史上更大的一次单日市值崩落发生在 Nvidia Corp.：在 DeepSeek 推出低成本 AI 模型后，Nvidia 去年单日蒸发 5930 亿美元（$593 billion）。依 Bloomberg 汇整数据，Microsoft 这次的市值损失规模甚至大于 S&P 500 Index 成分股中逾 90% 公司的整体市值；抛售亦外溢至同业，Alphabet Inc. 与 Nvidia 盘中一度各自蒸发超过 1000 亿美元，但 Alphabet 终场反弹收涨 0.7%，Amazon 则收跌 0.5%。
此波下跌反映投资人对大型科技公司投入 AI 的「数千亿美元」资本能否转化为报酬的怀疑升温。Microsoft 财报显示其最近一季资本支出年增 66%，达到 375 亿美元（$37.5 billion）的新高，而 Azure 成长动能较前一季走弱；Miller Tabak + Co 的首席市场策略师 Matthew Maley 认为，在 AI 大规模投资难以带来强劲 ROI 的预期下，股价需要回归更符合历史公允价值的水准。自 1986 年 IPO 以来，Microsoft 仅在少数时点出现更大跌幅，包括 1987 年黑色星期一、网路泡沫期间，以及 2020 年 Covid-19 抛售高峰；Jeran Wittenstein 协助报导。
On Thursday, Microsoft Corp. shares were swept into a selloff that erased $357 billion in market value, the second-largest single-session destruction on record. The stock closed down 10%, its biggest drop since March 2020, after earnings released Wednesday after the bell showed record artificial-intelligence spending while growth in its key cloud business—especially Azure—slowed versus the prior quarter.
The only larger one-day wipeout was Nvidia Corp.’s $593 billion rout last year after DeepSeek launched a low-cost AI model. Bloomberg data indicate Microsoft’s $357 billion decline exceeds the entire market capitalizations of more than 90% of S&P 500 Index members; the stress spilled over, with Alphabet Inc. and Nvidia at one point each down more than $100 billion intraday, though Alphabet finished up 0.7% while Amazon closed down 0.5%.
The move underscores intensifying investor skepticism that Big Tech’s hundreds of billions of dollars in AI investment will earn adequate returns. Microsoft reported a 66% jump in quarterly capital expenditures to a record $37.5 billion, alongside softer Azure growth compared with the previous quarter; Miller Tabak + Co Chief Market Strategist Matthew Maley argued that if Microsoft cannot deliver strong ROI from massive AI outlays, the shares must be repriced toward historic fair value. Since its 1986 IPO, Microsoft has had only a handful of larger single-day declines, including Black Monday in 1987, the dot-com era, and the peak of the Covid-19 selloff in 2020; Jeran Wittenstein assisted.