US Tech Stocks Close Lower, Drag Down Taiwan Stocks
Major US stock indices closed lower across the board on the 29th. Alphabet's third-quarter earnings disappointed with free cash flow turning negative, Marvell plunged over 13%, and both the Nasdaq Index and the Philadelphia Semiconductor Index fell more than 1%. Selling pressure in technology stocks spilled over to Taiwan stocks. Taiwan stocks came under pressure at the open on the 30th, fell sharply intraday, then saw buying enter to narrow the decline. Although a rebound emerged after midday, the market still closed lower. The weighted index fell 1156.50 points to close at 45211.83 points, down 2.49%, falling below the 46000-point mark, with trading value at 8777.3億元, showing market confidence was hit.
Over Two Thousand Listed and OTC Stocks Fall
The number of falling listed stocks reached 1148, with only 158 rising; in the OTC market, 853 fell and 248 rose. The OTC index closed at 370.26 points, down 17.11 points, or 4.42%, with trading value at 2021.09億元. The OTC decline was larger than the listed market, showing adjustment pressure was not limited to large-cap stocks, with small and mid-cap stocks also under pressure, and market risk aversion heating up.
Electronic Heavyweights Weaken Across the Board
TSMC closed at 2370 yuan, down 45 yuan, or 1.86%, ranking first in listed trading value. MediaTek closed at 3915 yuan, down 130 yuan, or 3.21%; UMC closed at 111.5 yuan, down 4 yuan, or 3.46%. Delta Electronics closed at 1335 yuan, down 145 yuan, or 9.80%; Yageo* closed at 502 yuan, down 41 yuan, or 7.55%. WIN Semiconductors closed at 578 yuan, down 16 yuan, or 2.69%; Nan Ya Plastics closed at 296 yuan, down 16 yuan, or 5.13%; ASE Technology Holding closed at 668 yuan, down 15 yuan, or 2.20%; Nanya Technology closed at 454.5 yuan, down 22.5 yuan, or 4.72%; Unimicron closed at 989 yuan, down 51 yuan, or 4.90%, with selling pressure spreading from semiconductors to memory, packaging and testing, and electronic components.
Institutional Investors Eye Support Levels and Long-Term AI Theme
Analyst Chen Xuejin of Lunyuan Investment Advisory believes that AI monetization progress falling short of expectations and high capital expenditure have triggered concerns over AI valuations and bubble risks. Alphabet plunged nearly 13%, Marvell tumbled over 13%, Intel's outlook disappointed with a 21% plunge after hours, while unresolved Middle East tensions, elevated energy prices, and rising market bets on a December rate hike by the Federal Reserve all affected market sentiment. However, Taiwan stocks have strong fundamentals, with support from national funds and ETF capital. Downside support lies near the 731-day 41610 to 43214-point long red-K棒 zone and the 825-day 44210-point level, with limited expected pullback room. Looking ahead, capital expenditure by the five major US cloud service providers in 2027 is estimated to grow from about 1.1兆 US dollars this year to 1.3兆 to 1.7兆 US dollars, a long-term positive for Taiwan manufacturers. The main theme centers on AI infrastructure and specification upgrades, including CPO and silicon photonics, liquid cooling and high-voltage DC power supply, advanced processes and packaging, ASICs and high-speed interconnects, as well as ABF, passive components, mature processes, and silicon wafer recovery and price-hike concepts. Analyst Rong Yishen of Qifa Investment Advisory believes that under the impact of US earnings, Asian stocks are under pressure, Japanese and Korean股市 are retesting July lows, and the weighted index is retesting the half-year moving average. After earnings reports from large cloud operators come to an end, focus will turn to Anthropic's IPO listing. Next week the market must hold steady above 45000 points, otherwise the consolidation period will lengthen. Shareholding ratios can be maintained at 40 to 50 percent. High-level topping-out groups should be treated cautiously, while low-level stocks should be watched against July support. In the short term, risk should be controlled, avoiding excessive chasing or rash bargain-hunting, while watching TSMC trends and whether the broader market can return above 46000 points.