Hello, this is Miju from Miju University. Today is September 4th, and we are starting today's news. As always, welcome to Miju, where we uphold the principles of American stock investment. When I looked at historical statistics in yesterday's broadcast, I noted that September is often a month that can be quite nerve-wracking for investors. I hoped that this September would bring some unexpected changes that deviate from historical trends. Unfortunately, history has repeated itself once again. I was hoping to start September on a positive note, but the stock market has plunged again. It seems that human behavior leads us to make the same decisions in similar situations, which is why history tends to repeat itself. This is why we need to study history—not just from an individual perspective, but also to learn valuable lessons from historical facts as we navigate our lives.

It was an opportunity to confirm once again. However, if history repeats itself, there is hope for us. This is because, when looking at the history of the U.S. stock market, the months with the best upward trends in stock prices have been November, December, and January. Therefore, if we can endure just a little longer, we could see the best market conditions unfold. This means we need to wait once more for history to repeat itself. 

Today, in this broadcast, we will explore why stock prices are falling and what direction they might take in the future, as well as look at the outlook for the U.S. stock market. So, let's get started with today's big stock news prepared for September 4th. First, let's summarize the state of the U.S. stock market from yesterday. If we look at the map of the S&P 500, we see that red was dominant yesterday, indicating that the number of rising stocks was quite limited. The market breadth is very narrow.

It has narrowed down, and if you look at which sectors have risen, the consumer defensives performed well first. These are defensive stocks that protect against economic downturns, often referred to as essential consumers. Therefore, even if the economy worsens, the stock prices of companies that we consistently consume from performed well yesterday. For example, Coca-Cola and Pepsi are quite addictive, so we wouldn’t give up on soda just because the economy is bad. The same goes for healthcare; we wouldn’t skip going to the hospital just because the economy is not doing well. Thus, healthcare is also viewed as a value stock that doesn’t fluctuate much with the economy. Additionally, real estate showed some resilience, and the number of utility stocks that rose was significantly higher. Therefore, yesterday was a positive day for these sectors.

The stocks we usually refer to as value stocks did not perform poorly; they managed to hold their ground. On the other hand, if you look at this side, the red is very pronounced. It shows that tech stocks generally all declined, and the extent of their drops was quite significant. For instance, Nvidia dropped by 9.53%, Broadcom by 6.16%, AMD by 7.82%, and Qualcomm also fell by 6.88%. Apple declined by 2.72%, Google by 3.94%, Amazon by 1.26%, and Tesla by 1.64%. Therefore, yesterday, most tech stocks not only fell but also experienced substantial declines. This created an environment where all three major indices had no choice but to plummet. Additionally, the breadth of the market has also narrowed significantly; however, the stock prices are still above the moving average.

The percentage of the formed stocks exceeds 70%. Therefore, we can say that it is still okay. The long-term trend is even better, with 73.5% of the stocks currently above the 200-day moving average. Thus, one can hold onto hope as a figure that can be discovered in this context. This is my personal assessment. Next, let's look at the movements of the three major indices. Yesterday, the Dow Jones fell by 1.51%, while the S&P 500 dropped by a staggering 2.12%. Finally, the Nasdaq saw a significant decline of 3.25%, which can be considered almost a crash in stock prices. Most of the market was down yesterday, and Bitcoin also fell by 3.71%. Additionally, the Russell 2000, which consists of small-cap stocks, dropped by 3.09%. Thus, we can observe a concerning trend of simultaneous declines in the asset markets.

As you can see, the major indices in the U.S. did not rise even a single point. Tesla dropped by 1.64%, which was relatively better compared to others. Uber fell by 1.70%, Meta by 1.83%, Microsoft by 1.85%, and ProShares Ultra Bitcoin ETF by 2.33%. The IWM, which tracks the Russell 2000 ETF, dropped by 3.06%. Palantir decreased by 3.08%, Zeta by 3.18%, and Google by 3.68%. Bitcoin itself fell by 3.72%. Other declines included Itron at 4.35%, AppLovin at 5.10%, Broadcom at 6.16%, TSMC at 6.53%, Rivian at 7.23%, and AMD at 7.82%. The Direxion Daily Small Cap Bull 3X ETF dropped by 9.16%, and finally, Nvidia fell by 9.53%, creating the worst trend. In today's broadcast, I will first explain why the U.S. stock market dropped so significantly yesterday, under the title Reasons for the Sharp Decline in the U.S. Stock Market on Tuesday.

