華爾街券商稱AI賣壓過頭，淡化民主黨監管風險

（更正：標題與第1段中將「Democrat」更正為「Democratic」）(Corrects to "Democratic" from "Democrat" in headline and paragraph 1)

11月9日（路透社）——包括摩根士丹利（Morgan Stanley）和瑞銀（UBS）在內的華爾街券商表示，上週AI題材交易遭到拋售的程度過頭，並主張民主黨掌控的國會不太可能對資料中心開發實施極端監管。Nov 9 (Reuters) - Wall Street brokerages including Morgan Stanley and UBS called last week's rout in the AI trade overdone, arguing that the risks of extreme regulation of data center developments under a Democratic-controlled Congress are unlikely to play out.

他們反而指出，Anthropic的首次公開發行（IPO）以及輝達（Nvidia）即將公布的季度財報，才可能是對AI題材交易影響更大的事件。They instead pointed to Anthropic's IPO and Nvidia's upcoming quarterly earnings as events likely to have a bigger impact on the AI trade.

輝達預定於11月17日市場收盤後公布財報，市場預期其資料中心營收將較上一季成長逾12%。Nvidia is set to report earnings after the markets close on November 17 and is expected to report a more than 12% rise in data center revenue on a quarterly basis.

摩根士丹利表示，這波拋售看來過頭，最終影響將是部分專案從2028年延後至2029年，而非讓資本支出題材脫軌。Morgan Stanley said the selloff looked overdone and that the ultimate impact would be a push-out of some projects from 2028 to 2029, rather than a derailing of the capex story.

分析師在報告中表示：「這可能拉長AI資本支出週期，其正面效應包括：資料中心供應鏈的供需再平衡更平順、信用前景改善，以及運算租賃費率走高。」"This has the potential to elongate the AI capex cycle, which has positives including: a smoother supply-demand rebalancing across the data center supply chain, improved credit outlook, and higher lease rates for compute," the analysts said in a note.

該券商表示，建議「逢低買進」，並持續看好AI超大規模雲端服務商，包括亞馬遜（Amazon.com）、Meta Platforms和Alphabet。The brokerage said it recommended "buying the drop" and remained positive on AI hyperscalers including Amazon.com, Meta Platforms and Alphabet.

該券商也表示，看好半導體公司輝達和博通（Broadcom）、資料儲存公司希捷（Seagate）和威騰電子（Western Digital），以及光通訊網路公司Coherent和Lumentum的機會。It also said it saw opportunities in semiconductor firms Nvidia and Broadcom, data storage firms Seagate and Western Digital and optical networking firms Coherent and Lumentum.

券商匯豐（HSBC）在報告中表示，正利用上週的修正再度提高股票部位，並加碼美國與亞洲科技股。匯豐認為，AI實驗室Anthropic的IPO是未來幾週的主要催化因素。Brokerage HSBC said in a note that it is using last week's correction to increase its exposure to equities again, leaning into tech stocks in the US and Asia. It views AI lab Anthropic's IPO as the main catalyst in the coming weeks.

傑富瑞（Jefferies）股票分析師珍・吉本斯（Jane Gibbons）認為，11月5日的拋售是「反應性」賣壓，而非基本面重估；瑞銀分析師則表示，市場對AI政治風險、AI信用風險和AI支出已變得過於悲觀。Jefferies equity analyst Jane Gibbons viewed the November 5 selloff as "reactionary", rather than a fundamental reset, while UBS analysts said markets had become too negative on AI political risk, AI credit risks and AI spending.

吉本斯在報告中寫道，從歷史來看，標普500指數單日跌幅超過4%後，之後通常會有強勁報酬；標普500指數在6個月後上漲11.9%，12個月後漲幅超過20%。Gibbons wrote in a note that historically, daily S&P 500 declines of more than 4% have been followed by strong forward returns, with the S&P 500 up 11.9% over six months and up more than 20% over 12 months.

（班加羅爾Shashwat Chauhan報導；Tasim Zahid編輯）(Reporting by Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid)