Reform Commission said artificial intelligence is the core support for developing new-quality productive forces and building a modern industrial system. AI is moving from laboratories into production and daily life, spawning new sectors such as autonomous driving, humanoid robots, autonomous drones, brain–computer interfaces, smart phones, smart TVs, intelligent PCs and wearables, while also enabling upgrades in traditional industries. A recent policy 'Opinions' document calls for full implementation of an AI+ initiative to deepen AI integration with the real economy, accelerate traditional-industry upgrading, scale emerging industries and plan for future industries, and to timely apply AI innovations to specific industries and supply chains to drive higher-end, greener industrialization and broad sectoral transformation.

紐約證券交易所總裁馬丁：利率和宏觀經濟狀況正在影響IPO計劃。