Through this article, we can examine the reasons behind the sharp decline in the U.S. stock market yesterday. It has been reported that U.S. manufacturing activity has contracted for the fifth consecutive month, with a faster decrease in orders and production. This information comes from the Institute for Supply Management, which we refer to as ISM. The manufacturing PMI index announced by ISM has increased by 0.4 percentage points compared to July, but it still recorded a low of 47.2. 

To explain the PMI index once again, PMI stands for Purchasing Managers' Index. Each company has a purchasing manager, and we ask this purchasing manager a simple question: Is the situation in your company better than it was last month, or has the business worsened compared to the previous month? It's a straightforward survey. If this index exceeds 50, it indicates an improvement compared to the previous month.

The trend for companies is positive; in fact, it can be interpreted that business has improved. If a number below 50 is reported, it indicates that the situation is worse compared to the previous month. Therefore, while there has been an improvement of about 0.4 percentage points from the previous month, the current figure stands at 47.2. This means that, compared to the previous month, business has actually worsened. Additionally, the Dow Jones consensus is at 47.9, indicating that a trend has been identified that falls short of market expectations. The PMI index released by the Institute for Supply Management suggests that the economy is slowing down. Next, we have the production index, which indicates how much production companies are generating. This index has also fallen for five consecutive months, reaching its lowest level since May 2020. The decline in bookings is reflected in new orders.

The gauge has also fallen to its lowest level in 15 months, and export orders have decreased at the fastest rate since the beginning of the year. Therefore, at least in the manufacturing sector, a very unfavorable trend is being observed. There are sufficient figures to feel that the economy is slowing down. The decrease in orders and the ongoing decline in backlogs continue to act as headwinds for production, highlighting the difficulties in the manufacturing sector. The ISM index for manufacturing employment has risen compared to the previous month, but it still shows a contraction for the third consecutive month. Thus, the current employment market is crucial, yet employment is increasingly declining. The situation has actually worsened. It has shown a continuous decline over the past three months. Due to rising borrowing costs and uncertainties surrounding the November elections, some companies are reconsidering their capital expenditures and hiring. Therefore, the manufacturing sector is currently being cautious.

You can see that it is due to uncertainty. Therefore, when interest rates are lowered and the presidential election is over, there is a possibility of recovery again. This can be interpreted positively. There is no doubt that the interest rate cut in September will be helpful, but we cannot be sure if it will be beneficial in the short term. This is the opinion of Timothy Fiore, chairman of the ISM Manufacturing Survey Committee, who believes that the situation will actually start to change around December or January. So, if the interest rate cut occurs in September, it will begin to stimulate the economy. However, we need to wait a bit longer to see how quickly the economy will activate. The effects will only be realized around December or January. I personally want to interpret this part positively. Already in September, the index was at 49.6, while in August it had dropped to 47.9.

The PMI index supported the results and is announced in two periods: the first is ISM, and the second is SMP. Therefore, not only the ISM results but also the separately announced PMI from SMP showed a decline to 47.9 compared to the previous month. Since it is below 50, it confirms that the current economic situation is not good. Consequently, on Tuesday, the Dow Jones Industrial Average fell nearly 500 points, and the stock market has experienced further declines following the recent ISM announcement. Due to this additional economic indicator's weakness, the likelihood of the Federal Reserve raising interest rates by more than 0.25 percentage points at the end of this month has increased. According to the CME Group's FedWatch, after the ISM report, traders raised the probability of a more aggressive 0.5 percentage point cut to 39%. Personally, I believe that if the Fed decides to cut rates this time, it might be around 0.5 percentage points rather than 0.25 percentage points.

