NVIDIA's stock price experienced a significant pullback, posing an immediate disruption to the entire semiconductor supply chain and the valuation system of tech giants. As a core benchmark for AI hashrate infrastructure, NVIDIA's violent fluctuations not only directly impact the risk appetite of the Nasdaq and the broader U.S. stock market, but may also create a spillover effect on recent market expectations surrounding AI asset pricing, triggering a reassessment by capital of the liquidity environment for high-valuation growth stocks.

From the perspective of the broader market environment and preceding catalysts, the high-valuation tech sector is facing a dual test of macroeconomic liquidity tightening and massive capital absorption in the primary market. On the one hand, U.S. October CPI rose 0.4% month-over-month with core indicators jumping, accompanied by a higher 1-year inflation expectation. As multiple Federal Reserve officials densely released hawkish remarks—with Logan pointing out that interest rates need to rise by at least another 50 basis points, and Christopher Waller also expressing support for subsequent aggressive rate hikes—this directly pushed up U.S. Treasury yields and rate hike bets, exerting valuation suppression on tech stocks at the discount rate level. On the other hand, AI leader Anthropic is advancing an IPO process with a valuation of up to $1.405 trillion and a fundraising scale of up to $69.3 billion. Although orders have been oversubscribed and attracted institutional investments of tens of billions of dollars from Google and others, the advancement of such super-sized projects has also temporarily diverted attention and capital from the existing liquidity of the secondary market tech sector.

Looking ahead, the market will closely monitor the further fermentation of Federal Reserve rate policy expectations, especially whether bond yields will continue to surge after the release of inflation data and pressure growth stock valuations. Meanwhile, investors may continuously track the secondary market liquidity-siphoning effect around the listing of flagship AI projects such as Anthropic, as well as the evolution of AI hashrate demand and tech giants' capital expenditure expectations. All these factors will become key variables in determining whether related sectors can stabilize in the short term.