软件股遭遇2010年来最大做空潮，高盛惊呼：市场“无处可藏”！_老虎社区_美港股上老虎

软件股遭遇2010年来最大做空潮，高盛惊呼：市场“无处可藏”！

华尔街见闻02-13 15:48

十年最猛烈做空潮席卷美国软件股，摩根士丹利数据显示空头规模创2010年以来新高，市场陷入“先卖后问”的恐慌。AI取代白领的担忧引发行业震荡，防御性板块加速跑赢，科技七巨头（Mag 7）亦显颓势。高盛交易主管Callahan表示，科技/成长板块中众多股票呈现超卖迹象，值得讨论哪些股票被过度折价。美国软件股正遭遇十余年来最猛烈的做空攻击。摩根士丹利数据显示，周三和周四软件及SaaS板块的单日做空规模...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2611613865?lang=zh_CN&edition=full","thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","is_english":false,"pubTime":"2026-02-13 15:48","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2611613865","market":"us","top_or_hot":-1,"title":"软件股遭遇2010年来最大做空潮，高盛惊呼：市场“无处可藏”！","media":"华尔街见闻","content":"<div>\n<p>十年最猛烈做空潮席卷美国软件股，摩根士丹利数据显示空头规模创2010年以来新高，市场陷入“先卖后问”的恐慌。AI取代白领的担忧引发行业震荡，防御性板块加速跑赢，科技七巨头（Mag 7）亦显颓势。高盛交易主管Callahan表示，科技/成长板块中众多股票呈现超卖迹象，值得讨论哪些股票被过度折价。美国软件股正遭遇十余年来最猛烈的做空攻击。摩根士丹利数据显示，周三和周四软件及SaaS板块的单日做空规模...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3765659\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>软件股遭遇2010年来最大做空潮，高盛惊呼：市场“无处可藏”！</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n软件股遭遇2010年来最大做空潮，高盛惊呼：市场“无处可藏”！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-13 15:48 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3765659><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>十年最猛烈做空潮席卷美国软件股，摩根士丹利数据显示空头规模创2010年以来新高，市场陷入“先卖后问”的恐慌。AI取代白领的担忧引发行业震荡，防御性板块加速跑赢，科技七巨头（Mag 7）亦显颓势。高盛交易主管Callahan表示，科技/成长板块中众多股票呈现超卖迹象，值得讨论哪些股票被过度折价。美国软件股正遭遇十余年来最猛烈的做空攻击。摩根士丹利数据显示，周三和周四软件及SaaS板块的单日做空规模...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3765659\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0742534661.SGD","symbol_name":"Fidelity America A-SGD (hedged)","start_time":0,"source_url":"https://wallstreetcn.com/articles/3765659","article_id":"2611613865","we_media_id":"1084101182","thumbnails":["https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54"],"rights":{"source":null,"url":"https://wallstreetcn.com/articles/3765659","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2611613865","pubTimestamp":1770968910,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"华尔街见闻","introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"summary":"十年最猛烈做空潮席卷美国软件股，摩根士丹利数据显示空头规模创2010年以来新高，市场陷入“先卖后问”的恐慌。AI取代白领的担忧引发行业震荡，防御性板块加速跑赢，科技七巨头（Mag 7）亦显颓势。高盛交易主管Callahan表示，科技/成长板块中众多股票呈现超卖迹象，值得讨论哪些股票被过度折价。