July 11 Stock Market Report: Led by Semiconductor Equipment and Fabless; Lam Research up 353.17 Won, AMD up 546.72 Won

Semiconductor Equipment and Fabless Lead as Tech Stocks Sideways Trend Persists

On July 10, 2026, global stock markets were propped up by strength in semiconductor equipment firms and fabless stocks. Lam Research rose 0.06% from the previous session to close at 353.17 won. In the same semiconductor sector, Advanced Micro Devices (AMD) also climbed 0.06% to 546.72 won. Meanwhile, Nvidia and Alphabet dipped 0.01% to 202.78 won and 358.89 won, respectively, lingering in the break-even zone. The specific quantitative trends of the key stocks that stood out in the market on this day are shown in the table below.

Ticker	Price	Change	Market Cap	PER	EPS Growth
Nvidia	202.78 won	-0.01%	4.91T won	31.1	6599.3%
Alphabet (GOOGL)	358.89 won	-0.01%	4.38T won	27.6	3419.4%
Advanced Micro Devices	546.72 won	+0.06%	0.89T won	172.5	16435.6%
Micron	991.64 won	+0.05%	1.12T won	22.4	-
Meta	631.48 won	+0.05%	1.60T won	23.0	-256.0%
Lam Research	353.17 won	+0.06%	0.44T won	62.8	-

While nominal price fluctuations are minimal, the divergence between market capitalization and earnings metrics is significant. Nvidia boasts an overwhelming scale with a market cap of 4.91 trillion won, underpinned by an explosive Earnings Per Share (EPS) growth rate of 6,599.3%. This is interpreted as the result of high-margin chip sales driven by AI demand being directly reflected in the indicators. In a similar vein, memory semiconductor firm Micron rose 0.05% to 991.64 won, signaling its entry into an upturn of the memory cycle.

Supply and Demand, and Valuation Embedded in Market Indicators

Meta rose 0.05% to 631.48 won on the day. However, its calculated EPS growth rate stood at -256.0%, indicating extreme underperformance. This result stems from net profit erosion due to the cost burden of massive capital expenditures. While the share price is climbing gradually, the company's actual profitability is raising market concerns. This phenomenon is clearly evident in the Price-to-Earnings Ratio (PER) metric as well.

Advanced Micro Devices' Price-to-Earnings Ratio (PER) reached 172.5x, forming a significant disparity with peer Nvidia's 31.1x.

A high valuation implies that market participants are willing to pay more for the company's future growth. Advanced Micro Devices recorded a staggering profit growth rate of 16,435.6%, meeting market expectations. Its advance in the AI accelerator market played a key role in supporting the stock price. However, the domestic (Korean) stock market is seeing investor sentiment dampened by the recent aftermath of the Exchange Traded Fund (ETF) system.

Kim Yong-beom, Senior Secretary for Policy at the Presidential Office, stated that the government would review institutional improvements regarding concerns over expanded volatility in single-stock leveraged ETFs for Samsung Electronics and SK Hynix. Separately, SK Hynix's American Depositary Receipt (ADR), listed on the US Nasdaq, surged 13.1% over its IPO price on its first trading day. This demonstrates that global semiconductor demand remains solid.

Crossroads of Short-term Trading and Long-term Valuation

The stock market is currently at a stage where tangible earnings growth clashes with macroscopic uncertainties. Exxon Mobil fell 0.03% to 137.46 won, undergoing adjustment in the energy sector, and Johnson & Johnson also declined 0.02% to 259.1 won. The fact that tech stocks are holding firm despite the weakness in defensive and energy stocks is a positive signal. Apple rose 0.01% to 316.22 won, and Amazon likewise rose by the same margin to 247.04 won.

Market focus is increasingly shifting toward earnings defense. Stocks like Meta, where prices rise but profit growth is negative, are likely to face adjustments in the long term. Conversely, firms like Micron, which maintain a stable PER while enjoying the memory semiconductor boom, are expected to see continued buying interest from investors. Interpreting the divergence in stock price trends will serve as a key standard for investment.

Sector Rotation and Investment Implications

With the price movements of underlying assets slowing, the phenomenon where only select sectors rise is becoming pronounced. Large-cap Information Technology (IT) stocks generally remained in the break-even range. Microsoft formed a 0.00% candle at 384.36 won, and Tesla barely rose 0.03% to 406.55 won. Amidst this, inflation data and major corporate earnings announcements have emerged as key variables that will determine the market's direction.

Movements to restructure portfolios around companies with explosive EPS growth are being detected. Alphabet recorded a growth rate of 3,419.4%, forming a cheap PER of 27.6x and taking on a value stock character. This suggests that the convergence model of ICT services and AI is being re-evaluated in the market. Future markets are expected to differentiate based on confirmed figures rather than mere expectations.