【Massive Stock Rally】Taiwan Stocks Remain Volatile, Is Memory Market Collapsing? Exclusive Analysis of Institutional Reports, [Yushan] [Zhishang] Hit New Highs! Were You Tricked into Exiting?

Taiwan's stock market continues to fluctuate. The memory market is seeing a resurgence in demand, with companies like Yushan and Zhishang achieving new highs in performance. The weighted index rose by 191.96 points, closing at 45120.72. The turnover was 8690.17 billion Taiwan dollars. The three major institutional investors recorded a total of 281.78 billion Taiwan dollars in net buying. Tensions between the U.S. and Iran have escalated, causing oil prices to rise by about 5%. The market is once again concerned about inflation and the direction of the Federal Reserve's policy. U.S. tech stocks fell, with the Nasdaq index down 0.32% and the Philadelphia Semiconductor index down 2.94%. Intel announced the issuance of 150 billion U.S. dollars in common stock, raising concerns about equity dilution and capital needs. Micron's stock price fell nearly 2% due to a significant downward revision of its target price by Citigroup. However, several Wall Street financial institutions are collaborating with NVIDIA to plan a $500 billion AI financing scheme. The demand for AI infrastructure is still in a high-speed expansion phase, and the long-term industry trend has not changed. Affected by last night's U.S. stock performance, Taiwan's stock market opened lower and experienced a drop of 276 points at one point. The intraday high-low difference exceeded 500 points, with clear tug-of-war between bulls and bears. However, TSMC stabilized the index, and the strong performance of PCB, passive components, and some AI device stocks helped narrow the decline in the overall market. Taiwan's stock market has been consolidating above all moving averages recently, but the volume has not exceeded 100 billion. It shows a range-bound volatility pattern. The uncertainty factors of the escalation of the Middle East war and the unannounced U.S. CPI have dampened investors' confidence. However, in terms of funds, foreign institutional investors have continued to buy for two consecutive days, with a net buying of 740.42 billion Taiwan dollars, and investment trusts have also continued to buy for two consecutive days, with a net buying of 63.73 billion Taiwan dollars. Foreign institutional investors have resumed buying, and the total revenue of listed companies in July reached 5.79 trillion Taiwan dollars, setting a new historical monthly high. The number of companies hitting new highs reached 206, far exceeding the 187 in June. Overall, the fundamentals of Taiwan's stock market remain supported, with corporate operations continuing to improve. The demand for AI servers, advanced packaging, HBM, ASIC, and high-speed network communications is the main growth driver. Funds are quickly rotating among semiconductors, PCB, passive components, and AI device groups, exacerbating index volatility. Therefore, at this stage, stock selection is more important than market selection. Additionally, pay attention to the U.S. CPI data, as lower-than-expected inflation data could be favorable for the future market.