If this happens, I would like to interpret it as a rather unfavorable signal. The reason is that there are two main reasons why the Federal Reserve lowers interest rates. The first scenario is that there is no longer a need to worry about inflation; thus, since inflation has been controlled, we will focus on stimulating the labor market, meaning the employment market. That is why interest rates are lowered. The second case is that there is a high possibility that the economy is currently slowing down, and therefore, interest rates need to be lowered to stimulate the economy. This is the second scenario. Therefore, if they only lower it by 0.25 percentage points, it is likely to be interpreted as a normalization process because inflation has been controlled. However, if they suddenly lower it by 0.5 percentage points or make a drastic cut, it can be interpreted negatively, suggesting that if they do not act this way, there is a high risk of economic slowdown, potentially leading to a recession. Therefore, this time...

If the interest rate had only dropped by 0.25 percentage points in September, investors would have held onto such sentiments. Today, in the second article prepared, we will read about the most important question from the perspective of investors participating in the U.S. stock market. Ultimately, the key issue is whether a recession will hit the U.S. or not. This has been a concern troubling investors for quite some time, but inflation has now subsided, and people have shaken off their worries about it. Additionally, an interest rate cut is imminent. When interest rates drop, companies will find themselves in a significantly advantageous position. This is because costs will decrease, and the interest on debts incurred through leverage will reduce. Furthermore, funds will become more accessible.

Because it can be procured, growth can be accelerated. If that happens, the earnings of companies will rise. The stock price is the result of performance multiplied by a multiple. Therefore, if the earnings of companies improve, the stock price will inevitably rise, and this can create a sense of expectation. However, there is one problem here: if the economy slows down, there is a possibility that corporate earnings may fall. Thus, from an investor's perspective, the crucial question is whether a rate cut will coincide with a recession or if the U.S. economy will hold up. This issue is very important. If the economy does not fall into recession, we can expect that a significant rate cut will greatly stimulate the economy. Consumers have become more cautious and are embracing careful spending, but they have not given up on consumption. As a result, the U.S. economy continues to experience prosperity, and now it is important...

The question is whether consumers will eventually stop spending, and if they do, when will they pull the brakes? So far, the U.S. economy has been thriving thanks to consumers. However, if this consumption stops, significant problems could arise. In the United States, consumer spending plays the most crucial role. The Gross Domestic Product, which we call GDP, is closely related to how Americans use their income. This means that among the various components that make up GDP, the most important is spending. Consumer spending accounts for nearly two-thirds of it. Therefore, indicators of corporate health, such as debt and stock market records, are merely secondary. The most critical factor is whether consumers will spend or not. This can be summarized in that way. Additionally, there are concerns about the power of American consumers.

Despite this, spending continues to rise. This is conveyed by the latest figures released by the Economic Analysis Bureau last Thursday. From April to June, personal spending increased at an annual rate of 2.9%. This figure was revised upward from the previous estimate of 2.3%. Consequently, the GDP growth rate for the second quarter, which was initially reported at 2.8%, has been raised to 3%. The fact that consumers are holding on is only part of the story; where the spending is going is another issue. According to the second quarter GDP report, spending on residential appliances, such as air conditioners, or home remodeling has decreased. Department store shopping has also declined, while Americans are spending on restaurants and Broadway shows. This indicates a strengthening of expenditures in the service sector. Although it is not at the level of the crowds at popular travel destinations immediately after the pandemic, travel is still on the rise.

It is said that there is still a strong trend. The consumer behavior in 2021 reflects those who enjoy a good life while being cautious about spending. Let me summarize. Just before this, we saw that the PMI index was not very good. There are two types of PMIs: one for services and one for manufacturing. The announcement yesterday caused the stock market to crash, and the index in question is the manufacturing PMI. Currently, the manufacturing performance is also not looking good when we look at the GDP. Therefore, consumer spending is being maintained, but where are consumers spending their money? They are spending it solely on services. However, the bad news is that consumer spending is expected to tighten significantly in the second half of the year. Economists predict that the GDP for the third quarter will grow at an annualized rate of 2.3%, and for the fourth quarter, it will slow down to 1.8%. Earlier, in the second quarter, the GDP increased by 3%.

