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英伟达看跌期权激增！科技神话破灭，华尔街转向避险模式

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18:19","market":"us","language":"zh","title":"英伟达看跌期权激增！科技神话破灭，华尔街转向避险模式","url":"https://stock-news.laohu8.com/highlight/detail?id=2516686073","media":"华尔街见闻","summary":"2月下半月以来，多数“七巨头”公司的期权成本显著上升。苹果公司的三个月隐含波动率上周达到自去年9月以来的最高水平，其偏斜度则为去年8月以来最陡，英伟达的看跌期权持仓正在快速累积。即使在1月底由DeepSeek AI引发的抛售后股价回升，科技股的看涨势头也在消退。","content":"<html><body><p>在连续两年的科技股牛市狂奔后，华尔街投资者正在明显转向避险模式。</p>\n<p>随着市场对美国人工智能和经济前景的担忧情绪升温，曾经“势不可挡”的科技巨头们风光渐退。今年迄今，以<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>为首的“七巨头”相关的指数已下跌6.5%，与过去两年超过三倍的增长形成鲜明对比。交易者纷纷寻求保护性策略，期权市场也已发出明确的警示信号。</p>\n<h2><strong>科技巨头光环褪色，投资者加速寻求保护</strong></h2>\n<p>Charles Schwab公司交易和衍生品策略主管Joe Mazzola说，“过去两年回报投资者的股票现在正在遭受打击”。各类数据显示，从隐含波动率到偏斜度（衡量看跌期权相对看涨期权的成本）再到看跌/看涨比率，各方面都出现了紧张情绪上升的迹象。</p>\n<p>2月下半月以来，多数“七巨头”公司的期权成本显著上升。苹果公司的三个月隐含波动率上周达到自去年9月以来的最高水平，其偏斜度则为去年8月以来最陡。</p>\n<p>与此同时，<strong>英伟达的看跌期权持仓正在快速累积</strong>，根据野村证券数据，行权价在115至130美元之间的合约已导致交易商负向gamma值积累，这可能在交易商调整持仓时加剧价格波动。</p>\n<p>过去五天，英伟达股价下跌了8.74%，上周五报收124.92美元。</p>\n<p><img src=\"https://wpimg-wscn.awtmt.com/72d58024-9561-46f2-a029-2449cca8c8f8.png\" title=\"\"/></p>\n<p>对于MAG 7的未来走势，<a href=\"https://laohu8.com/S/000776\">广发证券</a>分析师指出，<strong>总结来说，流动性扰动或事件性冲击不会扭转行情走势，但基本面的问题可能造成更长的调整时间，甚至趋势的转向。</strong></p>\n<h2><strong>市场情绪转变，避险模式全面启动</strong></h2>\n<p>而这种避险情绪的蔓延也不仅限于科技股。2月18日左右，机构投资者开始大量购买对<a href=\"https://laohu8.com/S/CBOE\">芝加哥期权交易所</a>波动率指数(VIX)飙升的对冲工具。直到上周五<a href=\"https://laohu8.com/S/161125\">标普500</a>指数小幅反弹前，<strong>悲观情绪已将VIX与标普500实际波动率之间的差距推至去年12月以来的最高水平</strong>。</p>\n<p>衍生品分析公司Asym 500的创始人Rocky Fishman指出：</p>\n<blockquote>\n<p>“过去几天VIX的上涨在很大程度上没有与标普500实际波动率相匹配，使标普500隐含波动率看起来特别昂贵。”</p>\n</blockquote>\n<p>分析指出，潜在的新关税政策为企业增添了更多不确定性，使期权保护成本进一步上升。</p>\n<p>在利率市场，风险规避情绪最近也占据主导地位。温和通胀数据提升了美联储降息预期，上周五，美国两年、三年和五年期国债收益率自去年10月以来首次接近4%，10年期国债收益率则降至4.2%。</p>\n<p>值得注意的是，<strong>即使在1月底由DeepSeek AI引发的抛售后股价回升，科技股的看涨势头也开始消退，波动率上升，看跌偏斜度趋陡，看涨看跌比率上周四降至去年9月以来的最低水平</strong>。</p><div>风险提示及免责条款</div>\n<div>\n            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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n英伟达看跌期权激增！科技神话破灭，华尔街转向避险模式\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-03-03 18:19 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3742235><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在连续两年的科技股牛市狂奔后，华尔街投资者正在明显转向避险模式。