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nvidia fell 10% on the 3rd, and its total market value decreased by about 280 billion us dollars, creating the largest decline in the history of us stocks. tokyo electron and tsmc also fell sharply. in addition to doubts about the rapid growth of ai, the decline in demand for final products such as personal computers has caused concerns. there is also a view that now is a good time to invest...

global semiconductor-related stocks are adjusting.on september 3, nvidia's stock price plummeted in the u.s. stock market. on the 4th, tokyo electron's stock and other stocks were also sold off in the tokyo market. in addition to skepticism about the rapid growth of the artificial intelligence (ai) market, concerns about the decline in demand for final products such as personal computers have led to a series of negative factors.

nvidia's stock closed at $108 on the 3rd, down $11.37 (10%) from the previous trading day, the biggest drop in about four and a half months. the total market value decreased by about $280 billion from the previous trading day. the single-day decline exceeded amazon (about $200 billion) in april 2022, setting the largest drop in the history of the u.s. stock market.

the sharp drop in nvidia's stock price became the epicenter. in the us stock market, semiconductor-related stocks such as broadcom and amd fell one after another. in the tokyo market on the 4th, tokyo electron and advantest plunged 10% from the previous day.

in asian markets, taiwan semiconductor manufacturing co. (tsmc) fell 6% and south korea's sk hynix fell 9%.

nvidia's stock price has continued to fall since it released its financial report for may to july 2024 in late august. one of the reasons why investors have become cautious is that there is a view that the demand for ai developed using the company's semiconductors has not grown as much as the market expected.

sequoia capital, a us venture capital giant, calculated how much ai-related operating income each company would need to match the current scale of nvidia semiconductor purchases. the analysis shows that all purchasing companies, including us technology giants such as microsoft and apple, would need $600 billion, but in reality, only about $100 billion is currently needed. in other words, the actual demand for ai services used by consumers and businesses is $500 billion less.

mitsuhiro shibata, senior strategist at daiwa securities, said, "the demand for ai semiconductors for data centers has not changed, but the it giants that purchased nvidia's graphics processors (gpus) do not see profitability in the ai ​​business." if it cannot contribute to profits, companies' ai investments may come to an end, and "the market has doubts about demand growth after 2025."

there was also a bearish view on demand for final products such as personal computers and smartphones.it was thought that demand for personal computers and smartphones was recovering slowly, but the speed may be slower than expected. "looking at the global shipment and inventory situation of electronic products and parts including semiconductors, shipment growth has slowed and inventory is turning to increase," said shunsuke kobayashi, chief economist at mizuho securities.

according to a report by ubs on the 2nd, global semiconductor sales fell 11% month-on-month in july. it is reported that chinese pc and smartphone manufacturers have reduced their purchases of dram and other products based on current inventory conditions.

the august manufacturing index of the institute for supply management (ism) in the united states, released on the 3rd, has been below the boom-bust line of 50 for five consecutive months. shinichiro yamamoto, chief analyst at nikkei asset management, said that although the index was only slightly lower than market expectations, "weak economic indicators appeared without optimistic outlooks, so there was a strong reaction." in addition, it seems that there was also a strong reaction to the report that nvidia was ordered by the us department of justice to provide information for suspected antitrust violations.

the expected per (price-to-earnings ratio), which shows how many times the stock price reaches the expected earnings per share (eps) and reflects the strength of market sentiment, is falling. nvidia's per was above 40 times until mid-july, but it has now fallen to the 30 times range. tokyo electron has also fallen from the 39 times range to the 22 times range.

although negative factors continue to emerge and unstable stock price fluctuations are likely to occur at present, in the medium and long term, many people believe that this is a good investment opportunity.hiroshi namioka, chief strategist at t&d asset management, pointed out that "nvidia and other companies have eliminated their short-term high valuations due to the current stock price decline." hiroyuki ueno, chief strategist at sumitomo mitsui trust asset management, said that "in the medium and long term, stock prices will rise against the backdrop of expanding demand for ai."