US stocks’ AI sector sees a sharp pullback as the global tech track faces a near-term test
Last Friday, the US stock AI sector suffered a severe setback, with long-position capital coming under clear pressure. On the day, the Nasdaq index fell 4.18%, and the S&P 500 index also moved down, dropping 2.64%. When broken down to leading stocks in popular AI industry chains, the downtrend was even more intense: Micron Technology plunged 13%, Mavenir fell by more than 16%, Intel dropped 11%, Broadcom fell 8%, and even Nvidia—the core target of this AI rally—ended down 6%. The sharp pullback in the market caught many investors off guard.
This round of broad weakness in US tech stocks is not due to “earnings blowups” at AI companies; the spark was a set of unexpectedly strong US employment data.
In May, the US added 172,000 new non-farm jobs, far exceeding the market expectation of 80,000. The increase effectively doubled, and employment data for the prior two months was also revised significantly upward.
In conventional thinking, strong employment data signals that the economy is doing well—but the US stock market interpreted it in the opposite way. The core demand in the current US market is not for the economy to keep heating up, but for it to cool down steadily. Only if economic growth slows down can inflation fall back in a steady manner, giving the Federal Reserve room to cut rates. Based on current price data, in April the US CPI year-over-year rose 3.8%, while core PCE remained at 3.3%, meaning inflation still faces rebound pressure. With employment data coming in far above expectations on top of still-high inflation, the market’s expectations for rate cuts by the Fed this year cooled rapidly—so much so that it began re-pricing expectations for rate hikes.
Market expectations reversed accordingly: the previous mainstream view was that the Fed would cut rates once this year; now, it is believed that there may be a rate hike once within the year. The difference in the market’s interest-rate expectations between the two sides is 0.5 percentage points.
As a result, the US dollar strengthened, while gold, oil, cryptocurrencies, US stocks, and other major asset classes all tumbled together. Since most global assets are priced in US dollars, a stronger dollar will continue to suppress risk-asset prices—this is the core logic behind this round of broad market pullbacks.
Tracing the root cause of this inflation rebound, geopolitical developments are the key driver. In the first quarter, US inflation had already shown signs of easing, but in March, related geopolitical conflicts escalated. Shipping through the Strait of Hormuz was disrupted, and international oil prices surged 50% in the short term, directly lifting the overall level of prices. With ongoing negotiations making slow progress and oil prices staying at elevated levels, inflation pressure is unlikely to be fully eliminated in the near term.
What many investors are most concerned about right now is: has the hot AI rally come to an end?
From a short-term market perspective, the direction still hinges on key variables, with progress in the US-Iran negotiations being top priority. If both sides reach an agreement in the short term, international oil prices could fall back to a reasonable range—Brent crude could break below 80 dollars—significantly easing US inflation pressure, and market expectations for rate hikes would then fade.
At that time, commodities, the non-ferrous metals sector, and the high-valuation AI track will all get a chance to catch their breath.
On the other hand, if oil prices remain high for the long term, combined with subsequent employment data staying strong, rate-hike expectations will continue to linger in the market. Under these conditions, AI-related sectors that previously saw overly sharp gains and are trading at high valuations will continue to face pullback pressure; the more intense the earlier hype, the larger the room for adjustment.
Looking at the domestic market, this year’s A-share AI computing power sector is highly correlated with the performance of overseas AI leaders. Once overseas tech stocks enter a correction cycle, it is also difficult for the A-share AI sector to stay out of that trend and run an independent pattern. Capital markets have long alternated between optimism and pessimism, and short-term fluctuations are normal.
From a long-term industry perspective, artificial intelligence is still at the starting stage of its development cycle. The industry’s growth logic has not changed, and there is no doubt about the broad long-term uptrend.
But the changes at present must be faced squarely: market expectations for liquidity have shifted, and high-valuation sectors will inevitably have to undergo a round of risk testing.
Against the backdrop of today’s choppy trading, investors do not need to view the entire AI sector with a bearish stance just because of a single day of steep losses, nor can they ignore the risk signals in front of them. Short-term market moves are inevitably disturbed by multiple factors, including funds, interest rates, and geopolitics. At this stage, it is more important to manage position sizes rationally and keep ample safety margins than to blindly chase rallies and sell in panic. $MU

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ShizukaKazu2026-06-07 14:35:08

#分享美股交易赢英伟达股票 Did the fall in U.S. stocks wake up the "dream" of AI?

