科技股投资者面临残酷盛夏

    另一个需要考虑的潜在因素是，分析师的收益预期总体上仍然偏乐观。他们通常要依赖企业提供的自身业绩预期进行预测，而企业管理层在不能完全肯定业务是否会放缓时通常不愿意向外界透露利空消息（譬如印孚瑟斯的业绩预警）。如果接下来更多公司发布业绩放缓预警，总体上分析师们将会对科技类股的收益预期展开新一轮的下调。

    就算科技行业真的放缓增长，投资者还是能在黑暗中看到一些希望。从中长期来看，科技行业仍然强势：企业要削减IT开支必须保证不伤及自身的竞争优势。同时，一些关键领域仍然焕发着勃勃生机。例如，活跃在移动和云计算领域的企业比个人电脑制造商和芯片制造商的业绩表现要好得多。

    不过，总体而言，未来几周的收益报告可能会伴随着科技股股价的震荡。

    译者：默默

    Another potential factor is that analysts in general tend to lean toward optimism in earnings forecasts. They often rely on the guidance from companies, and corporate managers are loathe to telegraph bad news - like the Infosys warning – until they are absolutely sure of a slowdown. If more warnings of a slowdown follow, expect a round of hearty downward revisions of tech earnings in general.

    For investors, there are a couple of silver linings in the event of a tech slowdown. Longer-term, tech remains a strong sector: Companies can only cut back on IT for so long without hurting their own competitive edge. And there remain some key areas of strength. Companies active in mobile and cloud computing, for example, are doing much better than PC makers and chip manufacturers.

    For tech investors in general, however, the next few weeks of earnings reports could be a volatile ride.