August 30 Market Report: Nvidia Leads Gains with 0.09%
Nvidia led the gainers among U.S. large caps with a mere 0.09% rise. On August 28, 2026, the U.S. stock market closed with all 30 major tracked stocks trapped in a narrow band between +0.09% and -0.02%. The total range between gains and losses was a mere 0.11 percentage points. According to Yonhap News data, the market has priced in a 57.5% probability of a rate hike via federal funds rate futures. This is interpreted as the result of investment funds holding back ahead of the U.S. employment report and Broadcom's earnings release.
Market Cap Leader Nvidia Holds 20% Gap Over No. 2 Apple
While share prices stalled, the market capitalization rankings also froze. Nvidia maintained the top spot at 5.51 trillion won, with a gap of 0.92 trillion won over second-place Apple (4.59 trillion won). This represents a nearly 20% difference in percentage terms. Alphabet A, Microsoft, and Amazon followed at 4.17 trillion won, 3.75 trillion won, and 2.76 trillion won, respectively.
| Name | Price | Change | Market Cap | PER |
|---|---|---|---|---|
| Nvidia | 227.98 won | +0.09% | 5.51 trillion won | 28.8 |
| Apple | 314.58 won | +0.00% | 4.59 trillion won | 36.1 |
| Alphabet A | 340.65 won | -0.00% | 4.17 trillion won | 17.1 |
| Microsoft | 505.06 won | +0.02% | 3.75 trillion won | 27.6 |
| Amazon | 256.26 won | -0.02% | 2.76 trillion won | 20.6 |
| TSMC | 427.30 won | +0.02% | 2.22 trillion won | 31.8 |
| Broadcom | 371.54 won | +0.04% | 1.77 trillion won | 61.7 |
| Meta | 571.10 won | -0.01% | 1.45 trillion won | 21.5 |
| Tesla | 354.81 won | +0.03% | 1.40 trillion won | 334.7 |
| Berkshire Hathaway | 503.70 won | -0.00% | 1.08 trillion won | 12.7 |
Stock prices may have paused, but the valuation gap has not. Within the top 10 by market cap, PERs range from 12.7 to 334.7.
PER, calculated by dividing stock price by earnings per share, indicates a stock is cheap relative to earnings when low. Berkshire Hathaway’s 12.7 is the lowest overall, while Alphabet A’s 17.1 is the lowest among mega-cap techs. Tesla is the only one in the triple digits at 334.7, creating a more than 26-fold difference between the lowest and highest within the top 10. Given these numbers are from the same index on the same day, this discrepancy is evidence that the market is pricing entirely different futures for each stock.
20,000% EPS Growth: The Reality of the Low-Base Effect
A closer look at earnings indicators reveals the picture. Palantir’s EPS growth rate was recorded at 22,857.1%, followed by AMD at 16,435.6% and Intel at 9,865.5%. These near-five-digit growth rates are the product of a low-base effect, rebounding from a period of near-zero earnings in the same period last year. While recovery momentum is real, misinterpreting these figures as stable growth could lead to errors in judgment.
| Name | PER | EPS Growth | Market Cap |
|---|---|---|---|
| Palantir | 151.2 | +22857.1% | 0.45 trillion won |
| AMD | 121.9 | +16435.6% | 0.78 trillion won |
| Intel | - | +9865.5% | 0.49 trillion won |
| Nvidia | 28.8 | +6599.3% | 5.51 trillion won |
| TSMC | 31.8 | +4430.2% | 2.22 trillion won |
| Micron | 21.1 | - | 1.06 trillion won |
| Broadcom | 61.7 | - | 1.77 trillion won |
| ASML | 58.5 | - | 0.67 trillion won |
In the same vein, Nvidia’s 6,599.3% and TSMC’s 4,430.2% demonstrate the magnitude of the earnings rebound in the semiconductor and AI sectors. Nvidia remains at a PER of 28.8, suggesting the stock price burden is relatively favorable compared to its surging earnings. Micron has the lowest PER among semiconductor majors at 21.1, placing it in the value category within the sector. On the opposite side stands Tesla. With an EPS growth rate of -4,709.0% and a PER of 334.7, it faces a dual structure of earnings decline and high valuation. Meta (-256.0%), ExxonMobil (-1,454.1%), and AbbVie (-125.0%) also made the list of earnings decliners. The fact that Intel’s PER is not calculated at all signals that its earnings base remains thin; the triple-digit growth rate marks the start of a rebound, not the completion of the race.
KOSPI Falls 1.79% Under Rate Hike Shadow
While U.S. large caps held firm, the Korean market collapsed. According to Yonhap News, the KOSPI fell 1.79% on the same day, with Samsung Electronics and SK Hynix showing concurrent weakness. This is attributed to wariness over rate hikes spreading to semiconductor majors. Despite this, domestic individual investors net-bought 10 trillion won worth of U.S. stocks over July and August. This is 300 billion won more than the net buying of KOSPI stocks during the same period.
ETF indicators show the temperature difference within the market. While the PERs of S&P 500 tracking products SPY and VOO were recorded at 26.0 each, the Nasdaq 100 tracking QQQ stands at 30.8. This implies a tech stock premium of about 18%. As interest rates rise, the discount rate increases, reducing the present value of future earnings for growth stocks more rapidly. This is why Palantir (151.2), AMD (121.9), and Tesla (334.7), all with PERs over 100, are considered the most vulnerable in this environment.
Outlook: Directional Choice After the Calm
This week’s silence is closer to a wait-and-see mode than a conclusion. If Broadcom’s (PER 61.7) earnings confirm an expansion in AI-related sales, the earnings rationale for the semiconductor line involving Nvidia, TSMC, and Micron is expected to be reinforced. Nvidia, having already posted strong earnings the previous quarter, serves as a reference point for gauging the direction of the AI investment cycle. If the employment report comes in stronger than expected, the 57.5% probability of a rate hike will rise further, likely causing a clear divergence in stock direction between low-PER and high-PER stocks.
Berkshire Hathaway (12.7), JP Morgan (15.2), and Alphabet A (17.1) are classified as defensive groups with a low price burden relative to earnings. However, a low PER is not a guarantee of an immediate rise. The market’s next direction is a problem to be solved simultaneously by two variables: interest rates and earnings. The calmness of a 0.1% range also means the answer will come within a week.
