26.02.05 Market Recap: Alphabet Rises After Hours on Strong Results; Why Micron and Even SanDisk Collapsed

[26.02.05.시황] 알파벳, 호실적에 시간외 상승…마이크론, 샌디스크까지 무너진 이유 [월가 뉴스레터]
Watch on YouTube ↗  |  February 04, 2026 at 22:18  |  48:00  |  3PRO TV (삼프로TV)
Speakers
Park Myung-sung — Global Market Strategist
Yeo Doeun — Host

Summary

Park Myung-sung reviews a volatile US session marked by a Nasdaq selloff, Iran-related geopolitical uncertainty, crypto deleveraging, and elevated rates. Alphabet's earnings and massive AI capex lifted after-hours sentiment, while memory shortages and rotation into non-tech areas, regional banks, healthcare, solar, rare earths, and Korea were highlighted. The overall stance is cautious on broad US equities but selective on specific AI and rotation-linked expressions.

  • US equities fell as Iran tensions, crypto deleveraging, and high rates weighed on risk appetite.
  • Alphabet's results were volatile; AI capex is seen as a benefit to suppliers but a cost burden for Google.
  • Memory shortage and Qualcomm's guidance underscore tight memory supply, supporting Micron and SanDisk.
  • Market breadth showed rotation from mega-cap tech into regional banks, cyclicals, financials, energy, and healthcare.
  • Software ETF valuations are becoming attractive, but AI disruption fears keep timing uncertain.
  • Bitcoin remains under pressure from forced deleveraging, fading policy support, and no Treasury rescue.
  • Solar and rare earths were flagged as developing sector watchlist ideas.
  • Korean equities were noted as a possible beneficiary of fund inflows and the AI/semiconductor rotation.
Ideas
Park Myung-sung Global Market Strategist 3:37
US equities face range-bound volatile year
The US market lacks new buyers because rates are not falling and leveraged positions are being liquidated; the 2026 midterm election year also points to elevated volatility and a range-bound rather than strong US equity market.
SPY HIGH
Park Myung-sung Global Market Strategist 6:15
AMD selloff looks overdone
AMD's post-earnings plunge looks overdone because results were solid and Bernstein raised its target, though concerns over China and OpenAI dependence keep the setup uncertain.
AMD MED
Park Myung-sung Global Market Strategist 9:05
Rotation favors non-tech US sectors
Market breadth shows rotation from mega-cap technology into non-tech areas, with cyclicals, financials, energy, and small caps holding up while big tech sells off; fund flows are gradually moving toward these other sectors.
US cyclicals XLF XLE IWM MED
Park Myung-sung Global Market Strategist 16:07
Bitcoin lacks support, downside persists
Bitcoin is under downside pressure from forced deleveraging, fading political support, no Treasury rescue, and no fundamental support; Stifel's $38,000 target implies further downside from current levels.
BTC HIGH
Park Myung-sung Global Market Strategist 21:24
Broadcom gains from Google AI capex
Broadcom is a key beneficiary of Google's rising AI capex, and its recent pullback may reverse as MediaTek's price hikes make Google less likely to shift custom chip orders away from Broadcom.
AVGO MED
Park Myung-sung Global Market Strategist 23:17
Software valuations attractive but bottom unclear
The software ETF has corrected to April 2025 levels on fears that generative AI will disrupt software, but valuations are becoming attractive even though the timing of a rebound remains unclear.
IGV MED
Park Myung-sung Global Market Strategist 25:21
Regional banks signal resilient market breadth
US regional banks are at all-time highs even as tech and software sell off, which argues against a broad recession or systemic financial stress and supports the rotation theme.
KRE MED
Park Myung-sung Global Market Strategist 30:06
Korea gains from rotation and inflows
Fund flows are moving into Korea while US big tech stalls; even if Samsung Electronics and SK hynix pause, other Korean stocks can lift the KOSPI, and Korea is a candidate destination in the AI/semiconductor rotation.
EWY MED
Park Myung-sung Global Market Strategist 31:05
Memory shortage supports memory chip earnings
Google's large AI capex and Qualcomm's warning that memory shortages hurt guidance confirm tight memory supply; memory makers' earnings remain supported and Micron and SanDisk rebounded after hours.
MU SNDK HIGH
Park Myung-sung Global Market Strategist 37:54
Nvidia attractive as AI demand intact
Wolfe Research views Nvidia as very attractively priced, and Nvidia's investment in OpenAI plus its aftermarket rebound suggest AI demand remains intact after leverage was reduced.
NVDA MED
Park Myung-sung Global Market Strategist 39:35
Healthcare and obesity drugs attract rotation
Healthcare and obesity-drug names are attracting rotation from big tech; Eli Lilly's Mounjaro and Zepbound prescriptions surged and Amgen's solid earnings drew flows despite weak guidance.
LLY AMGN MED
Park Myung-sung Global Market Strategist 40:46
Solar stocks show early recovery signs
Solar stocks are showing early recovery signs from a deep decline; Enphase surged as the worst may be past with an RBC target hike, while Musk's meeting with Chinese solar firms lifted JinkoSolar and SolarEdge.
ENPH JKS SEDG MED
Park Myung-sung Global Market Strategist 42:44
Rare earths remain policy-driven watchlist
The US shift from a unilateral critical-minerals price floor to a joint framework with Mexico, Europe, and Japan hit US rare earth stocks, but the broader effort to reduce China dependence keeps the sector worth monitoring.
US rare earth stocks MED
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This 3PRO TV (삼프로TV) video, published February 04, 2026, features Park Myung-sung discussing SPY, AMD, US cyclicals, XLF, XLE, IWM, BTC, AVGO, IGV, KRE, EWY, MU, SNDK, NVDA, LLY, AMGN, ENPH, JKS, SEDG, US rare earth stocks. 13 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Myung-sung  · Tickers: SPY, AMD, US cyclicals, XLF, XLE, IWM, BTC, AVGO, IGV, KRE, EWY, MU, SNDK, NVDA, LLY, AMGN, ENPH, JKS, SEDG, US rare earth stocks