Last week's market mainline characteristics: AI hardware infrastructure continues to dominate capital positions, large model software and traditional Mag7 weights show internal differentiation, with strong structural rotation. The long-term yield on U.S. Treasury bonds remains the biggest valuation anchor; as long as long-term bonds rise slightly, high-growth long-duration targets immediately come under pressure; The expectation of marginal cooling in inflation continues to support capital expenditure chains such as computing power, storage, and optical modules. Capital clearly prefers targets that can fulfill orders, have hardware production capacity, and directly benefit from data center expansion, while pure story-driven AI application stocks face greater profit-taking pressure. In sectors, storage, optical communications, and AI servers are the market's strongest hotspots; AI enterprise software leaders continue their strength after earnings reports; Among traditional giants, differentiation is obvious, with cloud capital expenditure guidance and profit margins being the core of capital selection. ▶️ Focus points for next week Core macro: FOMC meeting minutes, core PCE inflation, directly affecting rate cut expectations and long-term bond yields, determining valuations of high-duration computing power growth stocks. Hidden variables: Middle East geopolitics and oil prices, options volatility; when data exceeds expectations, computing power and storage are prone to rapid losses. $SPCX $SKHY

Last night, the US stock market performed well overall, with inflation data bringing positive news. Major indices rose simultaneously, hitting new stage highs. Currently, the AI sector still maintains overall momentum, but there is significant differentiation within the track, and the core logic of market stock selection has clearly shifted. ▶️ Short-term easing window opens The latest PPI data cooling effect is very evident, with overall data steadily declining. Oil prices and US Treasury yields are falling simultaneously, directly easing valuation pressure on growth stocks. Market expectations for a September rate hike have significantly cooled, and risk appetite has clearly warmed up. Not only AI tech stocks but also interest rate-sensitive sectors like real estate are recovering, and the profit-making effect is beginning to spread. However, a hidden risk needs to be mentioned here: although inflation appears to be cooling, the cost stickiness in certain service segments remains and has not been fully alleviated. This means the current situation is only a short-term tailwind, not comprehensive easing. Future market valuation expansion will still be constrained by inflation data, so blind optimism is unwarranted. ▶️ Storage sector recovery supports the market Since the index bottomed and rebounded at the end of July, Samsung and SK Hynix have shown extremely strong performance, with rebound amplitudes exceeding 30%, repeatedly leading the market's heavyweight stocks. These two companies account for nearly 60% of the KOSPI index weight, meaning the index’s rise and fall is basically tied to the storage cycle. The recovery in the storage market has directly revitalized the overall bullish sentiment, which is the core confidence behind this round of rapid index recovery. ▶️ Micron buyback implementation Recently, there has been another important positive factor in the storage sector: Micron announced a long-term buyback plan, which solidly optimizes the industry's valuation logic. - Micron will use all post-tax free cash flow for buybacks, an execution intensity that is very rare in the industry, with a clear effect on shrinking share capital. - Compared to pure performance growth, the EPS accretion effect from share capital reduction provides greater benefits to shareholder returns. - The company has sufficient cash flow reserves for the coming years, with ample long-term buyback capacity, even able to cover its total market value with several years of cash flow. The core support for large-scale buybacks is that the storage leaders currently hold cash flow reserves at historic highs, and the industry’s overall capital situation is very ample. However, it is necessary to view this rationally: buyback effects are not absolutely stable. Final performance will be influenced by buyback price, timing, and market valuation levels, with some uncertainty. ▶️ Summary The macro-level easing environment supports overall market valuations. To achieve better returns, focus should remain on sub-sectors with more stable fundamentals. It is possible to moderately participate in the current market, but avoid blindly chasing gains. Inflation is not fully stabilized, and interest rates could rebound at any time, suppressing growth valuations; Storage sector’s short-term heat is very high, but subsequent capacity expansion will bring production pressure; AI is clearly becoming more competitive internally, with many companies showing good orders but weakening profits. Additionally, with variables such as Nvidia’s earnings report, inflation data, and regulatory changes, short-term market volatility will be relatively high.

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