美國科技股經歷大幅調整後，估值已降至近四年來低位。援引彭博數據，納斯達克100指數遠期市盈率已降至19.0倍，較今年1月25.3倍的高點下降約25%，較五年均值24.2倍低約22%，處於過去五年的第1百分位，爲2022年10月以來最低水平。值得注意的是，估值下跌並非完全由盈利預期惡化推動。Citadel Securities數據顯示，截至11月3日，納指100遠期盈利預期較6月底上升14%，同期估值倍數卻收縮19%。其中，半導體、AI基礎設施和存儲板塊的估值壓縮更爲明顯。這表明市場正在降低對未來盈利的定價，而非簡單地預期企業盈利全面下滑。不過，遠期市盈率依賴分析師盈利預測，若AI資本開支回報不及預期、企業盈利預測進一步下修，當前估值的吸引力也可能隨之減弱。

Several storage industry sources say some leading chipmakers have verbally told channel partners they intend to raise prices on enterprise-grade memory die; formal notices have not been issued but channel prices have already moved up. Distributors report second‑hand buyback prices rising, lifting overall quotes, with provincial agents adjusting prices weekly and passing changes down the chain. Sources say the increases are concentrated in DRAM contract allocations and enterprise SSDs at OEM/channel levels rather than across consumer NAND; demand is centered on data‑centre compute while grassroots demand remains weak. Because the hikes originate at chipmakers, the first pass‑through will hit OEMs and module makers, not end consumers.

Spot palladium up 4.0% intraday at $1,066.28/oz.