U.S. stock AI sector plunges sharply, bringing a short-term test to the global tech track
Last Friday, the U.S. stock AI sector suffered a heavy blow, with bullish funds facing clear pressure. On that day, the Nasdaq index dropped 4.18%, while the S&P 500 index also declined, falling 2.64%. Focusing on leading stocks in the hot AI industry chain, the decline was even more intense: Micron Technology plummeted 13%, Mware fell over 16%, Intel dropped 11%, Broadcom declined 8%, and even Nvidia, the core target of this round of AI rally, fell 6%. The significant correction caught many market investors off guard.
The collective weakness in U.S. tech stocks this round was not due to poor earnings reports from AI companies; the trigger was a set of unexpectedly strong U.S. employment data.
In May, the U.S. added 172k non-farm jobs, far exceeding the market expectation of 80k, doubling the growth rate, and the employment data for the previous two months was also significantly revised upward.
Traditionally, strong employment data indicates a healthy economy, but the U.S. stock market interpreted it quite differently. The current core demand in the U.S. market is not for sustained economic heating but for steady cooling. Only when economic growth slows can inflation levels gradually decline, giving the Federal Reserve room to cut interest rates. Looking at current price data, the U.S. CPI in April rose 3.8% year-over-year, and core PCE remained at 3.3%, indicating inflation still faces rebound pressure. The surge in employment data combined with high inflation directly caused the market’s expectations for Fed rate cuts this year to cool rapidly, even re-pricing rate hike expectations.
Market expectations then reversed: previously, mainstream views predicted the Fed would cut rates once this year; now, the market believes there may be a rate hike within the year. Between these two, the market interest rate expectation gap has reached 0.5 percentage points.
As a result, the dollar strengthened, and major assets such as gold, crude oil, cryptocurrencies, and U.S. stocks all tumbled collectively. Since most global assets are dollar-denominated, a stronger dollar will continue to suppress risk asset prices, which is the core logic behind this market-wide correction.
Tracing the root cause of this inflation rebound, geopolitical tensions are the key driver. In the first quarter of this year, U.S. inflation had already shown signs of easing, but in March, related geopolitical conflicts escalated, the Strait of Hormuz shipping was disrupted, and international oil prices surged 50% in the short term, directly pushing up overall price levels. Currently, negotiations have not made substantial progress, oil prices remain high, and inflationary pressures are unlikely to be fully alleviated in the short term.
Many investors are now most concerned: has the hot AI rally come to an end?
From a short-term market trend perspective, the direction remains uncertain, with U.S.-Iran negotiations becoming a key variable. If both sides reach an agreement soon, international oil prices could fall back to a reasonable range, with Brent crude dropping below $80, significantly easing U.S. inflation pressures, and market rate hike expectations would dissipate.
At that point, commodities, non-ferrous metals, and high-valuation AI sectors will have a chance to breathe.
Conversely, if oil prices stay high for a long time, combined with continued strong employment data, rate hike expectations will persist in the market. Under this environment, AI sectors with high valuations and previous excessive gains will continue to face correction pressure, and the more intense the previous speculation, the larger the adjustment space.
Looking at the domestic market, this year’s A-share AI computing power sector’s performance is highly correlated with overseas AI leaders. After the global tech stocks entered a correction cycle, the A-share AI sector also finds it difficult to move independently. The capital market has always oscillated between optimism and pessimism, and short-term volatility is normal.
From a long-term industry perspective, artificial intelligence is still in the early stages of development, and the industry growth logic has not changed. The long-term upward trend is unquestionable.
But we must also face the current changes: market liquidity expectations have shifted, and high-valuation sectors will inevitably undergo a risk test.
In the face of current turbulence, investors should not be overly bearish on the AI sector due to a single-day plunge, nor ignore the risk signals in front of them. Short-term fluctuations are influenced by multiple factors such as funds, interest rates, and geopolitics, and volatility is inevitable. At this stage, rationally controlling position sizes and reserving sufficient safety margins are far more important than blindly chasing gains or panicking during declines.

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