从迈阿密到博卡拉顿连续一周的金融业会议，原本是 2026 年 2 月在阳光下让数百名银行家、经纪人、顾问、投资组合经理、分析师与投资人齐聚的盛会，却在 AI 驱动的恐慌冲击市场后被打乱。周二，来到基比斯坎参加瑞银金融服务会议（UBS Financial Services Conference）的 Robeco 执行董事、拥有 30 年投资资历的 Patrick Lemmens，看著交易员抛售金融服务类股，并表示他没想到「几乎每隔一天」就会出现一次席卷整个板块的再度下跌。这波走势被形容为前几周延续的结果，对 AI 的忧虑扩散到财富管理机构、保险经纪商、银行、精品顾问公司、金融数据供应商与交易所。

数据相当尖锐：标普 500 金融指数（S&P 500 Financials）当周下跌 4.8%，KBW 银行指数下跌 5.5%，两者都是自 2025 年 4 月关税引发抛售以来最大的单周跌幅。连续几天的催化因素被归因于特定 AI 产品发布：周二市场聚焦于 Altruist Corp. 推出的工具，协助顾问个人化策略并生成如薪资单与帐户对帐单等文件；周一 Insurify 推出一款使用 OpenAI 的 ChatGPT 比较汽车保险费率的应用程式后，保险经纪类股下挫；而前一周则在 Anthropic 发布一个旨在自动化金融研究与法律服务的模型后出现抛售。主管们在试图讨论获利与交易管线时，反复被问到「软体曝险」与 AI 风险；摩根士丹利财富管理负责人主张 AI 将帮助顾问扩大服务规模，即便摩根士丹利股价当周仍下跌 4.9%。

报导凸显的一个核心拉扯在于：AI 工具可能减少金融服务业的就业，同时也可能提升公司的获利与利润率，这使得市场反应看起来更像对新闻标题的脆弱，而非对商业影响已有定论的评估。有些分析师认为这波走势是膝反射且不加区分的抛售；另一些人则指出，市场情绪在 2025 年底由把 AI 视为成长顺风转为可能摧毁产业，投资人开始新一轮追问某些业务在 3 或 4 年后是否可能不复存在。更广泛的背景也强化了这种转变：一个软体股指数在 2025 年 9 月 22 日见顶，之后下跌 30%，相较之下标普 500 上涨 2.1%，显示恐惧先集中于软体股，随后才传导到金融股；也有多方声音呼吁区分真正处于风险中的公司与在波动平息后可能仍会安然无恙的公司。

A week of back-to-back financial industry conferences from Miami to Boca Raton, meant to be a sunny February 2026 gathering for hundreds of bankers, brokers, advisers, portfolio managers, analysts, and investors, was disrupted when AI-driven fear hit markets. On Tuesday, Patrick Lemmens, a Robeco executive director and 30-year investing veteran visiting the UBS Financial Services Conference in Key Biscayne, watched traders dump financial-services stocks and said he had not expected “every other day” to bring another selloff across the sector. The wave was described as a continuation of the prior few weeks, with AI worries spreading across wealth managers, insurance brokers, banks, boutique advisers, financial data providers, and exchanges.

The numbers were sharp: the S&P 500 Financials index fell 4.8% for the week and the KBW Bank Index dropped 5.5%, both the biggest weekly loss since the tariff-driven selloff in April 2025. Specific AI product announcements were cited as catalysts on consecutive days: a Tuesday focus on a tool unveiled by Altruist Corp. that helps advisers personalize strategies and generate documents like pay stubs and account statements; a Monday slump in insurance brokerage stocks after Insurify launched an app using OpenAI’s ChatGPT to compare auto-insurance rates; and a prior-week selloff after Anthropic released a model aimed at automating financial research and legal services. Executives faced repeated questions about “software exposure” and AI risk while trying to discuss earnings and deal pipelines, and Morgan Stanley’s wealth-management head argued AI would help advisers scale, even as Morgan Stanley shares were down 4.9% on the week.

A key tension highlighted was that AI tools could reduce financial-services employment while potentially improving firm profits and margins, making the market’s reaction look more like fragility to headlines than a settled assessment of business impact. Some analysts said the move appeared knee-jerk and indiscriminate, while others noted sentiment flipped late in 2025 from AI as a growth tailwind to a potential industry wrecker, with investors newly asking whether certain businesses might not exist in 3 or 4 years. The broader backdrop reinforced the shift: a software-stock index peaked on Sept. 22, 2025 and was down 30% since then, versus a 2.1% rise in the S&P 500, suggesting fear had been concentrated and then transmitted into financials; several voices urged differentiating truly at-risk companies from those likely to be fine once volatility calms.