However, in just one quarter, it dropped from 3% to 2.3%, and then from 2.3% to 1.8% in the fourth quarter, showing a continuous decline. If this trend continues, there is a possibility that we might soon see growth fall below 0%, indicating negative growth. What we refer to as a recession occurs when there are two consecutive quarters of negative growth. The U.S. stock market tends to lead this by at least six months. Therefore, if the likelihood of an upcoming recession increases, the U.S. stock market could already experience a crash six to nine months in advance. This allows us to make predictions. Thus, whether a recession will occur in the near future can be a very important indicator. It is expected that GDP will decline, and considering recent employment data...

It is said to be a natural result. On Thursday, August 24th, the number of unemployment benefit claims was announced to be 231,000, which is a significant increase from just 200,000 at the beginning of the year. Therefore, it has surged by more than 10% in a very short time. Additionally, while the unemployment rate is still low by historical standards, it has risen sharply from 3.4% in January of last year to 4.3% now. Furthermore, the Federal Reserve triggered what is known as the Sham Rule, which is very negative in this context. To explain the Sham Rule again, it is an indicator introduced by Claudia Sahm in 2019. It can be calculated quite simply: if the three-month moving average of the national unemployment rate rises by more than 0.5 percentage points, then a rapid increase in the unemployment rate occurs. That is the first point.

The first prerequisite is that if a figure emerges that exceeds the lowest point of the previous 12 months, and if these two conditions are met, then the third rule will be activated. You can see it this way. To show you the historical accuracy, the third rule has been very accurate in identifying recessions. Since the 1970s, it has only been triggered once outside of a recession period, which means it has been 100% accurate. Secondly, looking at the data since 1959, it has only issued false alarms for recessions twice. Therefore, since the activation of this rule in 1959, there have been only two instances where it did not correspond with a recession. This summarizes how we can view it. Thus, although this highly accurate rule has been triggered, it can be interpreted as a signal. The question is whether this is simply a sign that the labor market is normalizing or if it indicates a more serious situation.

it is still unclear which way things will go. According to a recent labor market survey by the New York Federal Reserve, the gradual changes in the labor market are causing significant fear of unemployment among Americans. These concerns have reached a ten-year high. Therefore, it is true that there is currently a rising sense of fear regarding unemployment in the labor market. The employment report for August, which will be released on September 6, will show how vulnerable the job market is. Ultimately, a lower number of employed workers means less money available for consumption. Thus, the employment report to be released this Friday is crucial. If very poor figures are announced, the likelihood of an economic slowdown will increase, and the stock market could experience another sharp decline. However,

We have the Federal Reserve. The Fed may be able to do something about this. There is still the possibility of an interest rate cut. The central bank is widely expected to lower interest rates in its September meeting, thereby reducing borrowing costs and boosting consumer spending to support the labor market. Powell and his colleagues are paying more attention to the health of the job market, especially as inflation is now much closer to the target of 2%. This has been announced. Once again, I would like to emphasize that Chairman Powell and the Fed have two main tasks: first, to control inflation, and second, to stimulate the job market. As I mentioned earlier, there are no longer concerns about inflation. Therefore, they only need to focus on one thing. This means that the only mission of the Fed has become to continuously activate the labor market, which is very positive.

We are currently seeing a continuous slowdown in the economy, and Chairman Powell is unlikely to let this trend go unaddressed. There is now just one goal: to boost the labor market, and a lot of effort will be put into this. If that happens, the probability of a recession will suddenly drop, which gives us some hope. Therefore, in the short term, we should pray for good figures to be released this Friday. Looking at the long term, I would like to share my belief that the Federal Reserve will successfully achieve a soft landing. The Fed is walking a tightrope, and much depends on American consumers. Therefore, we need to pay close attention to whether American consumers will continue to maintain their spending in the future. Next, we have an article prepared regarding the outlook for the U.S. stock market. This time, we...

