The US stock market fell in September 2026 amid uncertainty over the situation in the Middle East and higher oil prices, then rebounded after the FOMC rate hike had passed. Nvidia’s valuation and on-site coverage of SK Hynix became subjects of interest, while growing demand for AI infrastructure was highlighted.
The US stock market fell in September 2026 amid uncertainty over the situation in the Middle East, higher oil prices, rising interest rates and seasonal factors, according to reports. Share prices subsequently rebounded after the FOMC rate hike had passed, with the NASDAQ Composite and MAG7-related stocks said to have reached new highs. Information technology and communication services are said to account for nearly half of the S&P 500’s market capitalization and earnings, making them the drivers of the market.
Large technology companies are considered resilient to rising interest rates because abundant cash flow and low-cost financing are expected to continue. The S&P 500’s forward P/E is not viewed as excessive compared with its historical average, and could appear attractively valued based on next year’s EPS. However, attention is said to be warranted because companies enter blackout periods restricting share buybacks ahead of earnings season.
Regarding the outlook for AI infrastructure in Japan, Nvidia’s CEO is said to have recognized the importance of Japan’s manufacturing sector using data and technology and expressed a policy of building “sovereign AI” in Japan. The view has been expressed that AI, as social infrastructure, will support continued long-term investment in power grids and data centers.
Although Nvidia’s earnings are growing rapidly, its share price growth has moderated, and the decline in its forward P/E is said to be making the stock more attractively valued. Further computing power is required to improve AI safety, and it may not be appropriate to anticipate an excessive decline in demand.
Demand for AI infrastructure, including power infrastructure and manufacturing equipment as well as semiconductors, is increasing rapidly, and demand from data centers is said to exceed supply capacity. Efforts are under way to expand supply by significantly increasing capital investment.
ROК, ISRG and AMZN were cited as stocks attracting attention in robotics and automation. The recovery in factory automation and healthcare markets is expected to provide medium- to long-term benefits.
During Kishida’s (岸田氏) on-site coverage of SK Hynix, he toured a factory with a manufacturing site for HBM adjacent to AI server computing chips. Once completed, it is expected to become one of the world’s largest factories, with standalone production capacity of approximately 1.6 million wafers. AI demand is said to be expanding beyond hyperscalers to ordinary companies and sovereign AI at the national level.
Some in the market had concerns about regulation of AI’s rapid evolution and a slowdown in its pace, but the view that developing technology to control AI safely requires enormous computing power and electricity is said to have been shared at events including AI summits in San Francisco.