September 11 Market Report: Even Nvidia Stalled
Big Tech Catches Its Breath… Gainers Can Be Counted on One Hand
The biggest gain in the U.S. large-cap market on the 10th was Meta's 0.07% — a figure that tells the whole story of the day's session. Nvidia slipped 0.01%, while Apple and Microsoft were flat at -0.00%, effectively standing still. Alphabet edged down 0.02%, and Micron picked up 0.03% — the directions differed, but the magnitude of movement itself was minimal.
Prices for the major stocks are shown in the table below.
| Stock | Price | Change | Market Cap | P/E |
|---|---|---|---|---|
| Nvidia | 223.67 won | -0.01% | 5.40 trillion won | 28.2 |
| Apple | 315.34 won | -0.00% | 4.60 trillion won | 36.1 |
| Alphabet | 330.65 won | -0.02% | 4.04 trillion won | 16.6 |
| Microsoft | 491.65 won | -0.00% | 3.65 trillion won | 27.4 |
| Amazon | 252.40 won | -0.02% | 2.72 trillion won | 20.3 |
| TSMC | 435.36 won | -0.01% | 2.26 trillion won | 32.2 |
| Broadcom | 364.38 won | -0.01% | 1.73 trillion won | 46.5 |
| Meta | 653.69 won | +0.07% | 1.67 trillion won | 24.6 |
| Tesla | 367.81 won | -0.00% | 1.45 trillion won | 343.7 |
| Micron | 1,027.77 won | +0.03% | 1.16 trillion won | 22.6 |
As the table shows, stagnation stands out more than direction. Across sectors, moves were confined to within ±0.05%. The fact that Nvidia, with a market cap of 5.40 trillion won, moved just 0.01% in a day reads as a signal that buying and selling pressure were in perfect equilibrium. It is a point that lends weight to the interpretation that, absent any clear catalysts, this was a wait-and-see market in which investors held back while weighing their next move.
A Widening Valuation Gap… Alphabet at 16.6x vs. Tesla at 343.7x
Unlike the frozen prices, the gaps between valuations were wide. Alphabet's price-to-earnings ratio (P/E) stands at 16.6x, the lowest among Big Tech — meaning the company ranked third overall by market cap at 4.04 trillion won is being valued more cheaply than even Nvidia at 28.2x. Amazon at 20.3x, Micron at 22.6x, and Meta at 24.6x also sit in relatively reasonable territory.
On the other side, the burdensome figures cluster. Tesla's P/E is 343.7x. Layer on an EPS growth rate of -4,709.0%, and it is hard to escape the verdict that earnings do not back up the price. Palantir at 144.9x and AMD at 133.3x also soared well past the 100x line. That said, the EPS growth rates attached to these two — 22,857.1% and 16,435.6%, respectively — should be read as a base effect stemming from extremely low comparison points. Taking those numbers at face value as sustainable growth could lead to poor judgment.
Semiconductors Split Into Two Camps From Within, While Energy Moved
Even within the semiconductor sector, the flows diverged. Micron and AMD each rose 0.03% and Intel gained 0.02%, while Taiwan foundry TSMC fell 0.01%, Dutch equipment maker ASML slipped 0.02%, and Broadcom lost 0.01%. The pattern: money reached chip design and memory first, while foundries and equipment have yet to be touched. Intel, whose earnings base is so thin that even a P/E cannot be calculated, still has ground to cover before a recovery.
In energy, ExxonMobil and Chevron each posted a 0.02% gain — evidence that expectations of rising oil prices have already seeped into the U.S. market. Oracle closed down 0.01% on the day but rebounded in after-hours trading after reporting earnings that topped expectations. With the results confirming that massive data center investment is coming back as revenue, the report is seen as validating the substance of AI demand.
Where Investment Focus Turns After the KOSPI's 6,900 Shock
According to the Korea Exchange, the KOSPI closed at 6,909.91 on the 11th, down 124.01 points (1.76%) from the previous session. A simultaneous surge in oil prices and U.S. Treasury yields drove the decline. In effect, the stall among U.S. large caps translated into a sell-off across Asian markets in the span of a single day.
A steep climb like the first half's will be hard to repeat, and the prevailing view is that the KOSPI's upside will be capped around the 7,500 level for the time being.
Under this outlook, a phase in which semiconductors lead the market is anticipated, and the fortunes of U.S. semiconductor stocks are expected to carry straight over to the domestic market. If the strength in Micron and AMD continues, it should serve as a tailwind for related domestic stocks as well. As long as the burdens of interest rates and oil prices persist, stocks like Alphabet, Amazon, and Micron — trading at around 20x earnings and offering both defense and growth — are expected to hold a relative advantage over high-valuation growth names. In the end, the market moves only after the facts are confirmed.
