Recently, global stock markets have experienced intense volatility, with the three major US stock indices all declining, led by the Nasdaq which fell by 1.81%. The technology sector was hit hardest, with leading stocks such as Tesla, Oracle, and Nvidia all dropping more than 3%, and investor panic clearly intensifying.

This decline is not an isolated phenomenon. Asian markets also moved lower in tandem, with the Nikkei index down 1.56%, the KOSPI down 2.24%, and the Hang Seng Tech Index in Hong Kong falling by over 2%. Chinese concept stocks also suffered, including NIO and Pinduoduo, with 33 Chinese concept stocks collectively declining, while only a few individual stocks rose against the trend. Domestically, northbound funds have net outflows exceeding 4 billion over the past three days, and the pressure for the technology sector to adjust remains ongoing.

What exactly triggered this global sell-off? Several key factors are worth noting: First, signals of risk in the AI industry chain. Oracle’s sudden withdrawal of funding from a $10 billion AI data center project directly undermined market confidence in AI infrastructure investment. Second, the Bank of Japan will announce its interest rate decision on December 19, which could mark the end of years of carry trade, putting global capital reallocation pressure. Additionally, US regulatory scrutiny over foreign-listed companies’ audits continues to deepen, with audit issues of Chinese concept stocks remaining unresolved, serving as a major reason for institutional investors to reduce holdings.

For investors holding stocks, it is crucial to review their portfolio structure now. Highly correlated sectors such as AI chips, semiconductors, and new energy are more volatile, so it’s advisable to check whether there is policy support or performance backing. The key upcoming time points—Japan’s central bank policy meeting and subsequent Fed statements—are likely to determine the future market trend. From a defensive perspective, energy, consumer, and other defensive sectors are attracting capital inflows, and some undervalued growth stocks may present opportunities for strategic positioning at this stage.