US tech earnings disappoint, Taiwan stocks lose 46000點
The US Federal Reserve kept interest rates unchanged, but the latest earnings and guidance from US tech giants came in below market expectations, deepening market concerns over AI-related capital spending and future growth momentum. Taiwan stocks plunged 1156點, down 2.49%, on the 30日, losing the 46000點 mark, while the over-the-counter index tumbled more than 4.4%. Since hitting a historic high of 49822點 on 10月6日 this year, the broader market has corrected by 9.25%.
Investment trust: sound fundamentals, divergent chips
郭明玉, manager of 00413A主動玉山關鍵科技, said Taiwan stocks currently show a pattern of sound fundamentals and divergent chips. Affected by foreign investor operations and margin financing changes in the short term, market chip volatility has intensified, but the profit growth trend and long-term development momentum of the technology industry remain unchanged. Overall, she maintains a cautiously optimistic medium- to long-term outlook for Taiwan stocks.
郭明玉 pointed out that with elevated geopolitical risks, the US midterm elections, and the direction of monetary policy creating multiple uncertainties, the broader market is expected to remain in a high-level volatile pattern in the short term. Attention should continue to focus on foreign capital flows and changes in margin balances and their impact on market volatility.
Foreign ownership still 47%; correction helps chips settle
On chips, although foreign investors have recently cut positions sharply, their holdings in Taiwan stocks remain at around 47%. 郭明玉 judges the short-term selling and capital outflows to be normal profit-taking. On the other hand, domestic and retail funds remain important support for the market, and the short-term correction instead helps margin chips settle, accumulating a healthier base for subsequent rallies.
Focus on 2027年 earnings momentum, position in core AI groups
Looking ahead, although the market has fluctuated on short-term news shocks, corporate earnings estimates continue to be revised upward. Goldman Sachs estimates Taiwan corporate earnings per share growth could reach 30% in 2027年, showing technology and semiconductors will remain the core engines driving Taiwan's economy and capital market growth. At this stage, technology fundamentals show no obvious change, and quality companies still attract buying support after pullbacks, making active stock selection even more important.
郭明玉 remains positive on core AI beneficiaries such as optical communications and advanced manufacturing processes. Their recent pullback with market sentiment instead provides more attractive medium- to long-term positioning opportunities. Investors can wait for margin balances to settle further and funds to flow back before buying in batches quality companies with long-term competitive advantages and growth potential. As third-quarter earnings releases finish in mid- to late-11月, market focus is expected to gradually shift to 2027年 corporate earnings growth momentum and industry trends, with funds also positioning early for next year's investments.