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0742534661.SGD":"Fidelity America A-SGD (hedged)","BK4552":"Archegos爆仓风波概念","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","WIX":"Wix.Com Ltd","TWLO":"Twilio Inc","ADSK":"欧特克","MSFT":"微软","NOW":"ServiceNow","VEEV":"Veeva Systems Inc.","DUOL":"多邻国","BK4127":"投资银行业与经纪业","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","ZM":"Zoom","BK4504":"桥水持仓","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","MDB":"MongoDB Inc.","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","TPG":"TPG, Inc.","CVLT":"康沃系统","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LZ":"LegalZoom.com, Inc","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","GSX":"Tradr 2X Long GS Daily ETF","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","BK4550":"红杉资本持仓","ESTC":"Elastic N.V.","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","DDOG":"Datadog","FIG":"Simplify Macro Strategy ETF","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","TEAM":"Atlassian Corporation PLC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","ORCL":"甲骨文","SNOW":"Snowflake","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","IE00BFXG1179.USD":"BNY MELLON U.S. EQUITY INCOME \"B\" (USD) INC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","IT":"加特纳","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","DOCU":"Docusign","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","CRM":"赛富时","VGT":"信息技术ETF-Vanguard","MNDY":"Monday.com Ltd.","GTLB":"GitLab, Inc.","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","SAP":"SAP SE","TRI":"汤森路透","HUBS":"HubSpot","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","ARES":"Ares Management L.P.","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU0106831901.USD":"贝莱德世界金融基金A2","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","BK4516":"特朗普概念","TTD":"Trade Desk Inc.","LU0251142724.SGD":"Fidelity America A-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","ADP":"自动数据处理","ZETA":"Zeta Global Holdings Corp.","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","OWL":"Blue Owl Capital Inc.","CFLT":"Confluent, Inc.","KVYO":"Klaviyo, Inc.","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","ADBE":"Adobe","BK4585":"ETF&股票定投概念","FSLY":"Fastly, Inc.","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IGV":"北美软件ETF-iShares","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","BK4588":"碎股"},"translate_title":"Software stocks suffered the biggest wave of short selling since 2010, and Goldman Sachs exclaimed: The market \"has nowhere to hide\"!","themeId":"89989872b716492d52536a976890fe8b","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/d90a20a70fece39a3a213af143c92301","symbols_score_info":{"NOW":2,"ZETA":2,"DDOG":2,"SNOW":2,"ARES":2,"DOCU":2,"CVLT":2,"VGT":1.5,"GSX":0.6,"TWLO":2,"MDB":2,"ADSK":2,"FIG":2,"VEEV":2,"TEAM":2,"DUOL":2,"ZM":2,"ADP":2,"SAP":2,"LZ":2,"MSFT":2,"TRI":2,"OWL":2,"KVYO":2,"IT":2,"IGV":2,"FSLY":2,"CFLT":2,"TTD":2,"TPG":2,"GTLB":2,"ZEN":2,"ORCL":2,"WIX":2,"ESTC":2,"CRM":2,"HUBS":2,"MNDY":2,"ADBE":2},"content_text":"十年最猛烈做空潮席卷美国软件股，摩根士丹利数据显示空头规模创2010年以来新高，市场陷入“先卖后问”的恐慌。