科技股拋售加劇，避險基金本週報酬惡化

Summer Zhen、阿尼爾班・森（Anirban Sen）報導By Summer Zhen and Anirban Sen

香港、紐約10月23日（路透）——全球避險基金本週遭遇新一波科技股重新定價衝擊，主要策略出現新冠疫情期間市場崩跌以來最差單日表現。HONG KONG, New York Oct 23 (Reuters) - Global hedge funds were hit by a fresh tech reckoning this week, with major strategies posting their worst day since the COVID-era market rout.

投資人愈來愈懷疑龐大AI建置支出的合理性，引發大型科技股再度遭拋售，席捲全球市場，也重創全球避險基金。A renewed selloff in big tech stocks, driven by growing skepticism over the massive AI buildout spending, swept through global markets and dealt a heavy blow to global hedge funds.

高盛（Goldman Sachs）主要經紀業務團隊在發給客戶的報告中表示：「如果上週四已經讓人覺得糟，今天更糟。」"If last Thursday felt bad, today has been worse," Goldman Sachs' prime brokerage team said in a note sent to clients.

高盛追蹤的三大主要策略10月22日全數下跌逾1%，這是新冠疫情以來首見，虧損涵蓋基本面股票多空、系統化及多策略基金。All three major strategies tracked by Goldman Sachs lost more than 1% on October 22, a first since the COVID pandemic, with losses spanning fundamental equity long-short, systematic and multi-strategy funds.

這波最新賣壓的催化因素之一是Meta。Meta是砸下數十億美元打造AI模型的超大規模業者之一，此前該公司表示，將發行新類別股票以協助籌資。One catalyst for the latest selloff was Meta, one of the hyperscalers spending billions to build AI models, after the company said it would issue a new class of shares to help it raise funds.

Meta Platforms週四重挫7%，創7月以來最大跌幅。輝達（Nvidia）暴跌4%，範圍更廣的那斯達克綜合指數則下跌2.6%，創6月5日以來最大跌幅。Meta Platforms slumped 7% on Thursday, its largest drop since July. Nvidia tumbled 4%, while the broader Nasdaq Composite lost 2.6%, its largest decline since June 5.

從南韓到中國，亞洲股市也位於這波拋售的核心，受到油價上漲及市場憂心AI支出龐大的壓力。Asian stocks, from South Korea to China, were also at the center of the selloff, pressured by higher oil prices and fears over hefty AI spending.

市場參與人士表示，這波跌勢觸發避險基金降槓桿；交易擁擠的AI相關部位出現虧損，迫使投資人削減曝險並收斂風險。The downturn triggered deleveraging among hedge funds, market participants said, as losses in crowded AI-linked trades forced investors to cut exposure and rein in risk.

高盛估計，全球基本面多空基金，也就是選股型基金，10月迄今已下跌3.8%，但今年以來仍上漲8.8%。Global fundamental long-short funds, or stock pickers, have dropped 3.8% so far in October, but are still up 8.8% year-to-date, Goldman Sachs estimates.

高盛表示，中國與科技持股的虧損，以及交易擁擠的放空部位遭軋空，拖累了績效。Performance was weighed down by losses on China and technology holdings, as well as a squeeze in crowded short positions, the bank said.

高盛指出，截至10月22日，本月損失最重的包括聚焦科技和聚焦亞洲的避險基金，跌幅分別約為10%和9%。Tech-focused and Asia-focused hedge funds were among the biggest losers this month through to October 22, down roughly 10% and 9%, respectively, according to Goldman.

總部位於東京的TriVista Capital合夥人Masaki Gotoh表示，該避險基金自6月底以來已減碼硬體投資。Masaki Gotoh, a partner at Tokyo-based TriVista Capital, said the hedge fund had trimmed its hardware investments since late June.

他說：「我其實非常相信AI……但集中程度驚人。如果回頭看網路泡沫時期，當時也有類似的集中情況，而我們也看到後來發生了什麼。循環融資也是令人有些擔憂的來源。」"I'm actually a very strong believer in AI… But the concentration level is staggering. If you go back to the IT dotcom bubble, that had similar types of concentrations and we saw that happen. The circular financing is also a source of some concern," he said.

（Summer Zhen、Anirban Sen報導，Rocky Swift在東京補充報導Shri Navaratnam編輯）(Reporting by Summer Zhen and Anirban Sen, additional reporting by Rocky Swift in TokyoEditing by Shri Navaratnam)