November 2, the Korean and Japanese stock markets opened lower in unison, with the Korean KOSPI index plummeting over 1% by 8:19 Beijing time, reaching 5666.92 points; the Nikkei 225 index fell 0.65%, reaching 28,881.23 points.
On the individual stock front, the storage giants suffered a decline, with Samsung Electronics falling 3%, SK Hynix plummeting over 1%; Tachyon suffered a loss of over 13%, as the company's third-quarter earnings guidance fell short of expectations.
Recently, Goldman Sachs has rapidly downgraded its expectations for the Korean stock market, with analysts stating in their report that "the market is acting out of caution, and the concerns about the storage sector have spilled over to the entire market." The bank believes that the Korean stock market is significantly oversold and has lowered its KOSPI 12-month target from 12,000 points to 9,000 points, representing a 25% decline. Even so, Goldman Sachs still emphasizes that the target of 9,000 points, compared to the original target of 5,475 points, still implies over 60% upside.
Goldman Sachs also provided its reasons for the recent downgrade, citing growing concerns about AI-related transactions. Compared to the 12,000-point high mentioned by Goldman Sachs in the middle of the year, the current capital market has shown a subtle change in its outlook on AI transactions. The return on investment in the AI field, as well as the sustainability of financing, have become key concerns for the market. On October 30, the Korean stock market closed lower, also due to the decline in US tech stocks and the impact of AI investment returns.
On November 2, as of the time of writing, US stock index futures collectively rose, with the Nasdaq futures up 0.52%, the S&P 500 futures up 0.37%, and the Dow Jones futures up 0.32%.
What do you think will happen to the storage chip sector?
(Disclaimer: The article content is for reference only and does not constitute investment advice. Investors should operate based on their own judgment and assume the risk.)
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