（共8页PPT）巴滕伍德专栏颠覆与分散.pptxVIP

Buttonwood专栏【1】INVESTORsWAKINGfromastuporthatbeganonNewYear’sEvemightquestionwhethertheyhadmissedanything.Foralltherecentgeopoliticaldrama,theSP500shareindexofbigAmericanfirmssitsalmostexactlywhereitdidattheendof2025:justshyofarecordhigh.Beneaththesurface,however,thechurninAmerica’sfinancialmarketshasbeenfurious.Apanicaboutwhatartificialintelligencewilldotobusinessmodelshaspromptedsoftwarefirms’stockpricestotumble:theyareathirdbelowarecentpeaklastyear.OnFebruary23rdIBM’sslumpedby13%,owingtov