{"id":46117,"date":"2026-04-28T10:02:41","date_gmt":"2026-04-28T10:02:41","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46117\/"},"modified":"2026-04-28T10:02:41","modified_gmt":"2026-04-28T10:02:41","slug":"%e9%ab%98%e7%9b%9b-delta-one-%e4%ba%a4%e6%98%93%e9%83%a8%ef%bc%9a%e5%9c%a8%e6%a5%ad%e7%b8%be%e3%80%81%e6%94%bf%e7%ad%96%e5%8f%8a%e9%9c%8d%e7%88%be%e6%9c%a8%e8%8c%b2%e8%ab%87%e5%88%a4%e4%ba%a4%e7%b9%94","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/46117\/","title":{"rendered":"\u9ad8\u76db Delta One \u4ea4\u6613\u90e8\uff1a\u5728\u696d\u7e3e\u3001\u653f\u7b56\u53ca\u970d\u723e\u6728\u8332\u8ac7\u5224\u4ea4\u7e54\u4e0b\uff0c\u80a1\u5e02\u8d70\u52e2\u73fe\u53d6\u6c7a\u65bc AI \u6295\u8cc7\u958b\u652f"},"content":{"rendered":"<p>\u672c\u5468\u903e42%\u7684\u6a19\u666e500\u6307\u6578\u6210\u4efd\u80a1\u653e\u699c\uff0c\u6db5\u84cb\u7d0429\u842c\u5104\u7f8e\u5143\u5e02\u503c\uff0c\u540c\u6642\u5e02\u5834\u4ea6\u8981\u6d88\u5316G5\uff08\u4e94\u5927\u7d93\u6fdf\u9ad4\uff09\u592e\u884c\u6d3b\u52d5\u53ca\u6301\u7e8c\u51fa\u73fe\u7684\u970d\u723e\u6728\u8332\u6d77\u5cfd\u76f8\u95dc\u6d88\u606f\u3002\u5468\u4e09\u6536\u5e02\u5f8c\uff0cAlphabet\u3001Microsoft\u3001Amazon\u53caMeta Platforms\u5c07\u96c6\u4e2d\u516c\u5e03\u696d\u7e3e\uff0cApple\u5247\u65bc\u7fcc\u65e5\u516c\u5e03\u3002<\/p>\n<p>\u5e02\u5834\u7126\u9ede\u4e0d\u5728\u6bcf\u80a1\u76c8\u5229\uff08EPS\uff0c\u5373\u516c\u53f8\u76c8\u5229\u9664\u4ee5\u5df2\u767c\u884c\u80a1\u4efd\u6578\u76ee\uff09\u8868\u9762\u6578\u5b57\uff0c\u800c\u5728\u8207\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u76f8\u95dc\u7684\u672a\u4f86\u8cc7\u672c\u958b\u652f\uff08Capex\uff0c\u5373\u4f01\u696d\u7528\u65bc\u589e\u5efa\u5ee0\u623f\u3001\u4f3a\u670d\u5668\u3001\u6578\u64da\u4e2d\u5fc3\u7b49\u9577\u671f\u8cc7\u7522\u7684\u6295\u8cc7\uff09\u3002\u5e02\u5834\u5df2\u9ede\u540d2026\u5e74AI Capex\u6216\u8d85\u904e7,400\u5104\u7f8e\u5143\uff0c\u800cAmazon\u3001Microsoft\u3001Meta Platforms\u53caAlphabet\u5408\u8a08\u5df2\u88ab\u5e02\u5834\u9810\u5148\u8a08\u5165\u903e6,000\u5104\u7f8e\u5143\u6295\u8cc7\u898f\u6a21\u3002<\/p>\n<h3>\u534a\u5c0e\u9ad4\u4f5c\u70ba\u50b3\u5c0e\u6a5f\u5236<\/h3>\n<p>\u534a\u5c0e\u9ad4\u88ab\u8996\u70baAI\u958b\u652f\u50b3\u5c0e\u81f3\u5e02\u5834\u7684\u4e3b\u8981\u6e20\u9053\u3002\u5e74\u521d\u81f3\u4eca\uff0c\u534a\u5c0e\u9ad4\u677f\u584a\u7d2f\u534742%\uff0c\u800c\u300cMag 