AI取代白领的担忧引发行业震荡，防御性板块加速跑赢，科技七巨头（Mag 7）亦显颓势。高盛交易主管Callahan表示，科技/成长板块中众多股票呈现超卖迹象，值得讨论哪些股票被过度折价。美国软件股正遭遇十余年来最猛烈的做空攻击。摩根士丹利数据显示，周三和周四软件及SaaS板块的单日做空规模触及2010年以来最高水平之一，此前短暂的空头回补反弹迅速夭折。高盛交易台形容市场呈现\"先卖出、再问问题\"的恐慌情绪。对冲基金在经历短暂回补后迅速重启做空策略。摩根士丹利报告显示，周三至周四新增空头规模仅略低于1月29日历史高点，软件板块新增空头甚至超过1月末水平。此前曾遭大举回补的基础设施软件股也再次承受沉重做空压力。AI取代人类工作的担忧正向更多子行业扩散。市场情绪受微软AI部门CEO关于\"多数白领岗位将在12个月内被AI取代\"言论冲击，运输物流公司CH Robinson因AI聊天机器人可能削减人力需求而暴跌8个标准差。标普500指数隔夜下跌约1.55%，创三个月来第二大跌幅。防御性板块加速跑赢周期性股票，高盛周期股对比防御股配对交易录得\"解放日\"（Liberation Day）以来最差两日表现，累计下跌逾350个基点。10年期美债收益率逼近三个月低点至4.08%附近，VIX指数收盘站上20关口，市场避险情绪升温。高盛科技交易主管Callahan表示，这是他见过的最动荡的交易环境之一，随着罗素科技指数回落至200日移动均线，科技/成长板块中众多股票呈现超卖迹象，值得讨论哪些股票被过度折价。摩根士丹利：历史性做空潮卷土重来摩根士丹利在题为《对冲基金重启做空，软件股做空创2010年来单日最大增幅》的报告中指出，对冲基金在周三和周四转向大举做空，扭转了近期美股的空头回补趋势。新增空头高度集中于软件板块，总规模在2010年以来历史单日排名中位居前五。软件及SaaS板块成为做空焦点，新增空头规模已超越1月末水平。此前遭遇大量空头回补的基础设施软件股也未能幸免，重新面临沉重做空压力。相比之下，多头仓位减持规模有限，使得整体净卖出压力仍明显轻于1月末事件。摩根士丹利数据显示，上周曾创下史上最大单一股票做空规模纪录。周五及本周初的空头回补虽然猛烈，但持续时间远低于预期，市场迅速从\"死猫跳\"反弹转为新一轮抛售。高盛：无处可藏的市场高盛交易台在收盘总结中写道，\"今天无处可藏，市场弥漫着'先卖出、再问问题'的情绪。\"抛售速度在尾盘加快，除了AI担忧向更多子行业蔓延外，并无明确催化剂。部分交易员将抛售归因于英国《金融时报》报道微软AI部门CEO表示\"多数白领岗位将在12个月内被AI取代\"，因为\"模型编程能力已超越人类\"。运输物流公司CH Robinson成为另一痛点，股价出现8个标准差下跌，市场争论该公司是否会因AI聊天机器人匹配货运提高效率（降低人力需求）而成为输家。高盛另一位交易员此前指出，\"波动幅度严重打击市场情绪，没有人愿意入场抄底（参见CBRE尽管业绩稳健仍盘中反转下跌）。\"指数大跌，科技股遭集体抛售标普500指数隔夜下跌约1.55%，为过去三个月第二差表现。高盛周期股对比防御股配对交易录得\"解放日\"以来最差两日表现，两日累计下跌逾350个基点，市场避险迹象愈发明显。10年期美债收益率降至约三个月低点4.08%附近，防御性板块表现突出，Verizon过去18个交易日上涨16天。VIX指数再次收于20以上。市场对AI潜在的\"复合性\"、颠覆性和扩散性影响变得极度敏感和紧张。与此同时，大型科技AI支出方和算力公司也在估值下降——亚马逊连跌8天、12天中下跌11天，谷歌8天中下跌7天，英伟达和博通自去年夏天以来仍持平。防御性股票持续突破（Verizon、AT&T、强生、沃尔玛等）；\"AI基础设施\"主题出现分化（Compute vs EMS vs Memory）；软件、互联网和支付领域的\"成长股\"陷入高度相关的抛售（SaaS、金融科技、电商、广告、游戏、市场平台等）。估值调整是否过度？高盛科技交易主管Callahan表示，这是他见过的最动荡的交易环境之一。从他的视角看，本轮财报季和市场背景下，股价变化更多关于AI生态系统的叙事（大语言模型更新、博客、言论片段等），而非财报本身。市场迅速为感知到的技术变革定价，但现在需要讨论市场在某些领域是否\"过于超前\"（即股价变动快于业务变化）。Callahan引用两家公司财报电话会议言论作为例证（Tyler Technologies和Take-Two Interactive均未回到财报发布前水平）：Tyler Technologies在财报会议中表示：\"市场噪音很多，但在公共部门，单靠技术无法取胜。25年多来，Tyler引导客户度过一波又一波变革，我们的方法始终如一……客户不想要增加复杂性的附加工具。他们想要的是深度集成到现有系统中、受到适当治理、以可靠可信方式解决实际问题的实用AI。\"Take-Two Interactive回应谷歌Genie相关问题时称：\"坦白说我有点困惑，电子游戏行业从诞生之日起就建立在机器学习和人工智能基础上。我们用技术在计算机中创造游戏。自18个月前生成式AI问题出现以来，我一直对未来充满热情……这只是我们工作的很小一部分。如果这个产品、这个工具得以实现，将使我们工作的一部分变得更好、更高效。\"Callahan表示，随着罗素科技指数回落至200日移动均线，科技/成长板块中众多股票呈现超卖迹象，值得讨论哪些股票被过度折价。作为参考，大型科技股（即Mag 7）过去几个月已落后市场约7.5个百分点，是非\"市场事件\"驱动回调幅度较大的一轮（此前10%-12%区间的回调发生在市场事件期间）。Callahan正关注Mag7能否企稳，作为科技股稳定的潜在锚点（催化剂包括英伟达/博通财报、会议季、GTC大会等）。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":3,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}