In-depth Analysis of Pre-market Differentiation Among Large US Tech Stocks

According to the latest real-time market data, large US tech stocks indeed showed a clear differentiation pattern in pre-market trading on December 16 [1]. The specific performance is as follows:

• Intel (INTC): Although it fell 0.79% intraday, its pre-market performance was strong, indicating the market’s optimistic expectations for its transformation prospects
• Tesla (TSLA): Rose sharply by 3.52% against the trend, leading the tech sector
• Meta (META): Rose slightly by 0.51%
• NVIDIA (NVDA): Rose by 0.63%

• Apple (AAPL): Fell by 1.47%
• Microsoft (MSFT): Fell by 0.79%
• Amazon (AMZN): Fell by 1.62%
• Google (GOOGL): Fell by 0.35%
• Netflix (NFLX): Fell by 1.50%

Intel, as a traditional chip giant, has recently gained market recognition for its layout in the AI chip field. According to the latest news, Intel is advancing multiple strategic initiatives, including cooperation with Microsoft on the 18A process and rumors of acquiring AI chip startup SambaNova Systems [2]. These actions indicate that Intel is actively transforming and trying to reposition itself in the AI hardware market.

Companies like Apple and Microsoft face different market pressures. As a leader in consumer electronics, Apple may be affected by the slowdown in global consumer electronics demand; although Microsoft has actively布局 in the AI field, its huge market capitalization makes any negative news likely to be amplified.

Market investment in AI themes has shifted from a “one-size-fits-all” approach to more refined choices:

• Tesla and NVIDIA more represent AI infrastructure and autonomous driving hardware, benefiting from the continuous growth of AI computing power demand
• Companies like Apple and Google more reflect AI applications on the consumer side, with uncertainties in their commercialization process and market acceptance

From a valuation perspective, there are significant differences in the P/E ratios of various companies [0]:

• Intel: 625.17x (low profit base, characteristic of transformation period)
• Tesla: 250.06x
• Apple: 36.71x
• Microsoft: 33.74x
• Meta: 28.64x

Differences in valuation reflect the market’s different growth expectations for each company. When the macro environment changes, high-valued stocks are more likely to adjust.

Judging from the recent performance of the three major indices [0], the market as a whole shows a cautious stance:

• S&P 500 Index: Fell for two consecutive trading days
• Nasdaq Index: Also fell consecutively, with obvious pressure on tech stocks
• Dow Jones Index: Relatively resilient, showing that value stocks outperform growth stocks

This pattern indicates that the market is cautious about the macroeconomic outlook, and investors are more inclined to choose targets with clear catalysts and relative valuation advantages.

The current differentiation reflects a shift from “general rise” to “selective rise”:

• Hardware priority
  : Chips and AI infrastructure have obtained excess returns
• Service caution
  : Software and consumer services are under valuation pressure

As the earnings season approaches, the market is re-calibrating the performance expectations of various companies:

• Tesla’s rise may reflect the market’s new expectations for its autonomous driving and energy storage businesses
• The decline of companies like Apple may reflect concerns about the slowdown in consumer electronics demand

• Companies with clear AI hardware layout
• Traditional leaders that may bring excess returns during the transformation period
• Targets with relatively reasonable valuations and high performance certainty

• Balanced allocation of hardware and software
• Appropriate matching of growth stocks and value stocks
• Focus on diversified layout of different AI application scenarios

• Earnings release time of each company
• AI-related product and technology conferences
• Policy environment and regulatory changes

• Long-term optimism about AI and digitalization trends
• Short-term attention to market fluctuations and valuation risks
• Adopt batch position building and fixed investment strategies to reduce timing risks

The current pre-market differentiation of large US tech stocks reflects that the market has entered a more rational and refined investment stage. Investors need to shift from “sector thinking” to “individual stock thinking”, focusing on the specific progress of each company in AI transformation and the rationality of valuations. At the same time, maintain a moderate cautious attitude, and control short-term risks while grasping long-term trends.

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[0] Jinling API Data - Real-time stock price and market index data

[1] 36kr - “Large US tech stocks mixed in pre-market, Intel up over 1%” (https://www.36kr.com/newsflashes/3598213109055746)

[2] Xinchacha - “Intel: Intel (INTC.US) is close to reaching a deal to acquire AI chip startup SambaNova Systems” (https://www.xcc.com/news)