7\u300d\uff08\u7f8e\u80a1\u4e03\u5927\u79d1\u6280\u80a1\uff09\u50c5\u5347\u7d042%\uff0c\u6263\u9664NVIDIA\u5f8c\u66f4\u5e7e\u4e4e\u6301\u5e73\u3002<\/p>\n<p>\u5e02\u5834\u9810\u8a082026\u5e74\u6a19\u666e500\u300cGrowth\u300d\uff08\u589e\u9577\u578b\u6210\u4efd\u80a1\uff09\u7d04\u56db\u6210\u589e\u9577\u4f86\u81ea\u534a\u5c0e\u9ad4\uff0c\u4e26\u8207\u300cHyperscaler\u300d\uff08\u8d85\u5927\u578b\u96f2\u7aef\u670d\u52d9\u5546\uff0c\u5982Amazon\u3001Microsoft\u3001Google\u7b49\uff09Capex\u8a08\u5283\u639b\u920e\u3002\u6574\u9ad4\u76c8\u5229\u9810\u6e2c\u4e0a\u8abf\u7bc4\u570d\u504f\u7a84\uff0c\u6a19\u666e\u516c\u53f8\u76c8\u5229\u9810\u6e2c\u4e2d\u4f4d\u6578\u5e7e\u4e4e\u7121\u8b8a\u5316\u3002<\/p>\n<p>Micron Technology\u4f54\u6574\u9ad4\u6bcf\u80a1\u76c8\u5229\uff08EPS\uff09\u4e0a\u8abf\u5e45\u5ea6\u903e\u4e00\u534a\uff0c\u5e02\u5834\u4e00\u81f4\u9810\u6e2c\uff08consensus estimates\uff0c\u5373\u5206\u6790\u5e2b\u5e73\u5747\u9810\u6e2c\uff09\u5f62\u5bb9\u8fd1\u4e4e\u500d\u589e\uff1bExxon Mobil\u7d04\u4f5414%\u3002<\/p>\n<p>\u5e02\u5834\u6b63\u9762\u81e8\u58d3\u529b\u6e2c\u8a66\uff0c\u800cAI\u958b\u652f\u6210\u70ba\u55ae\u4e00\u95dc\u9375\u98a8\u96aa\u9ede\u3002\u6211\u5011\u8a8d\u70ba\u672c\u5468\u6574\u9ad4\u5e02\u5834\u8d70\u5411\uff0c\u5c07\u53d6\u6c7a\u65bcAlphabet\u3001Microsoft\u3001Amazon\u53caMeta\u5c0d\u8cc7\u672c\u958b\u652f\u7684\u6307\u5f15\uff08guidance\uff0c\u5373\u7ba1\u7406\u5c64\u5c0d\u672a\u4f86\u652f\u51fa\u3001\u6536\u5165\u6216\u76c8\u5229\u7684\u9810\u671f\uff09\u3002\u5c0d\u4ea4\u6613\u54e1\u800c\u8a00\uff0c\u6bcb\u9808\u8907\u96dc\u6558\u4e8b\uff0c\u91cd\u9ede\u662f\u5c31\u55ae\u4e00\u8b8a\u6578\u4f5c\u51fa\u90e8\u7f72\uff0c\u56e0\u7d50\u679c\u53ef\u80fd\u51fa\u73fe\u660e\u986f\u3001\u975e\u9ed1\u5373\u767d\uff08binary\uff0c\u5373\u5169\u7a2e\u622a\u7136\u4e0d\u540c\u7d50\u679c\uff09\u7684\u6025\u5347\u6216\u6025\u8dcc\u3002<\/p>\n<h3>\u570d\u7e5eCapex\u6307\u5f15\u7684\u6ce2\u52d5\u7387\u90e8\u7f72<\/h3>\n<p>\u9451\u65bc\u5e02\u5834\u53ef\u80fd\u51fa\u73fe\u5927\u5e45\u91cd\u65b0\u5b9a\u50f9\uff0c\u8cb7\u5165\u300c\u6ce2\u52d5\u300d\uff08volatility\uff0c\u5373\u50f9\u683c\u4e0a\u843d\u5e45\u5ea6\uff0c\u901a\u5e38\u4ee5\u671f\u6b0a\u96b1\u542b\u6ce2\u5e45\u53cd\u6620\uff09\u662f\u8f03\u76f4\u63a5\u7684\u7b56\u7565\u3002\u53ef\u8003\u616e\u5728\u95dc\u9375\u653e\u699c\u516c\u53f8\uff0c\u4ee5\u53ca\u66f4\u91cd\u8981\u7684VanEck