September 23 Market Report: Nasdaq Hits Record High on Intel Strength
Intel rose 0.12%, posting the largest gain among listed stocks. Wall Street closed mixed, with the Nasdaq notching a record high, while Meta (+0.11% despite an EPS decline of -256.0%) and AMD (+0.10%) helped semiconductor and AI-related stocks hold their ground in a weak market.
Looking at key stock movements at the close on the 22nd (local time), most large-cap tech stocks stayed within a flat range of 0.00% to 0.03%. Despite the burden of falling oil prices and U.S. 10-year Treasury yields approaching 5%, the Nasdaq index, buoyed by semiconductor strength, set a new record for a second consecutive session. Only the Dow Jones closed lower, down 0.36% at 51,863.69, splitting the indexes' trajectories.
Key Stock Moves: Intel and Meta Stand Out
| Stock | Price | Change | Market Cap | P/E |
|---|---|---|---|---|
| Intel | 121.78 won | +0.12% | 0.64 trillion won | - |
| Meta | 741.245 won | +0.11% | 1.89 trillion won | 27.9 |
| AMD | 615.52 won | +0.10% | 1.00 trillion won | 156.2 |
| Micron | 1,043.96 won | +0.03% | 1.18 trillion won | 23.6 |
| Nvidia | 227.38 won | +0.02% | 5.49 trillion won | 28.7 |
| Berkshire Hathaway (Class B) | 502.01 won | -0.02% | 1.07 trillion won | 12.6 |
| Chevron | 203.67 won | -0.03% | 0.40 trillion won | 19.6 |
As the table shows, the defining feature of this session was the narrow range of movement. The biggest individual gain was Intel's +0.12%, while the biggest decline was a mere -0.03% for Chevron and ExxonMobil. It was a day marked less by clear direction than by subtle rotation across sectors.
Intel's gain may look small in terms of price movement alone, but it carries different significance given the short-term momentum built on a jump of more than 12% from the prior session's 108.6 won. The absence of a P/E ratio signals that the company remains in the red on earnings, but the recovery indicator of 9,865.5% EPS growth suggests it has bottomed out and entered a recovery trajectory.
Meta's +0.11% gain was no accident, either. That the stock rose despite an EPS growth rate of -256.0% means the market is valuing the user expansion and shifts in advertising revenue expected from the AI assistant 'Muse' craze over short-term results. The simultaneous strength in Muse-related infrastructure beneficiaries such as Nvidia and Micron points to the same dynamic.
Sector Trends: Semiconductors Strong vs. Energy Weak
The sector contrast is stark. The semiconductor chain rose across the board, from upstream to downstream. Semiconductor equipment maker ASML (+0.02%, P/E 58.8), foundry leader TSMC (+0.02%), and foundry rivals Intel and AMD all finished in positive territory. This reads less as stock-specific good news than as a broad market reassessment of AI semiconductor demand outlook.
The energy sector, by contrast, reflected falling oil prices directly. Chevron fell 0.03% and ExxonMobil 0.03%, with ExxonMobil's EPS growth rate logging -1,454.1%. Oil prices slipped as Middle East supply disruption fears eased on news related to the Strait of Hormuz and Saudi Arabia. Still, as foreign reports note, international oil prices can shift direction on a single Middle East headline, so it is too early to judge whether energy stocks' weakness will become a trend.
Financial stocks moved neutrally. JPMorgan rose a mere +0.01%, maintaining its position in undervalued territory among large caps with a P/E of 15.1. Berkshire Hathaway (Class B) fell 0.02%, but its P/E of 12.6 is the lowest in the entire table.
Valuation Check: Growth Stock Premium Persists
The valuation gap among the largest market caps is telling. Nvidia (5.49 trillion won, P/E 28.7) retains the top market capitalization while trading at a lower P/E than Apple's 38.9, because its 6,599.3% EPS growth is rapidly expanding the earnings denominator. Microsoft (27.9), Amazon (20.8), and Alphabet (17.8) all trade below a P/E of 30, showing far more stable valuations than during past 'big tech bubble' debates.
By contrast, Tesla (344.3), with a P/E above 300, as well as AMD (156.2) and Palantir (156.5), in the 150s, carry high downside risk until expectations are backed by earnings. Tesla in particular, with EPS growth of -4,709.0% and sharply deteriorated profitability, bears an even heavier valuation burden.
Investment Takeaways and Outlook
The lesson from this session is clear. The indexes sit at record highs, yet individual stock movements are extremely quiet. In other words, the market is in a phase of repeating sector rotation and event reactions without settling on a direction. In such phases, stocks with solid valuations and certain earnings rebounds are better positioned than those relying on short-term momentum.
Two variables lie ahead. First, the U.S. 10-year yield is approaching 5%. If rates push past that level, the discount rate on growth stocks' future cash flows will rise, pressuring high-P/E names first. Next is oil. If Middle East tensions reignite, an energy stock rebound and a semiconductor pullback could emerge simultaneously.
As the saying goes, the road to success is always under construction—and the semiconductor rally, too, must be revalidated daily. Whether the Nasdaq's record-breaking march continues past the twin embers of rates and oil, or capital rotates into lower-valuation financial and value stocks, looks to be the story to watch in the coming weeks.