The outlook for the US stock market we will review is from a market analyst known as Tobni. Tobni has accurately predicted everything except for the rise of small-cap stocks. Small-cap stocks have not risen yet, but there are discussions that a buying opportunity is approaching. Tobni believes that the US stock market will always rise, but this time, he is talking about the possibility of a decline. He suggests that even if the market falls, it could be a good opportunity to buy stocks at lower prices. Stock strategist Tony has stated that he expects the stock market to experience some turbulence over the next eight weeks. However, he concludes positively, suggesting that this decline could serve as a buying opportunity for investors. He argues that while investors navigate through historically the weakest month, stock prices could drop by 7% to 10%. Therefore,

According to experts, September is not looking very good. There is a high possibility of a correction of about 7% to 10%. According to data dating back to 1950, the S&P 500 index has recorded an average loss of 0.7% every September. September is the month that shows the worst performance among the twelve months of the year. Experts argue that this historical trend is likely to repeat itself. Investors believe they need to be cautious over the next eight weeks. This year, the market has risen for seven out of the eight months, indicating an excessively optimistic market. Therefore, while we recognize that this is an extremely strong market, factors such as interest rates and elections in September create a lot of tension. Thus, they believe that the next eight weeks may present buying opportunities for investors.

Therefore, it is advisable to prepare carefully for the presidential election. This is what Topni is expressing. The disappointing non-farm payroll report for July revived growth concerns and led to a selling spree on August 5. The employment report to be released this Friday in August could serve as a catalyst for increased volatility, which is a concern being raised. A month ago, there was a significant market crash, primarily because the employment report was not very good, which caused the drop. Now, the employment report will be released again this Friday, and it is anticipated that volatility will be extremely high. However, Topni is suggesting that the employment figures for August could actually be hotter than expected. The employment report released a month ago for July showed very poor performance. Therefore, the economy...

There was a feeling that we might be heading towards a recession. However, the employment indicators that are to be announced this time are expected to be quite strong. This could lead to the thought that perhaps we don't need to lower interest rates. Therefore, concerns have been raised that the expectation of a rate cut in September may deviate from investors' hopes. According to the CME FedWatch tool, the market currently estimates a 67% chance that the Federal Reserve will cut rates by 0.25 percentage points in September, while the remainder sees a possibility of a two-step cut of 0.5%. However, there is a possibility that these market expectations could collapse, which can be interpreted negatively. In fact, Tom Lee was one of the first on Wall Street to switch to a bullish stance during the pandemic and accurately predicted a bullish market for 2024. One thing he hasn't been able to predict is that small-cap stocks have yet to rally.

He is indeed struggling. This year, he made bold short-term predictions, including the transition to a utility model. Therefore, in the short term, the stock price may drop, but it presents a buying opportunity. This is because there is a high possibility that a favorable market will continue in November and December. That summarizes the opinion.

Now, let's talk about NVIDIA. The main culprit behind the crash in the US stock market yesterday was NVIDIA. The third-largest company by market capitalization saw its stock price plummet by 9.53% in just one day. Moreover, it has continued to fall even after the market closed. I would like to discuss this issue further. NVIDIA is facing overlapping bad news; it has received a subpoena from the Department of Justice due to an antitrust investigation, which is quite concerning. Let's take a look at the details. The US Department of Justice has sent subpoenas to NVIDIA and several other companies.

Nvidia is reportedly being investigated for violating antitrust laws, expanding the inquiry into its dominance as a supplier of AI processors. Consequently, the U.S. Department of Justice is making significant efforts to take action against Nvidia, which can be interpreted negatively. According to sources familiar with the investigation, the department, which previously sent questionnaires to companies, is now issuing legally binding requests that mandate recipients to provide information. This indicates that they are moving one step closer to initiating formal charges. Therefore, it is likely that the U.S. Department of Justice will soon file an antitrust lawsuit against Nvidia, which can be seen as a negative development. Antitrust officials are concerned that Nvidia is disadvantaging buyers who do not exclusively use its AI chips and is making it more difficult for them to switch to other suppliers.

