May 29 Stock Market Report: Focus on Major Tech Stocks' Direction Amid Nvidia's Mixed Performance

Major Tech Stocks Show Mixed Trends, Market Direction Under Scrutiny

On May 28, 2026, leading technology stocks representing the U.S. market traded in a narrow range, fluctuating as investors gauged market direction. Nvidia closed down 0.01% at 212.6 won, with a market capitalization of 5.15 trillion won. Nvidia, a frontrunner in the Artificial Intelligence (AI) semiconductor market that has garnered significant attention, saw this slight decline interpreted by market participants as a signal of a new phase. Alphabet (Google) recorded no change at 0.00% with a price of 388.83 won, while Apple rose 0.01% to 310.85 won, maintaining market capitalizations of 4.71 trillion won and 4.57 trillion won, respectively. Microsoft finished down 0.01% at 412.67 won, and Amazon closed up 0.02% at 271.85 won, indicating a tense balance between profit-taking desires and new buying interest across the tech sector.

These movements in major tech stocks suggest a cooling of the recent fervor surrounding AI-related stocks, which had been a primary market driver. The stock performance of each company, alongside key financial metrics such as Price-to-Earnings Ratio (PER) and Earnings Per Share (EPS), offers insights into their valuation and market expectations. For instance, Nvidia's PER remains high at 32.6, but the absence of EPS growth data leaves questions about its future growth potential. In contrast, Meta traded at a PER of 23.1, reflecting a relatively lower valuation, and rose 0.04% to 635.255 won. This performance was assessed as relatively stable amidst concerns over intensifying competition in AI and slowing growth in its platform business. Apple's PER of 37.6 is also on the higher side, but its slight 0.01% rise demonstrated robust resilience.

Tech Stock Valuations and Market Expectations

A comprehensive review of stock prices, market capitalizations, and PERs for major tech stocks as of May 28, 2026, reveals that the market continues to highly value growth, yet some stocks are facing increasing valuation pressure. Large-cap tech stocks such as Nvidia (212.6 won, PER 32.6), Alphabet (388.83 won, PER 29.7), Apple (310.85 won, PER 37.6), Microsoft (412.67 won, PER 24.6), and Amazon (271.85 won, PER 31.6) generally maintain high PER values, reflecting expectations for future growth. In particular, the volatility of semiconductor stocks is noteworthy. Taiwan Semiconductor Manufacturing Company (TSMC) (422.73 won, PER 36.1) and Broadcom (421.86 won, PER 81.9) exhibited high PERs, indicating significant market expectations. Broadcom's PER of 81.9 suggests its growth potential is being highly assessed. Intel (121.77 won, PER -) did not provide PER information but showed a relatively sluggish trend compared to competitors.

Memory chip maker Micron (928.41 won, PER 43.9) showed positive momentum with a 0.04% increase. This is attributed to expectations of a recovery in the semiconductor industry cycle, coupled with the growth of high-value products like High Bandwidth Memory (HBM) driven by increased AI demand. While the outlook for the semiconductor sector suggests continued growth in demand for related chips alongside AI technological advancements, investors should be aware that stocks with high PERs like Broadcom and Micron could experience increased volatility based on future earnings reports. AMD (495.54 won, PER 164.1) fell 0.02%, recording an extremely high PER of 164.1, implying that its current stock price is significantly overvalued relative to its future expected earnings. Substantial earnings improvement will be necessary to support further stock price appreciation.

Stock	Current Price	Change (%)	Market Cap	PER
Nvidia	212.6 won	-0.01%	5.15 trillion won	32.6
Alphabet	388.83 won	0.00%	4.71 trillion won	29.7
Apple	310.85 won	+0.01%	4.57 trillion won	37.6
Microsoft	412.67 won	-0.01%	3.07 trillion won	24.6
Amazon	271.85 won	+0.02%	2.92 trillion won	31.6
TSMC	422.73 won	+0.03%	2.19 trillion won	36.1
Broadcom	421.86 won	0.00%	2.00 trillion won	81.9
Tesla	440.36 won	+0.02%	1.65 trillion won	400.3
Meta	635.255 won	+0.04%	1.61 trillion won	23.1
Micron	928.41 won	+0.04%	1.05 trillion won	43.9
AMD	495.54 won	-0.02%	0.81 trillion won	164.1
Intel	121.77 won	-0.01%	0.61 trillion won	-

Market Impact and Investment Implications

The divergent stock movements of major tech companies are influencing overall market sentiment. As the direction of the volatile tech sector becomes uncertain, investors may shift their focus towards more stable value stocks or dividend-paying stocks. For example, financial and holding companies like JPMorgan Chase (299.28 won, PER 14.3) and Berkshire Hathaway (479.92 won, PER 14.3) could emerge as stable investment options due to their lower PERs. Additionally, consumer staples companies like Walmart (118.54 won, PER 41.7) might attract attention for their resilience in consumer spending even during economic downturns, although their high PERs present a concern. Eli Lilly (1,082.92 won, PER 38.5) in the healthcare sector showed a robust uptrend, differentiating itself within the sector.

Among ETFs, Vanguard S&P 500 ETF (VOO, 689.96 won, PER 28.2) and SPDR S&P 500 ETF (SPY, 750.46 won, PER 28.2), which track the S&P 500 index, maintained a stable trend, representing the broader market movements. These ETFs show PERs around the market average, with a slightly lower valuation compared to Invesco QQQ Trust (QQQ, 729.45 won, PER 35.6), which tracks the Nasdaq 100 index with its high proportion of tech stocks. This suggests that S&P 500-based ETFs, offering a more diversified portfolio, could be attractive options for investors if broader market volatility increases.

In the short term, key variables for the market are expected to be major companies' earnings releases, macroeconomic indicators, and central banks' monetary policy directions. While AI technology development will continue to be a long-term growth driver, short-term valuation pressures and potential adjustments due to technological maturity should always be considered. Investors need to conduct thorough fundamental analysis of individual stocks, closely monitor sector trends, and make prudent investment decisions by comprehensively considering external factors such as changes in interest rate environments and geopolitical risks. Stocks with high PERs require clear growth strategies and earnings improvements to sustain upward momentum; otherwise, they must prepare for potential corrections.