市场将此解读为与AI相关的估值重置：投资人质疑巨额资本支出能否转化为利润，并抛售被视为受AI破坏影响的「AI建置」与软体公司。Amazon表示计划在2026年投入2,000亿美元于资料中心、晶片与设备；Microsoft Corp.与Alphabet Inc.也在强调支出计划后走低。iShares Expanded Tech-Software Sector ETF（IGV）下跌5%，而自联准会上周释出短期内不愿再降息的讯号以来，Nasdaq 100已蒸发逾1兆美元。技术分析人士指出，S&P 500一度跌破100日均线，该线自5月以来一直是支撑。
总体数据加深避险情绪：美国12月职缺意外降至2020年以来最低，裁员略增，1月宣告裁员数为2009年以来同期最高，且上周初领失业救济金人数高于预期。Bitcoin下跌13%至63,083美元，延续自10月高点以来近50%的回撤，杠杆部位去化加剧；Ether亦下跌13%至1,846.86美元。John Roque指出，自2011年以来Bitcoin经历5次主要熊市，平均跌幅80%，最小为72%，若重演则约为35,200美元，同时将60,000美元视为近期关键水平。企业层面外溢方面，Michael Saylor的Strategy Inc.公布第四季净亏损124亿美元，与按市价评估下滑相关，并表示其Bitcoin持仓市值低于累计成本基础，为自2023年以来首次。
On Feb 5, 2026 at 4 p.m. New York time (Feb 6, 2026 05:00 UTC+8), risk assets sold off sharply: the S&P 500 fell 1.2%, the Nasdaq 100 1.4%, the Dow 1.2%, the Russell 2000 1.8%, and the MSCI World 1.2%. The Bloomberg Magnificent 7 Total Return Index dropped 1.8%, while the S&P 500 equal-weight index fell 0.9%, signaling breadth rather than a narrow rotation. The VIX rose to about 22 as software, crypto, and precious metals led losses; silver slid about 20%, and late trading saw Amazon.com Inc. plunge after earnings.
The move was framed as an AI-linked valuation reset: investors questioned whether massive capex will translate into profits, and markets punished “AI buildout” and software names seen as exposed to disruption. Amazon said it plans to spend $200 billion in 2026 on data centers, chips, and equipment; Microsoft Corp. and Alphabet Inc. also slumped after highlighting spending plans. The iShares Expanded Tech-Software Sector ETF (IGV) sank 5%, and the Nasdaq 100 has lost more than $1 trillion since the Federal Reserve signaled last week it is reluctant to cut rates again soon. Technicians noted the S&P 500 briefly broke below its 100-day average, a support line since May.
Macro data added to the risk-off tone: US job openings unexpectedly fell in December to the lowest since 2020, layoffs edged up, announced job cuts were the most for any January since 2009, and initial jobless claims rose more than forecast. Bitcoin fell 13% to $63,083, extending a drawdown of nearly 50% from October highs as leveraged positions unwound; Ether also fell 13% to $1,846.86. John Roque cited five major Bitcoin bear markets since 2011 with an average 80% drawdown and a smallest 72%, implying roughly $35,200 if repeated, while keeping $60,000 as a near-term line. In corporate spillovers, Michael Saylor’s Strategy Inc. reported a $12.4 billion fourth-quarter net loss tied to mark-to-market declines, and said its Bitcoin holdings slipped below cumulative cost basis for the first time since 2023.