It is being claimed that following a record 2.79 trillion won in sales, Nvidia's stock price fell further after Bloomberg reported on a subpoena from the Department of Justice. In response to questions regarding the investigation, Nvidia stated that its market dominance stems from the quality of its products, which provide faster performance. Therefore, many companies choose Nvidia's GPUs precisely because of this quality, not because they engaged in any unusual practices that violated antitrust laws. Nvidia openly stated in an email that it is succeeding due to advantages reflected in benchmark results and the value of being able to choose the best solutions for customers. The Department of Justice is investigating Nvidia's acquisition of Arm, which was announced last April.

AI, which is a company that creates software to manage AI computing, has raised concerns that, due to this acquisition, it will become even more difficult for clients to transition away from NVIDIA chips. Additionally, regulatory authorities are inquiring whether NVIDIA is using its technology exclusively or offering preferential supply and pricing to customers who purchase entire systems. Consequently, there has been a notable decline in momentum recently, leading to a significant drop in stock prices. Furthermore, following an antitrust investigation, NVIDIA has received a summons from the Department of Justice, deepening concerns and potentially setting the stage for further declines. 

Next, we will look at another article related to NVIDIA, this time examining experts' opinions on the company's future outlook. NVIDIA reported 279 billion won in trading on Tuesday.

The Philadelphia Semiconductor Index recorded the poorest performance, dropping by 5%. However, other stocks also fell significantly. Currently, the Philadelphia Semiconductor Index itself has plummeted by 7.75%. The stock price of MBDI has decreased by 14% since the quarterly results were announced last week. This company tends to influence the mood in the chip sector. Therefore, the reason why NVIDIA is not the only one dropping is that the entire semiconductor sector is declining, primarily because the leading stock, NVIDIA, is falling, causing the others to follow suit. Analysts have been criticizing MBDI's recent earnings announcement, while other companies continue to strengthen their positions in this industry. This suggests that NVIDIA is not competitive compared to other companies. Consequently, there are questions on Wall Street regarding NVIDIA's recent performance and guidance.

The question is, where exactly is the issue being raised? It appears that the total margin is the problem. This is expected to decrease. According to analysts Kevin Cassidy and Hans Moses from Rosenblatt Securities, this is due to the company's rapid product evolution. What this means is that you might remember Moore's Law, which traditionally states that the performance of semiconductors doubles every two years. However, NVIDIA has broken this pattern. They are not just releasing products that double in performance every two years; recently, they have been upgrading their products every year. Because the product evolution is happening at such a fast pace, costs inevitably rise. Overall, this is a high-class issue because it is a company that is far ahead of its competitors.

Due to the influence of annual upgrades, costs are naturally rising slightly. This can be understood now. It is a problem that cannot diminish Rosenblatt's passion for NVIDIA stock. Therefore, in Rosenblatt's view, this should not be seen as a weakness if it continues; rather, it is considered a strength. Analysts indicate that NVIDIA's existing Hopper architecture is showing a much stronger trend than expected, and the newly released Black architecture will be mass-produced vigorously in the first quarter. Consequently, the target stock price is set at $200, which means there is an upside potential of about 85% from the current stock price of around $108. They have also suggested a buy rating. Looking more closely at margins, according to NVIDIA's guidance, there will be a future collapse in total...

Majin is expecting 72% to 73%. Although this is slightly lower than the recent level of 70%, it is still high. Therefore, there is no need for concern; this is the conclusion being presented. Next, we have Hasi Kumar from Piper Sandler, who is also defending the stock price of MBDI. He mentions that Black's earnings are generally progressing smoothly and are expected to increase by the end of the year, indicating that most of the concerns appear to be unfounded. 