Semiconductor ETF\uff08SMH\uff0c\u8ffd\u8e64\u534a\u5c0e\u9ad4\u80a1\u7684\u4ea4\u6613\u6240\u8cb7\u8ce3\u57fa\u91d1\uff09\u4e0a\u90e8\u7f72\u8de8\u5f0f\uff08straddle\uff1a\u540c\u6642\u8cb7\u5165\u540c\u5230\u671f\u3001\u540c\u57f7\u884c\u50f9\u7684\u8a8d\u8cfc\u53ca\u8a8d\u6cbd\u671f\u6b0a\uff09\u6216\u5bec\u8de8\u5f0f\uff08strangle\uff1a\u540c\u6642\u8cb7\u5165\u540c\u5230\u671f\u3001\u4e0d\u540c\u57f7\u884c\u50f9\u7684\u8a8d\u8cfc\u53ca\u8a8d\u6cbd\u671f\u6b0a\uff09\u3002\u6b64\u505a\u6cd5\u53ef\u5728\u5347\u8dcc\u4efb\u4e00\u65b9\u5411\u51fa\u73fe\u5927\u5e45\u6ce2\u52d5\u6642\u7372\u5229\uff0c\u56e0\u5e02\u5834\u4e26\u4e0d\u9810\u671f\u76f8\u95dc\u80a1\u4efd\u6703\u300c\u5187\u52d5\u975c\u300d\u3002<\/p>\n<p>\u4e0d\u904e\uff0c\u4e0b\u884c\u98a8\u96aa\u4f3c\u4e4e\u66f4\u4e0d\u5c0d\u7a31\uff08asymmetric\uff0c\u5373\u4e0b\u8dcc\u6f5b\u5728\u5e45\u5ea6\u6216\u6a5f\u6703\u8f03\u4e0a\u5347\u66f4\u5927\uff09\u3002SOX\u534a\u5c0e\u9ad4\u6307\u6578\u4eca\u5e74\u5df2\u5347\u903e35%\uff0c\u53cd\u6620\u5e02\u5834\u4e0d\u50c5\u9810\u671f\u5f37\u52c1\u958b\u652f\uff0c\u4ea6\u62bc\u6ce8\u958b\u652f\u6301\u7e8c\u52a0\u901f\u3002\u6211\u5011\u8a8d\u70ba\u8cb7\u5165\u8a8d\u6cbd\u671f\u6b0a\uff08puts\uff0c\u5373\u5728\u5230\u671f\u524d\u4ee5\u6307\u5b9a\u50f9\u683c\u8ce3\u51fa\u8cc7\u7522\u7684\u6b0a\u5229\uff09\u6216\u8a8d\u6cbd\u50f9\u5dee\uff08put spreads\uff1a\u8cb7\u5165\u8f03\u9ad8\u57f7\u884c\u50f9\u8a8d\u6cbd\u3001\u540c\u6642\u8ce3\u51fa\u8f03\u4f4e\u57f7\u884c\u50f9\u8a8d\u6cbd\u4ee5\u964d\u4f4e\u6210\u672c\uff09\u5728\u534a\u5c0e\u9ad4\u76f8\u95dc\u80a1\u4efd\u4e0a\u7684\u98a8\u96aa\u56de\u5831\u66f4\u5438\u5f15\uff0c\u56e0\u53ea\u8981\u7ba1\u7406\u5c64\u7a0d\u63d0\u5230\u52a0\u5f37\u958b\u652f\u7d00\u5f8b\uff08spending discipline\uff0c\u5373\u653e\u6162\u6216\u66f4\u5be9\u614e\u6295\u8cc7\uff09\uff0c\u76f8\u95dc\u4ea4\u6613\u6216\u6703\u6025\u901f\u9006\u8f49\u3002<\/p>\n<p>\u7531\u65bc\u8106\u5f31\u6027\u4e0a\u5347\uff0c\u914d\u7f6e\u66f4\u5ee3\u6cdb\u7684\u5e02\u5834\u5c0d\u6c96\uff08hedge\uff0c\u5373\u7528\u5176\u4ed6\u5de5\u5177\u62b5\u6d88\u4e0b\u8dcc\u98a8\u96aa\uff09\u5c6c\u8f03\u5be9\u614e\u505a\u6cd5\u3002\u82e5AI\u8cc7\u672c\u958b\u652f\u300c\u6c34\u5589\u300d\u653e\u6162\uff0c\u91cd\u5b9a\u50f9\u7684\u4