Weekly US Stock Check: Key Points to Watch for Nvidia Earnings | Chesley Investment Advisory Vice President Choi Il-ho

주간 미국 주식 점검, 엔비디아 실적발표의 관전 포인트 | 체슬리투자자문 최일호 부사장 [체슬리 오피셜 멤버십 / 26.08.18.화 ]
Watch on YouTube ↗  |  August 22, 2026 at 21:00  |  15:08  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Choi Il-ho — Vice President, Chesley Investment Advisory

Summary

Choi Il-ho reviews US markets ahead of Nvidia earnings. He argues AI data traffic will require optical/CPO interconnect, making optical networking names like Marvell, Coherent, and Lumentum a key focus. He also defends Google against hyperscaler credit worries, sees Philadelphia semiconductor valuations as supported by earnings, and advises a selective, watchful stance with Nvidia and Marvell earnings as the next catalysts.

  • US 10-year yields above 4.7% are pressuring stocks but the speaker does not expect a sustained yield surge.
  • Semiconductor drawdowns are occurring with an upward EPS trend and easing crowding, supporting a bumpy rotation-led recovery.
  • Optical networking/CPO is highlighted as the next AI bottleneck, with Marvell, Coherent, and Lumentum gaining momentum.
  • Google is defended as a strong credit/cash-flow story despite hyperscaler capex concerns.
  • Large-cap names Micron, AMD, Exxon Mobil, Lam Research, and Applied Materials are called short-term and long-term okay.
  • Next week's Nvidia and Marvell earnings are viewed as key catalysts for related AI/optical names.
Ideas
Choi Il-ho Vice President, Chesley Investment Advisory 2:47
Optical networking is AI interconnect consensus.
AI data movement requires far more capacity than copper interconnects can handle, so optical/CPO connectivity is becoming the consensus. Nvidia and TSMC's CPO collaboration for AI accelerators makes optical networking a critical bottleneck, and Marvell, Coherent, and Lumentum are already gaining momentum with strong earnings revisions; the speaker is watching this area with particular interest.
COHR LITE MRVL HIGH
Choi Il-ho Vice President, Chesley Investment Advisory 3:33
Nvidia and Marvell earnings are key catalysts.
Next week's Nvidia and Marvell earnings are critical catalysts: Nvidia's results and Marvell's guidance will determine how CPO design and AI accelerator demand affect related semiconductor and optical networking stocks, so the speaker is monitoring them as event-driven signposts.
NVDA MED
Choi Il-ho Vice President, Chesley Investment Advisory 4:25
Semi index earnings support recovery.
The Philadelphia Semiconductor Index still shows an upward EPS trend while its price is about 15% below the high and trades near 22x earnings. Semiconductor crowding has eased from 82% to 53%, and leadership is rotating within semis, supporting a bumpy recovery rather than a broken trend.
SOXX MED
Choi Il-ho Vice President, Chesley Investment Advisory 6:27
Google credit/dilution fears are overblown.
Google is not the dangerous hyperscaler credit story: revenue growth is expected to stay around 20% through 2028, cloud revenue is growing strongly, cloud operating margin is in the mid-30s, demand exceeds capacity, and Google remains net cash with interest income above interest expense and no visible equity dilution, so debt-funded capex fears are overblown.
GOOGL HIGH
Choi Il-ho Vice President, Chesley Investment Advisory 11:05
S&P 500 valuation supported by earnings.
S&P 500 valuation is not too high at about 20.1x trailing P/E because previous market peaks reached 23x and current earnings growth is steep enough that multiples stay low even as prices rise; this is a supportive valuation backdrop despite high rates.
SPY MED
Choi Il-ho Vice President, Chesley Investment Advisory 11:39
These large caps look short/long-term decent.
Among large-cap names, Micron, AMD, Exxon Mobil, Lam Research, and Applied Materials look acceptable to hold for both short-term and long-term, according to the speaker's screening of market-cap leaders.
AMD MU XOM LRCX AMAT LOW
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This Chesley Investment Advisory (체슬리투자자문) video, published August 22, 2026, features Choi Il-ho discussing COHR, LITE, MRVL, NVDA, SOXX, GOOGL, SPY, AMD, MU, XOM, LRCX, AMAT. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Choi Il-ho  · Tickers: COHR, LITE, MRVL, NVDA, SOXX, GOOGL, SPY, AMD, MU, XOM, LRCX, AMAT