November 1 Investment Report: AI Value Investing Portfolio +47.9%

'Black Friday' Amid a Semiconductor Plunge — But the AI Value Investing Portfolio Held Its Ground

On the 31st, when the Philadelphia Semiconductor Index's stunning 7% single-day crash sent shockwaves through global markets, the KOSPI also tumbled 3.5%, breaking below the 5,730 level. With the VIX volatility index jumping 13% and fear returning, the AI Value Investing Portfolio defended its cumulative return of +47.9%, proving the resilience of an undervalued-asset-focused strategy even in the storm.

Asset Flow: A Steady Floor Even in the Correction

Over the past five days, the portfolio's total assets surged from $13,918 to $15,111 before being pushed back to $14,789 on the day, repeatedly dodging and laddering through the volatility. That assets held up week-over-week even on a crash day owes much to core holdings like NVIDIA and Micron, which had risen without valuation strain. Notably, Micron saw three rounds of additional buying over the past three weeks. Scaling in between $856 and $1,036 per share paid off, as the stock climbed to $934, validating the strategy.

Holdings Check: What Value Relative to Growth Is Saying

Stock	Shares	Cost Basis	Current Price	P/E
Broadcom	5.67	$326.03	$345.00	44.1
Amazon	1.95	$208.39	$243.79	19.6
Intel	2.80	$104.56	$92.07	-
Meta	0.55	$653.56	$624.52	21.3
SOXL	13.92	$71.22	$102.39	23.1
TQQQ	1.13	$76.34	$69.26	28.1
NVIDIA	24.00	$184.21	$213.66	27.0
Micron	1.30	$930.96	$934.27	12.6
AMD	6.47	$198.62	$566.42	144.5
TSMC	0.44	$431.81	$431.81	28.0

Micron stands out. Even with the share price above $934, earnings are growing even faster, leaving its price-to-growth ratio at an extremely low 0.16. With surging HBM demand providing fundamental earnings support, it is still too early to call a top. NVIDIA's price-to-growth ratio of just 0.26 likewise suggests its seemingly high 27x earnings multiple is no burden. AMD, by contrast, has surged 185% above cost with a price-to-growth ratio of 144 — its growth momentum is real, but the stock has clearly run ahead of earnings. Intel, still targeting a return to profitability, remains in watchlist status with negative earnings per share.

Trade Review: The Mechanical Discipline of Selling Winners to Buy Undervalued Names

Date	Action	Stock	Shares	Price
2026-10-30	Buy	TSMC	0.44	$431.81
2026-10-30	Sell	AMD	0.34	$566.42
2026-10-23	Buy	Micron	0.47	$856.49
2026-10-23	Sell	NVIDIA	1.26	$212.21
2026-10-23	Sell	AMD	0.36	$507.93
2026-10-16	Buy	Micron	0.31	$931.24
2026-10-16	Sell	NVIDIA	1.33	$217.23
2026-10-09	Buy	Micron	0.11	$1,035.84
2026-10-09	Sell	TQQQ	0.06	$80.23
2026-10-09	Sell	SOXL	0.73	$142.52

The thrust of the past month's trading is clear. NVIDIA's weighting, which had exceeded 38%, and AMD's doubled returns were scaled out in stages, with the proceeds reallocated into Micron and TSMC, whose price-to-growth valuations are far lower. Leveraged products SOXL and TQQQ were trimmed whenever volatility expanded, locking in cash. The strategy stood out for separating what to sell and what to hold in a crashing market by principle, not by technical indicators.

Market Outlook: Rate Cuts Are Fleeting — Earnings Are Real

Even as the U.S. 10-year Treasury yield edged down to 4.93%, the semiconductor sector wobbled because doubts have taken root about the recoverability of AI investments. Rising oil prices combined with falling gold mean renewed inflation concerns cannot be ignored. Still, in the face of tangible earnings momentum — blowout memory results and an HBM supply shortage — the prevailing view is that this correction is an opportunity to accumulate undervalued assets. Even with favorable indicators, volatility will remain. Discipline through scaling in and position management will decide the next phase.

※ This report analyzes the simulated operation of the AI Value Investing Portfolio and is not investment advice. Actual investment decisions should be made at your own judgment and responsibility.