e0d\u6b62\u79d1\u6280\u677f\u584a\uff0c\u6216\u727d\u9023\u6574\u9ad4\u6307\u6578\u3002\u8cb7\u5165\u50f9\u5916\uff08out-of-the-money\uff0c\u5373\u57f7\u884c\u50f9\u5c0d\u6301\u6709\u4eba\u4e0d\u5229\u3001\u4f46\u8f03\u4fbf\u5b9c\u7684\u671f\u6b0a\uff09SPY\u6216QQQ\u8a8d\u6cbd\u671f\u6b0a\uff0c\u53ef\u7528\u8f03\u4f4e\u6210\u672c\u70ba\u53ef\u80fd\u7531\u75b2\u5f31\u6307\u5f15\u89f8\u767c\u7684\u7cfb\u7d71\u6027\u885d\u64ca\uff08systemic shock\uff0c\u5373\u5f71\u97ff\u6574\u9ad4\u5e02\u5834\u7684\u9023\u9396\u98a8\u96aa\uff09\u4f5c\u4fdd\u96aa\u3002<\/p>\n<p>\u9664\u77ed\u671f\u696d\u7e3e\u5916\uff0c\u6211\u5011\u4ea6\u7559\u610f\u5230\u73fe\u5be6\u9650\u5236\u6b63\u70baAI\u6558\u4e8b\u5e36\u4f86\u963b\u529b\u3002\u6700\u65b0\u5831\u9053\u986f\u793a\uff0c\u90e8\u5206\u4e3b\u8981\u6578\u64da\u4e2d\u5fc3\u5730\u5340\u53d7\u96fb\u7db2\u5bb9\u91cf\u9650\u5236\u800c\u51fa\u73fe\u65bd\u5de5\u5ef6\u8aa4\uff0c\u540c\u6642\u9285\u50f9\u65bc\u904e\u53bb\u516d\u500b\u6708\u98c6\u8fd120%\u3002\u8f03\u9577\u5e74\u671f\u7684\u9285\u76f8\u95dc\u8a8d\u8cfc\u671f\u6b0a\uff08call options\uff0c\u5373\u4ee5\u6307\u5b9a\u50f9\u683c\u8cb7\u5165\u8cc7\u7522\u7684\u6b0a\u5229\uff09\u6216\u516c\u7528\u4e8b\u696d\u57fa\u5efa\u516c\u53f8\uff0c\u6216\u53ef\u7528\u4f5c\u90e8\u7f72\u9019\u5834\u300c\u6578\u78bc\u8ecd\u5099\u7af6\u8cfd\u300d\u80cc\u5f8c\u7684\u5be6\u9ad4\u74f6\u9838\uff08physical bottlenecks\uff0c\u5373\u96fb\u529b\u3001\u539f\u6750\u6599\u7b49\u4f9b\u61c9\u9650\u5236\uff09\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u9ad8\u76dbDelta One\u6307\uff1a\u696d\u7e3e\u671f\u3001\u653f\u7b56\u8b8a\u6578\u8207\u970d\u723e\u6728\u8332\u8ac7\u5224\u62c9\u92f8\u4e0b\uff0c\u80a1\u5e02\u4e3b\u8ef8\u8f49\u5411AI\u6295\u8cc7\u958b\u652f\uff1b\u79d1\u6280\u80a1\u4f30\u503c\u8207\u8cc7\u672c\u958b\u652f\u7bc0\u594f\uff0c\u6210\u5de6\u53f3\u5347\u8dcc\u95dc\u9375\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46117","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/46117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=46117"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/46117\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=46117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=46117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=46117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}