摩根大通：芯片股波动加剧或引发市场情绪冲击

Odaily Strategy Team at JPMorgan warns that the sharp volatility in the semiconductor sector may be increasing the risk of market "tantrums", forcing some investors to passively reduce positions. Led by Nikolaos Panigirtzoglou, the team noted that while chip stocks rebounded to near historical highs this week, this was accompanied by rising volatility, which could trigger a so-called VaR shock scenario.

Under the VaR mechanism, when rapid market fluctuations push portfolio risk indicators beyond thresholds, even investors confident in the long-term thesis may be forced to reduce exposure, triggering a cascade of selling pressure.

Analysis suggests that the current combination of rising prices and volatility in the semiconductor sector is amplifying the potential for systemic risk transmission and posing a potential disruption to overall risk asset sentiment. (Bloomberg)