\n随着市场对美国人工智能和经济前景的担忧情绪升温，曾经“势不可挡”的科技巨头们风光渐退。今年迄今，以英伟达为首的“七巨头”相关的指数已下跌6.5%，与过去两年超过三倍的增长形成鲜明对比。交易者纷纷寻求保护性策略，期权市场也已发出明确的警示信号。\n科技巨头光环褪色，投资者加速寻求保护\nCharles Schwab公司交易和衍生品策略主管...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3742235\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://wpimg-wscn.awtmt.com/f09c8d75-9f43-4e8d-b12d-b54237379bbb.jpeg","relate_stocks":{"LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","NVDS.UK":"LS -1X NVIDIA","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","NVDU":"2倍做多NVDA 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ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","NVIW.SI":"NVDA 3xLongSG261006","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","NVDD":"1倍做空NVDA ETF-Direxion","3NVD.UK":"LS 3X NVIDIA","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","NVD2.UK":"2X NVIDIA ETP","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","2NVD.UK":"2X NVIDIA ETP","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","NVDA":"英伟达","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","NVD3.UK":"LS 3X NVIDIA","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","NVDS":"1.5倍做空NVDA ETF-Tradr"},"source_url":"https://wallstreetcn.com/articles/3742235","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2516686073","content_text":"在连续两年的科技股牛市狂奔后，华尔街投资者正在明显转向避险模式。\n随着市场对美国人工智能和经济前景的担忧情绪升温，曾经“势不可挡”的科技巨头们风光渐退。今年迄今，以英伟达为首的“七巨头”相关的指数已下跌6.5%，与过去两年超过三倍的增长形成鲜明对比。交易者纷纷寻求保护性策略，期权市场也已发出明确的警示信号。\n科技巨头光环褪色，投资者加速寻求保护\nCharles Schwab公司交易和衍生品策略主管Joe Mazzola说，“过去两年回报投资者的股票现在正在遭受打击”。各类数据显示，从隐含波动率到偏斜度（衡量看跌期权相对看涨期权的成本）再到看跌/看涨比率，各方面都出现了紧张情绪上升的迹象。\n2月下半月以来，多数“七巨头”公司的期权成本显著上升。苹果公司的三个月隐含波动率上周达到自去年9月以来的最高水平，其偏斜度则为去年8月以来最陡。\n与此同时，英伟达的看跌期权持仓正在快速累积，根据野村证券数据，行权价在115至130美元之间的合约已导致交易商负向gamma值积累，这可能在交易商调整持仓时加剧价格波动。\n过去五天，英伟达股价下跌了8.74%，上周五报收124.92美元。\n\n对于MAG 7的未来走势，广发证券分析师指出，总结来说，流动性扰动或事件性冲击不会扭转行情走势，但基本面的问题可能造成更长的调整时间，甚至趋势的转向。\n市场情绪转变，避险模式全面启动\n而这种避险情绪的蔓延也不仅限于科技股。2月18日左右，机构投资者开始大量购买对芝加哥期权交易所波动率指数(VIX)飙升的对冲工具。直到上周五标普500指数小幅反弹前，悲观情绪已将VIX与标普500实际波动率之间的差距推至去年12月以来的最高水平。\n衍生品分析公司Asym 500的创始人Rocky Fishman指出：\n\n“过去几天VIX的上涨在很大程度上没有与标普500实际波动率相匹配，使标普500隐含波动率看起来特别昂贵。”\n\n分析指出，潜在的新关税政策为企业增添了更多不确定性，使期权保护成本进一步上升。\n在利率市场，风险规避情绪最近也占据主导地位。温和通胀数据提升了美联储降息预期，上周五，美国两年、三年和五年期国债收益率自去年10月以来首次接近4%，10年期国债收益率则降至4.2%。\n值得注意的是，即使在1月底由DeepSeek AI引发的抛售后股价回升，科技股的看涨势头也开始消退，波动率上升，看跌偏斜度趋陡，看涨看跌比率上周四降至去年9月以来的最低水平。风险提示及免责条款\n\n            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