One reason for the recent stagnation of MBDI's stock price is the delays from Black. However, according to the information released during the earnings call, the delays from Black are not significant and are expected to be resolved soon. Thus, mass production is anticipated to begin by the end of this year. Kumar argues that the stock price has fallen for unfounded reasons, and he also expects further increases in the second half of the fiscal year.

There is strong demand expected for the Hopper, and it is said that until the Black is released, the Hopper will continue to be in short supply. His investment opinion is to increase the weighting and buy, with a target price of 140. This means there is a potential for a 30% increase from the current stock price. Next, we have Ken Terpich Gerald's CJ Muse, who is also emphasizing the delay in the release of NVIDIA's Black product while defending NVIDIA's stock. Investors are concerned about the forecast of delayed initial shipments of Black in NVIDIA's earnings report. While the concerns are valid, many believe they are not as serious as initially thought. He stated that in the case of the Hopper, demand continues to outstrip supply, so a delay of one to two months will have little to no impact on our buy thesis for NVIDIA.

Currently, NVIDIA's Hopper line is paving the way for NVIDIA to continue its beat-and-raise strategy until the end of the fiscal year. Beat-and-raise refers to exceeding projections and raising guidance. The Hopper line opens up opportunities for consistently delivering impressive earnings results. Even before the release of the Black, it was clear that the Hopper line was crucial. According to my sources, investors may become less confident about the possibility of next year's earnings per share (EPS) reaching $5. This suggests that with the delay in the release of Black, reaching $5 might be a bit challenging. Therefore, the new earnings forecast is around $4.50. Nevertheless, the current stock price is only 28 times the reset earnings forecast, which is significantly low compared to top-tier assets.

They are saying it's cheap. However, just for reference, Nvidia's stock price dropped to $108 on Tuesday. If we recalculate the forward P/E ratio, it has fallen to 2 times. The stock price is the result of performance multiplied by the multiple. Therefore, if we divide $108 by $4.5, and if we can generate $4.5 next year, Nvidia's current forward P/E is only 24 times. Nvidia is a company with sales increasing by over 120%. The fact that it is currently trading at 2 times is a very good opportunity that may not come again. This can be understood that way. Therefore, CJ Muse is recommending to increase the investment in Nvidia stock, with a target price of $175. This means there is a potential upside of 62% from the current stock price. Now, moving on to Wedbush Securities' Dan Ives, after the sell-off on Tuesday afternoon...

It has been said that Nvidia stocks are being defended. If we take a step back, Nvidia is being discussed as a revolutionary force that is transforming the technology and global environment, becoming the new oil and gold in the GPU IT landscape. Nvidia chips are leading the AI revolution, and currently, they are the only option available. There is absolutely no reason for GPUs not to sell; they will continue to be in high demand, becoming a product that cannot be kept in stock. This is the argument being made.

Next, let's talk about momentum. Currently, the momentum has likely decreased significantly. Out of 26 indicators, a staggering 14 are suggesting sell, while only two remain for buy. If we look down at the stock price chart, you can see the one-year stock price chart. There is a solid support line around $94. I mentioned this before; there was a successful rebound from this support line once. Now, it has risen and then fallen again, testing the support line a couple of times.

There is a formation around 102 dollars, and if it breaks through 10 dollars, it will likely find support again at 94 dollars. Therefore, even though it has dropped significantly so far, there is a cautious expectation that it may rebound soon. This concludes today's news on September 4th. Thank you for joining us today. It is still early September, so please don't get exhausted already. Historically, September has been a very challenging month, but after that, there is hope for us. The presence of hope gives us the strength to endure any difficulties. Therefore, with the belief that the U.S. stock market can rebound soon, I hope you can face the declining trend in September with a bit more peace of mind. Until the day we all retire through restful investments, let's support each other.

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*** 광고및 제휴문의 ***
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[오늘의 미국주식뉴스] 미국 증시 폭락의 원인 / 상승론자 톰 리, 간만에 미국 증시 하락 전망 / 겹치는 엔비디아 악재 / 엔비디아 주식 향후 전망 / 리세션 결국 발생하는가?

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