New York Stock Market Closes Up on Nvidia Surge

Nvidia stated that this figure was released under current supply constraints, and 100% growth would have been possible without these constraints.

The key factor for this high growth rate is the smooth procurement of Nvidia chips, which currently acts as the main supply constraint in the market.

An analysis suggests that while big tech companies still wield immense influence, the era of operating without constraints is coming to an end. In Q1 alone, 75 data center projects were delayed or canceled due to local community opposition.

Consequently, big tech companies are increasingly emphasizing a co-prosperity model for data center construction, focusing on self-procurement of power and contributions to the grid.

Analysis suggests that the AI industry is now entering a full-fledged monetization phase. While past focus was on semiconductor infrastructure investment, software companies are now beginning to generate tangible profits through AI.

Nvidia predicts rapid growth in the AI agent market, indicating that AI has reached an inflection point where it translates beyond mere technological development into actual business value.

This implies that AI technology is increasing its practical applications across various industries, and concrete revenue generation models are materializing.

While it was previously expected that hyperscalers would account for most of Nvidia's orders, revenue diversification is actually occurring.

This suggests that demand for Nvidia chips is expanding beyond large cloud services to various industrial sectors and small and medium-sized enterprises.

90% of market experts believe Powell will state his position on inflation.

However, it is considered unlikely that there will be any direct mention of Fed interest rate cuts or hikes. The market will likely focus on the role of the Fed's internal task force and future policy guidance.

This reflects the market's perception that Chair Powell will reaffirm the existing inflation-fighting stance rather than announcing specific policy changes.

While forecasting memory demand was difficult in the past, a method of collaborating with customers from the early stages of GPU development to produce memory tailored for GPUs is now being adopted.

This means that memory is supplied in line with Nvidia's GPU production volume, making demand forecasting much easier for memory manufacturers.

Nvidia is known for not typically providing short-term guidance.

However, this time, they revealed next year's guidance, confirming the revenue contributions from next-generation products like Blackwell and Vera Rubin.

This order includes banning the purchase, import, and installation of certain imported components used in high-voltage power lines, substations, and power plants.

This is due to concerns about remote cyber attacks via modems in Chinese equipment. This measure is expected to benefit Korean companies, particularly with a surge in demand related to data center power.

This indicates the US's commitment to strengthening critical national infrastructure security, and can also be interpreted as part of its supply chain diversification policy.

Disappointment has been expressed regarding the investor relations (IR) practices of Korean companies. Unlike Nvidia, which presented specific contract figures, such as how much was sold to Alphabet, and annual guidance for next year, domestic companies tend to offer vision-oriented, declarative statements.

The market prefers clear communication with concrete sales figures over uncertain visions. It has been suggested that if Korean companies like Samsung Electronics or SK Hynix were to provide specific figures for next year's profits, the market's reaction would be different.

This implies that Korean companies need to improve their IR strategies to build market trust and enhance investor predictability.

Skepticism has been raised regarding the Federal Reserve Chair's forward guidance at the Jackson Hole meeting. The absence of a Q&A session will make it difficult to present policy direction, and negative interpretations, such as weakening market confidence, were also mentioned.

This supports the forecast that significant policy changes or new hints are unlikely to emerge.

This is due to the Treasury's buyback implementation and the utilization of its TGA (Treasury General Account) balance policy.

Although not a fundamental solution, it is expected to provide a liquidity effect to the market.

The KOSPI market is judged to have begun entering the early stages of a bull market. Breaking through the 7,100-7,200 level is considered a crucial point, with active sector rotation observed in various sectors such as secondary batteries, bio, robots, and power equipment.

This is a market stabilization phenomenon typically seen at the beginning of a bull market, indicating an overall positive shift in market sentiment.

Investors need to construct portfolios by observing movements across various sectors rather than focusing solely on one specific sector.

This is because it could increase costs for American companies and lead to inflation.

Additionally, with falling semiconductor prices acting as a positive factor for price stability, it is deemed difficult to implement tariffs immediately. Trump's remarks are likely a tactic to pressure domestic semiconductor investment, and actual implementation is considered almost impossible due to the burden it would place on businesses.

This is because big tech companies and demand for HBM4 base die design are focused on the 4nm process.

This appears to be a strategic choice for Samsung to secure stable references compared to TSMC. The 4nm process is currently running at full capacity, and allocation of volume will be a key factor in Samsung Foundry's future strategic decisions.

In this situation, Samsung Foundry has implemented price increases of 10-15% for its North American and Chinese customers.

This is interpreted as an adjustment to narrow the price gap, as Samsung was previously cheaper than TSMC. Samsung is currently in a structural position to benefit from TSMC's spillover.

If Samsung Foundry's performance improves by 10%, OSAT companies see an improvement of about 230%.

However, the localization rate of the domestic foundry value chain remains lower compared to DRAM. This suggests that while there is significant growth potential for domestic companies in the back-end sector, overall industry ecosystem strengthening is needed.

Among Chinese memory companies, YMTC (NAND) is emerging as a greater technical threat compared to CXMT (DRAM). However, the B2B market and B2C market are completely separate, meaning that while Chinese-produced memory can be used in internal consumer goods like smartphones and PCs, there are structural differences that make it difficult to enter hyperscalers' servers.

Therefore, it is projected that Chinese memory companies will not significantly impact the B2B server market within the current cycle (until the first half of next year).

This is likely due to the security and technology standardization policies of major countries like the US acting as entry barriers to the B2B server market.

Ethena (Ethena) purchased initial investor holdings via OTC (Over-the-Counter) transactions, reducing market sell pressure. This prevents initial investors' holdings from being released into the market monthly.

Additionally, a proposal was submitted to use 95% of the foundation's revenue to buy ENA (Ethena tokens). Ethena is attracting attention by positioning itself as a DeFi project centered on stablecoin (USDe).

Hyperliquid has estimated its annual USDC revenue to be between $135 million and $160 million. Approximately 90% of this profit is used for native coin buyback and burning.

This is interpreted as a method to maintain the token's value and return profits to investors.

This raises concerns about fairness compared to investments in other assets like stocks.

Furthermore, the complexity of calculating acquisition costs and the difficulty of proof could hinder tax enforcement. It has also been pointed out that perpetual futures trading is not clearly enumerated as a taxable item, creating blind spots.

These issues are causing dissatisfaction among digital asset investors and raise concerns that they could hinder the healthy development of the asset market.

This is due to the unique characteristics of perpetual futures, unlike those with expiry dates.

Despite having 8 times more trading volume than spot trading, perpetual futures remain a blind spot for taxation. Furthermore, questions of tax fairness between domestic exchange users and international exchange users (e.g., Binance) are being raised.

This imbalance is feared to undermine the fairness of the digital asset market and could lead investors to migrate to overseas exchanges.

The Federal Reserve Bank of Dallas has warned that deposit tokenization could increase banking risks. Deposit tokens, based on blockchain, allow funds to move much faster than traditional methods.

This high mobility of deposit tokens could increase the risk of bank runs and deposit interest rate volatility, as depositors can quickly move funds in search of higher rates.

Ultimately, this is pointed out as potentially leading to increased funding costs for banks, resulting in higher lending rates.

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