What NVIDIA's 9% Surge Showed... "AI Demand, No Worries Until Next Year" | Han Sang-hee, Hanwha Investment & Securities Senior Research Fellow

Summary

Han Sang-hee reviews NVIDIA's 9% earnings surge and argues the market finally trusted NVIDIA's full-year 70% growth guidance, implying AI demand remains intact through next year. He interprets the semiconductor tariff report as a repeated White House pressure tactic to force US fab investment, and sees Meta's won bond issue as small and unclear. On positioning, he favors S&P 500 or Nasdaq as long-term core, AI-exposed hardware and software, and banks as a non-AI barbell, while seeing a possible S&P 500 rally into the FOMC followed by a short-term correction.

• NVIDIA rose 9% after strong full-year guidance; it remains below its high with a below-20x P/E.
• The market's negative memory reaction is viewed as over-twisted; HBM, DRAM and NAND demand should be supported into next year.
• The semiconductor tariff report is viewed as a repeated US pressure tactic for fab investment, not a new clear catalyst.
• Meta's 1 trillion won Korean bond issue is small and its purpose remains unclear.
• Jackson Hole is unlikely to deliver a policy signal; no September Fed hike is expected.
• Long-term core preference is S&P 500 or Nasdaq; active portfolios should stay AI-exposed.
• Banks are preferred as a non-AI barbell.
• Korean stocks may follow US equity direction with a time lag.