人工智能股票面临动量逆转考验。以下是导航方法

投资者应该知道：受人工智能影响的软件和平台股票存在不同程度的动量逆转风险。在某些情况下，估值相对于增长而言已经捉襟见肘，迫使投资者仔细寻找最有可能具有弹性的公司。以下是一些需要考虑的工具。

动量逆转风险描述了当股价上涨更多地是由情绪而非基本面推动时，股票容易出现大幅回调的脆弱性。在这些情况下，预期可能会重置，通常是由于增长放缓、叙事降温或定位转变。当这种情况发生时，估值相对于增长率过高的股票往往会更剧烈地修正。

尽管整体股市持续走高，但部分股票近期涨幅已大幅放缓。例如，最近IPO的Cerebras Systems（CBRS）自首日交易令人印象深刻以来，就经历了波动性的波动。在其他地方，Fastly（FSLY）是今年早些时候上涨后最近放缓的股票的一个例子。

投资者经常关注的四个因素预示着更高的逆转脆弱性：高的预期价格与收益增长率、疲软或负的盈利能力、收入放缓或下降以及卖方分析师和独立作者之间的分歧。当这些因素一致时，股票的近期表现变得更多地取决于情绪而不是盈利能力。

投资者还可以使用Seeking Alpha的量化评级来跟踪单个股票的势头。该系统根据股票在量化指标（如动量、盈利能力和估值）上的相对表现对股票进行评级。最近，动量排名两侧的股票基本上获得了量化系统的持有评级。这可能表明该行业内正在发展重大的交叉潮流，使选股过程变得复杂。

下面的筛选器捕捉了人工智能和机器学习主题中分类的股票，按一个月价格回报率从低到高进行排名。这暴露了最近价格疲软可能反映人工智能领域势头恶化的名称。

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Recent IPO Cerebras Systems (CBRS) leapt on its first day of trading but has seen volatility since. After slumping about 25% following its opening day close, the stock bounced back on Tuesday, rising about 12%.

Meanwhile, ZoomInfo Technologies (GTM), Xanadu Quantum Technologies (XNDU), and Fastly (FSLY) have all dropped more than 30% in the past month. Elsewhere, NIQ Global Intelligence (NIQ), Endava (DAVA), Blackbaud (BLKB), CareCloud (CCLD), and Klaviyo (KVYO) have all fallen at least 20%, while CarGurus (CARG) has dropped about 19%.

To take a broader view, the screener below represents AI and machine learning stocks with market caps of at least $10 billion. They are then sorted by their momentum grade from Seeking Alpha's Quant Ratings. This gives a good glimpse of stocks in the sector that have kept up their momentum lately. (You can see the full screener here.)

Large-cap AI and machine learning stocks sorted by their Quant Rating momentum grade (Seeking Alpha)

The top five on the list all have A+ grades for momentum: Advanced Micro Devices (AMD), Arm Holdings (ARM), Dell Technologies (DELL), DigitalOcean (DOCN), and Nebius (NBIS). Meanwhile, Astera Labs (ALAB), Applied Digital (APLD), Alphabet (GOOGL)(GOOG), Hewlett Packard Enterprise (HPE), and IREN Limited (IREN) all have grades of A.

Still, even with stellar momentum lately, most of the stocks on the list have Hold ratings from the SA Quant system. This points to other concerns that could become headwinds in the future. The exceptions are AMD and NBIS, which both have Strong Buy ratings.

On the other side of the spectrum, the screener below takes the same group of stocks and ranks them with the worst momentum ratings on top.

Large-cap AI stocks with the worst Quant Rating momentum grades (Seeking Alpha)

Cognizant Technology（CTSH）、HubSpot（HUBS）和Zscaler（ZZ）位居榜首，势头均为D级。埃森哲（ACN）、Axon Enterprise（AX ON）、印孚瑟斯（INFY）、SAP（SAP）、腾讯（TCEHY）、Adobe（ADBE）和欧特克（ADSK）位列大盘人工智能和机器学习股中最差动量评级前10名。

与动量最高的股票一样，大多数动量较弱的股票目前也在整体量化评级中获得了持有评级。此列表中唯一的例外是Infosys（INFY），系统将其视为Sell。