September 'Trendless Market', Why Is the Market So Trapped? What's the Impact of Tesla's 'Cybercab'? | Jeong U-chang, Yeo Do-eun, Heo Jae-mu [Morning N Investment]

Watch on YouTube ↗  |  September 01, 2026 at 02:14  |  55:57  |  3PRO TV (삼프로TV)
Speakers
Park Byeong-chang — Director, MP Partners
Jung Woo-chang — Director

Summary

The speakers discuss the current 'trendless' state of the stock market, noting that strong corporate earnings are preventing significant downside despite macro uncertainties. They advise against frequent sector rotation, recommending instead that investors build a solid global portfolio with a focus on US tech companies poised to dominate the AI monetization phase. The discussion also covers the disappointing aspects of Hyundai Motor's Investor Day and the critical factors to watch in Tesla's upcoming Cybercab event.

  • September and Q4 semiconductor export data are expected to remain strong.
  • The market is currently in a trendless phase, but strong corporate earnings limit downside risk.
  • US tech companies are expected to dominate the upcoming monetization phase of the AI cycle.
  • Investors are advised to build a 'Best 11' global portfolio rather than engaging in short-term sector rotation.
  • Hyundai Motor faces skepticism due to its delayed 2028 SDV timeline and unclear robotics subsidiary structure.
  • Tesla's Cybercab event needs to provide clear unit economics and volume projections to drive a positive stock re-rating.
Ideas
Park Byeong-chang Director, MP Partners 4:55
Maintain semiconductor positions as export data remains strong.
September and Q4 semiconductor export data are expected to remain strong due to seasonal factors like the Chuseok holiday, so investors should maintain their semiconductor positions and not be intimidated by recent market volatility.
SMH HIGH
Park Byeong-chang Director, MP Partners 7:39
Monitor rebounding battery stocks for new leadership potential.
L&F and Samsung SDI are showing meaningful rebounds from the bottom. Investors should monitor whether this is a simple dead cat bounce or the emergence of a new leading sector driven by the intersection of interest rates, earnings, and policy.
066970.KS 006400.KS MED
Jung Woo-chang Director 16:24
US tech will dominate the AI monetization phase.
The AI cycle will eventually transition from the infrastructure build-out phase to the monetization phase, where US tech companies will dominate software and platform services, making US equities highly attractive for long-term compounding.
US Big Tech HIGH
Jung Woo-chang Director 31:22
Strong corporate earnings will limit market downside risk.
Despite the current trendless market, US corporate earnings are exceptionally strong, with S&P 500 earnings excluding the Big 7 growing over 30%. These strong fundamentals and low valuations will prevent significant market downside.
SPY HIGH
Jung Woo-chang Director 42:02
Hold a global portfolio of strong US companies.
Instead of engaging in frequent sector rotation, investors should build a 'Best 11' global portfolio holding structurally sound US companies like NVIDIA, Alphabet, Eli Lilly (driven by Mounjaro), and Netflix, which offer strong long-term growth.
NVDA GOOGL LLY NFLX MED
Jung Woo-chang Director 43:57
Delayed SDV timeline and subsidiary listing concerns weigh.
Hyundai Motor's recent Investor Day was disappointing because its Software-Defined Vehicle (SDV) timeline is too far out (2028), and the potential separate listing of its robotics subsidiary (Atlas) raises concerns about shareholder value dilution.
005380.KS MED
Jung Woo-chang Director 46:45
Cybercab event requires clear unit economics projections.
The upcoming Tesla Cybercab event could be a major positive inflection point if the company provides rational, detailed projections for unit economics and production volumes, though a delayed timeline could trigger a sell-off.
TSLA MED
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This 3PRO TV (삼프로TV) video, published September 01, 2026, features Park Byeong-chang, Jung Woo-chang discussing SMH, 066970.KS, 006400.KS, US Big Tech, SPY, NVDA, GOOGL, LLY, NFLX, 005380.KS, TSLA. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Byeong-chang, Jung Woo-chang  · Tickers: SMH, 066970.KS, 006400.KS, US Big Tech, SPY, NVDA, GOOGL, LLY, NFLX, 005380.KS, TSLA