Apple retook the top spot in market capitalization due to strong sales of Vision

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Apple retook the top spot in market capitalization due to strong sales of Vision Pro.

Excluding Apple, the trend of top technology stocks in market capitalization was sluggish. In particular, Tesla's decline is unusual. Unlike Nasdaq, which is heading for historical high prices, it fell 16% in January this year alone.
Apple started pre-sales of Vision Pro on the 19th, and it sold out immediately after its launch. Last weekend, Vision Pro's sales estimate was around 160-180,000. It's a good start, but we need to weigh how popular it can be. AMD fell 3%. Analysts say AI expectations were excessive. Analysts say expectations for the GPU market, which Nvidia controls more than 80%, were excessive. SolarEdge's stock price rose 4%, but it rose as it announced a 16% reduction in its workforce. Rising stock prices due to restructuring does not seem like a desirable business in the long run. PCE price index, Netflix, and IBM earnings are scheduled for this week. The slightly disturbing thing is that U.S. companies' earnings are slowing down. According to FactSet, 10% of companies have reported earnings so far, but 62% of the publicly traded companies' earnings have exceeded expectations. It's below 77% on a five-year average. As the index has risen a lot, confusion is expected from earnings reports.

Bond rates fell slightly, apparently due to a technical drop from last week's rise. Interest rates shifted upward as the theory of a cut in March was dampened, but they do not seem to easily break through the 4.2% resistance on a 10-year basis. We will have to consider whether they will rise further depending on the PCE price index this Friday and the FOMC results next week.

The yen strengthened, the euro weakened, and the dollar closed slightly higher. The exchange rate is also wary of FOMC, with less volatility as it enters a blackout period.

When I look at the U.S. stock market, I think that waiting adjustments do not come easily. It may be burdensome because it is too high, but given that the adjustment is insignificant compared to the rise, investment centered on semiconductor AI seems to be effective.

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