近期全球金融市場震盪明顯加劇，風險資產遭遇同步修正，美股科技股承受沉重拋售壓力，而黃金等避險資產則在經歷劇烈下挫後出現技術性與情緒性的反彈。截至2026年2月初，市場情緒已從年初的高度樂觀，快速轉為防禦與觀望，資金流向也出現明顯變化。

美國股市方面，科技股成為本輪修正的重災區。納斯達克綜合指數在2月4日收盤時大幅下挫，幾乎完全抹去2026年以來的全部漲幅。這波回落不僅是短線獲利了結，更反映出投資人對高估值科技板塊的信心動搖。以軟體股與人工智慧概念股為代表的成長型標的，遭遇集中性賣壓，包括英偉達與微軟在內的指標性企業股價皆出現顯著修正。市場開始重新評估AI投資的資本支出規模、回報周期與實際獲利能力，過去「只要與AI沾邊就能給高估值」的邏輯，正逐步受到挑戰。

這樣的修正並非僅限於美國市場，海外風險資產同樣出現集體跳水。造成拋售的因素相當複合，一方面是油價短期內急速攀升，再度引發市場對通膨反彈的擔憂，另一方面，地緣政治不確定性持續升溫，包括圍繞格陵蘭島的關稅與戰略資源議題，都為全球貿易與供應鏈前景蒙上陰影。此外，市場對AI投資回報可持續性的質疑擴散，也促使投資人重新檢視風險配置。在此背景下，資金明顯從高估值科技股撤出，轉向能源類股、傳統權值股，以及具備避險屬性的資產，市場進入典型的「資金輪動」階段。

在避險情緒方面，黃金走勢尤其受到關注。國際金價在1月底至2月初曾出現被形容為「史詩級」的暴跌，短時間內跌幅一度接近8%，並跌破4,000美元的重要心理關卡。然而，隨著美股重挫與風險情緒急速惡化，避險需求迅速回流，推動金價展開強勁反彈，現貨黃金再度站回關鍵價位之上。值得注意的是，就在不久之前，金價才在全球央行持續增持黃金、以及貿易摩擦升溫的背景下，於 2026 年1月底創下突破5,000美元的歷史新高，顯示黃金在中長期仍被視為對抗金融不確定性的核心資產。

其他資產類別的表現同樣反映出市場的高度緊張。美國公債並未如傳統避險邏輯般全面受惠，反而因市場對美國財政赤字與債務可持續性的疑慮升溫，導致10年期美債殖利率上行、債券價格下跌，形成股債同步承壓的罕見局面。這種走勢也進一步加劇市場的不安，因為它暗示投資人對「無風險資產」的信任正在下降。

加密貨幣市場則承受更為劇烈的衝擊。在整體流動性收緊與風險偏好下降的環境下，加密資產出現連鎖下跌，多個交易平台爆出大規模爆倉事件，槓桿部位遭到快速清算，使價格波動進一步放大，成為本輪市場調整中最具破壞性的區塊之一。

整體而言，截至2026年2月初，全球市場已明顯從「追逐成長與題材」轉向「重新評價風險與現金流」。科技股高估值的修正、避險資產的反覆震盪，以及股債與加密市場同步承壓，都顯示市場正進入一個更為敏感且脆弱的階段。未來走勢將高度取決於通膨是否再度升溫、地緣政治風險是否擴散，以及AI投資能否真正兌現其被寄予厚望的長期回報。

Global financial markets have recently experienced heightened volatility, with risk assets undergoing broad-based corrections. U.S. technology stocks in particular have come under heavy selling pressure, while traditional safe-haven assets such as gold have rebounded after suffering sharp declines. As of early February 2026, market sentiment has shifted rapidly from early-year optimism to a more defensive and cautious stance, accompanied by a noticeable reallocation of capital.

In the U.S. equity market, technology stocks have been at the center of the downturn. By the close on February 4, the Nasdaq Composite had plunged sharply, nearly erasing all of its gains since the beginning of 2026. This pullback reflects more than short-term profit-taking; it signals a broader loss of confidence in high-valuation technology sectors. Growth-oriented segments, particularly software stocks and artificial intelligence–related names, have faced concentrated selling pressure. Flagship companies such as Nvidia and Microsoft recorded significant declines, as investors began reassessing the scale of AI-related capital expenditures, the timeline for returns, and the actual profitability of these investments. The long-standing assumption that any company associated with AI deserved a premium valuation is increasingly being questioned.

This market correction has not been confined to the United States. Overseas risk assets have also experienced synchronized sell-offs. The drivers behind this wave of selling are multifaceted. On one hand, a rapid surge in oil prices has reignited concerns over inflation, while on the other, rising geopolitical uncertainty has weighed on investor confidence. Issues such as tariff threats and strategic resource disputes linked to Greenland have added new layers of risk to global trade and supply chain outlooks. At the same time, growing skepticism over the sustainability of AI investment returns has prompted investors to reassess their risk exposure. Against this backdrop, capital has clearly rotated out of high-valuation technology stocks and into energy shares, traditional blue-chip equities, and assets with defensive characteristics, marking a classic phase of sector and asset rotation.

Safe-haven sentiment has been especially evident in the gold market. International gold prices experienced what many described as an “epic” sell-off from late January to early February, with prices briefly plunging nearly 8% and falling below the psychologically important level of USD 4,000. However, as U.S. equities tumbled and risk aversion intensified, demand for safe-haven assets quickly returned. This shift drove a sharp rebound in gold prices, with spot gold reclaiming key technical levels. It is worth noting that only weeks earlier, gold had surged to a record high above USD 5,000 in late January 2026, supported by sustained purchases by global central banks and escalating trade frictions. This underscores gold’s continued role as a core hedge against financial uncertainty over the medium to long term.

Other asset classes have also reflected heightened market stress. U.S. Treasury bonds, which traditionally benefit during periods of risk aversion, failed to provide consistent protection. Instead, growing concerns over the sustainability of U.S. fiscal policy and rising government debt pushed the yield on the 10-year Treasury higher, driving bond prices lower and resulting in a rare scenario where both equities and bonds were sold off simultaneously. This unusual dynamic has further unsettled markets, as it suggests a weakening perception of Treasuries as a truly risk-free asset.

Cryptocurrency markets have been hit even harder. In an environment of tightening liquidity and declining risk appetite, digital assets experienced cascading declines, accompanied by widespread liquidations across major trading platforms. Highly leveraged positions were rapidly unwound, amplifying price swings and making cryptocurrencies one of the most severely affected segments in this market correction.

Overall, as of early February 2026, global markets appear to be transitioning from a phase dominated by growth narratives and thematic speculation to one focused on risk reassessment and cash flow fundamentals. The correction in high-valuation technology stocks, the volatile behavior of safe-haven assets, and the simultaneous pressure on equities, bonds, and cryptocurrencies all point to a more fragile and sensitive market environment. Looking ahead, market direction will depend heavily on whether inflationary pressures reemerge, whether geopolitical risks continue to escalate, and whether AI investments can ultimately deliver the long-term returns that investors have been anticipating.