Taiwan Stocks Give Up Gains, Close Down 667 Points
Taiwan stocks, which surged 939 points yesterday, reversed lower today, at one point plunging 980 points intraday to erase yesterday's gains, narrowing losses into the close to finish down 667 points at 46368, down 1.42%, with turnover of 7904億元. On chips, foreign investors net sold 688億元, dealers net sold 1.8億元, hedge positions net sold 213億元, with only investment trusts net buying 86億元 among the three major institutional investors.
Alphabet Earnings Disappoint, Focus on AI Spending Conversion
US technology is in earnings week, with earnings outlooks moving share prices. Google parent Alphabet reported 12% search advertising growth and negative free cash flow of 90.7億美元, both below analyst expectations, with shares plunging 10.5% after hours. Cathay FTSE Philadelphia Semiconductor 00830 fund manager 李翰林 said the focus, besides whether cloud revenue can sustain growth, is whether massive AI infrastructure spending can translate into revenue and cash flow; for semiconductors, cloud operators' capital expenditure plans, computing demand and data center build-out progress are important clues for assessing orders and earnings. As of 10月22日, 00830 assets grew 156.04%, beneficiaries increased 135.27%, adding over 11萬人, with both size and headcount more than doubling since the start of the year.
00830 Proposes Split, Estimated 1-for-5 or 1-for-6
To lower the investment threshold, 00830 is pushing a split proposal, with electronic voting opening at 7時 on the 30日 until 11時59分 on 11月16日, and a beneficiaries' meeting on 11月19日. 李翰林 said if approved, units held will increase with a corresponding decrease in net value per unit, allowing small-lot staged positioning; the split does not change investment holdings, and total holding value is unchanged excluding market price fluctuations. The split is estimated at 1-for-5 or 1-for-6, with the actual ratio subject to meeting resolutions and subsequent announcements.
US Inflation Warms While Jobs Cool, History Points to Gains After Soft Landing
鉅亨買基金 Investment Research Department head 羅瑤庭 noted US September CPI rose to 3.7% year-on-year from 3.4% in August, with energy prices up 4.3 percentage points year-on-year from the prior month, widening gains in used cars, transportation services and rents, and core CPI up 0.1 percentage points year-on-year; but September nonfarm payrolls added only 2.9萬人, far below 13.3萬人 in August and the 12-month average of 4.5萬人, with unemployment steady at 4.2%, showing low-hiring, low-layoff characteristics, reducing the need for continued Fed rate hikes. History shows if the economy achieves a soft landing, the S&P 500 averaged cumulative gains of 23%, 57% and 93.1% in the one, two and three years after rate hikes stop, recommending staged positioning in US equity funds alongside Taiwan and technology funds, using regular investments to diversify risk.
Korean Memory Outlook Strong, High-Dividend ETFs Average 57.57% Gain
大華Korea KOSPI 50 manager 賴昱廷 said SK海力士 reported strong earnings, signaling DRAM and HBM capacity fully sold out through 2029 with shortages extending to 2030, while South Korea is advancing its corporate value-up program, with KOSPI constituents' forecast ROE at 25.2%, better than the S&P 500's 23.9%, with forward P/E remaining in a 2 to 3 times undervalued range. Separately, 25 Taiwan high-dividend ETFs averaged 57.57% total-return performance this year, led by 群益半導體收益00927 up 94.95%; manager 謝明志 is optimistic on Taiwan stocks in the fourth quarter, while manager 洪祥益 is bullish on AI-concept medium- to long-term momentum, recommending focus on industry leaders with solid fundamentals.