亚洲股市周五下跌，因对人工智能巨额资金需求的担忧重创科技股，并引发三年多来美国国债最大单日涨幅，投资者纷纷涌向主权债券和避险货币。
Asian shares fell on Friday as concerns over the enormous funding needs of AI hammered tech and led to the biggest daily rally in Treasuries in more than three years, with investors fleeing to sovereign bonds and safe-haven currencies.
市场还大幅削减了对美联储进一步收紧政策的预期，几乎完全抹去了明年加息25个基点的预期，因为担心人工智能泡沫破裂可能使数据中心投资热潮脱轨并拖累美国经济。12月加息不再被完全计价，隐含概率降至85%。
Markets also sharply pared back expectations of further policy tightening from the Federal Reserve, stripping out almost a full quarter-point rate hike for next year amid concerns a bursting AI bubble could derail the data-centre investment boom and hobble the US economy. A December rate rise is no longer fully priced, with the implied probability falling to 85%.
尽管油价高企，布伦特原油周五触及五个月高点，报每桶114美元。胡塞武装在沙特阿拉伯的袭击加剧了对能源供应进一步中断的担忧，因为人们担心中东冲突可能急剧升级。
That was despite elevated oil prices, with Brent hitting a five-month peak at $114 a barrel on Friday. Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies as fears grow that the conflict in the Middle East could escalate sharply.
MSCI明晟亚太地区（除日本外）股票指数（.MISX00000PUS）周五下跌0.3%，本周累计下跌2.7%，连续第四周收跌。日本日经225指数（.N225）下跌1.3%，本周暴跌5%。
MSCI's broadest index of Asia-Pacific shares excluding Japan (.MISX00000PUS) fell 0.3% on Friday, bringing its weekly loss to 2.7% and marking a fourth straight week in the red. Japan's Nikkei (.N225) dropped 1.3% and was down a whopping 5% for the week.
韩国综合股价指数（.KS11）下挫1.7%，本周有望下跌4.3%，存储芯片制造商SK海力士（000660.KS）当日下跌2.5%。台湾股市（.TWII）因台风休市。
South Korea's KOSPI (.KS11) skidded 1.7%, on course for a 4.3% weekly decline, with memory chipmaker SK Hynix (000660.KS) down 2.5% on the day. Taiwan's stock market (.TWII) was closed due to a typhoon.
中国内地蓝筹股指数（.CSI300）周五下跌1.1%，触及2025年7月以来最低水平。该指数较6月下旬高点下跌约20%。香港恒生指数（.HSI）微涨0.1%，此前周四下跌3%。
An index of mainland Chinese blue chips (.CSI300) lost 1.1% on Friday to hit the lowest level since July 2025. The index was down about 20% from its peak in late June. Hong Kong's Hang Seng (.HSI) edged up 0.1% after dropping 3% on Thursday.
“AI正处于困境之中，”野村证券国际公司纽约分部跨资产策略董事总经理Charlie McElligott在报告中表示。
"AI is under the cosh," said Charlie McElligott, managing director for cross-asset strategy at Nomura Securities International in New York, in a note.
“美国国债——惊呼一声——又在发挥对冲作用了，因为市场似乎正在实时重新定价因AI重置而引发的美国增长恐慌的概率。”在华尔街，纳斯达克指数暴跌逾2%，Meta（META.O）股价重挫近8%，此前这家Facebook母公司公布了十多年来首次现金流出，原因是其AI相关支出，并宣布计划通过两股拆一股的方式发行无投票权股份，以筹集资金用于该技术投入。
"US Treasury bonds are — gasp — working as your hedge again, as the market seems to be real-time repricing the probabilities of a US growth scare off the back of the AI reset." On Wall Street, the Nasdaq slumped more than 2% as Meta (META.O) shares lost nearly 8% after the Facebook parent posted its first cash outflow in more than a decade due to its AI-related expenditures, and announced plans to issue non-voting shares in a two-for-one split to raise capital to spend on the technology.
特斯拉（TSLA.O）股价下跌3.1%，因这家电动汽车制造商削减了2026年的资本支出计划。
Tesla (TSLA.O) shares fell 3.1% as the electric car maker cut its 2026 capital spending plans.
“问题是抛售会否加速，还是市场将上演另一轮熟悉的反转，”Pepperstone研究主管Chris Weston表示。
"The question is whether selling accelerates or markets stage another familiar reversal," said Chris Weston, head of Research at Pepperstone.
“没有什么比买家拒绝入场的下跌市场更能煽动情绪。当恶化的价格走势本身就会鼓励更多抛售时，卖家不需要新的催化剂。”随着股市暴跌，资金流入避险资产美国国债，导致收益率曲线全线大幅下行。基准10年期美债收益率下滑逾19个基点，为2023年3月以来最大单日跌幅，随后在周五企稳于4.9591%，重回备受关注的5%关口之下。
"There's nothing more emotive than a falling market where buyers refuse to engage. Sellers don't need a fresh catalyst when deteriorating price action itself encourages more selling." As equities tumbled, money flowed into safe-haven US Treasuries, sending yields plunging across the curve overnight. The benchmark 10-year Treasury yield slid more than 19 basis points, the biggest drop since March 2023, before steadying at 4.9591% on Friday, back below the closely watched 5% level.
这在一定程度上也归因于法国国债的持续抛售，其基准收益率隔夜攀升6个基点至5.0601%，创2002年以来新高。
That was also due in part to the ongoing sell-off in French bonds, whose benchmark yield climbed 6 basis points overnight to 5.0601%, the highest level since 2002.
“美国10年期国债收益率以相当的力度跳空跌回5%之下。我们不认为它会继续下行，”ING美洲区研究主管Padhraic Garvey表示。
"The US 10yr yield gapped back below 5% with some conviction. We're not convinced it keeps on going," said Padhraic Garvey, ING's regional head of research for the Americas.
“我们倾向于预期它会反弹回5%上方，因为我们仍需应对通胀/财政赤字/AI繁荣等支撑因素。且美国中期选举临近，可能成为麻烦的借口。但这首先需要风险资产领域出现一定程度的平静。”2年期美债收益率隔夜暴跌近19个基点，最新持平于4.6566%。
"We're minded to expect it to snap back above (5%), as we still have inflation/fiscal deficit/AI boom underpinnings to navigate. And we have the US midterm elections approaching as an excuse for trouble. But it will need some degree of calm in the risk space first." The 2-year Treasury yield slumped nearly 19 bps overnight and were last flat at 4.6566%.
亚洲政府债券同样上涨。日本10年期国债收益率下跌9个基点至2.790%，澳大利亚10年期收益率下跌10个基点至5.164%。
Government bonds in Asia also rallied. The yield on 10-year Japanese government bonds fell 9 basis points to 2.790%, while Australia's 10-year yield dropped 10 bps to 5.164%.
在货币市场，日元和瑞士法郎等避险货币走强。美元周五下跌0.2%至156.44日元，此前隔夜曾暴跌0.9%。
In currency markets, safe havens such as the yen and Swiss franc gained. The dollar fell 0.2% to 156.44 yen on Friday, after slumping 0.9% overnight.
美元兑瑞士法郎也下滑0.1%至0.8196，为一个月来最低，此前隔夜下跌0.5%。
The dollar also slipped 0.1% to 0.8196 Swiss francs , the lowest in a month, after an overnight fall of 0.5%.
黄金未能获得任何避险需求支撑，周五持平于每盎司4021.99美元，此前隔夜暴跌近3%。
Gold failed to catch any safe-haven demand though, and was flat at $4,021.99 an ounce on Friday after a nearly 3% drop overnight.