August 24 Market Report: Micron Rises as Walmart and Eli Lilly Lag

Retail and Pharma Giants Slump Amid Modest Micron Gains

Micron Technology rose 0.04% to 974.33 won, distinguishing itself as the only major semiconductor stock to finish in positive territory. On August 21 (local time), U.S. stock indices showed little overall movement, but there was a stark divergence in performance among individual stocks. Walmart fell 0.09% to 103.84 won from the previous day's 114.3 won, marking the steepest decline among top market cap stocks. Eli Lilly also dropped 0.03% to 1,244.4 won. Most major technology stocks remained flat, hovering near the break-even point.

Ticker	Price	Change	Market Cap	PER
Micron	974.33 won	+0.04%	1.10T won	21.2
TSMC	416.00 won	+0.01%	2.16T won	31.0
AMD	469.46 won	+0.01%	0.77T won	119.2
Walmart	103.84 won	-0.09%	0.83T won	37.6
Eli Lilly	1,244.40 won	-0.03%	1.11T won	41.8
NVIDIA	216.85 won	-0.00%	5.25T won	33.2
Apple	311.30 won	-0.02%	4.54T won	35.7
Tesla	345.13 won	-0.02%	1.36T won	322.6

Semiconductor Strength vs. Exodus from Defensive Stocks

The overriding theme is semiconductors. While Micron's rise was limited to 0.04%, TSMC (+0.01%) and AMD (+0.01%) also closed higher, demonstrating that the semiconductor sector remained solid. Exxon Mobil (166.15 won, +0.01%) also stood out as a representative energy gainer. In contrast, the decliners were dominated by defensive sectors like retail, pharmaceuticals, and consumer goods, including Walmart, Eli Lilly, Costco (933.51 won, -0.02%), and Johnson & Johnson (267.37 won, -0.02%).

This configuration suggests that capital is flowing toward semiconductor and AI-related stocks rather than safe-haven assets. However, it is important to note that this rally represents relative superiority in a flat market rather than absolute strength, as volatility for all stocks was contained within 0.1%. The market remains directionless, characterized primarily by a widening gap between sectors.

Insights from Valuation Gaps

A comparison of P/E ratios reveals interesting contrasts. Alphabet maintains the lowest valuation among large-cap stocks (market cap 4.1T won) at 17.0–17.1. Micron's ratio of 21.2 is also considered a reasonable burden for a semiconductor stock. Conversely, Broadcom stands at 60.6, Palantir at 148.7, and Tesla at a whopping 322.6, indicating that growth expectations are already heavily priced in.

Earnings per share (EPS) growth data also offers direction. Stocks showing extremely high growth rates, such as NVIDIA (6599.3%), AMD (16435.6%), and Palantir (22857.1%), are likely inflated due to the low-base effect from exceptionally low performance in the previous year. Conversely, Tesla (-4709.0%) and Exxon Mobil (-1454.1%) have seen significant earnings contractions, and Meta is in the red at -256.0%. Tesla, facing both a high PER of 322.6 and declining earnings, is assessed as the stock with the most prominent valuation burden.

Outlook: The Tipping Point for a Narrow Equilibrium

In the short term, the semiconductor uptrend is likely to continue. Micron has elevated its status, with a market cap of 1.10T won matching Eli Lilly (1.11T won), and it trades in a relatively undervalued area within the sector with a PER of 21.2. The structure, supported by equipment and foundry players like TSMC and ASML (1,750.31 won, PER 59.5), also bolsters expectations for semiconductor demand.

Conversely, Walmart's 0.09% decline is hard to dismiss as mere noise. With a PER of 37.6, historically high for a retailer, this adjustment is interpreted as the market taking a breather following elevated valuations. Eli Lilly is also expected to undergo a process of earnings re-confirmation under the pressure of a 41.8 PER.

Ultimately, the lesson from this session is clear: even when indices are stagnant, capital is already tilting toward semiconductors. When volatility expands again, the divergence between relatively undervalued stocks like Alphabet and Micron and high-valuation stocks like Broadcom and Palantir is expected to become a key criterion for investment decisions.