Krungthai CIO: US Stocks Still Have Room to Rise, Recommends Continued Investment

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Summary · why it matters

The investment strategy team of Krungthai Bank (KTB) or the Krungthai Chief Investment Office (CIO) stated that the US stock market still has an upward trend, with the S&P 500 rising 0.5% and the Nasdaq rising 0.8% from the previous week. This follows NVIDIA's earnings, which reflected strong demand for AI infrastructure investment and continue to support the market, rather than a full risk-on mode, as the discount rate is still likely to remain high in line with US monetary policy direction. The 10-year US Treasury yield was highly volatile before declining 1.6 basis points after the Fed Chair reiterated inflation risks. Meanwhile, the 10-year Thai bond yield rose 1.7 basis points due to Fed repricing and fiscal risk concerns. Brent and WTI crude oil prices fell more than 5% and 4%, respectively, after supply concerns in the Strait of Hormuz eased. Gold declined 3.2% due to a stronger dollar and higher bond yields. Krungthai CIO recommends a 'Stay Invested' strategy, or disciplined continuous investment, through a core portfolio, while the satellite portfolio continues to focus on US stocks and the technology sector as quality growth stocks, given clear earnings prospects and the expansion of AI monetization into cloud, software, and cybersecurity, alongside healthcare to enhance stability and diversify earnings risk. For highly volatile stocks, it recommends gradually accumulating semiconductor stocks and increasing investment in North Asian technology, including the theme of power grid infrastructure. For China A-shares, it focuses on selective investment in strategic industries, while Vietnam is suitable for tactical investment, and holding gold to diversify against geopolitical and fiscal risks in the medium to long term. Key factors to watch this week include US labor market data to assess the Fed's policy direction, Broadcom's financial results to gauge the continuity of AI investment, and US PPI/CPI inflation figures ahead of the Federal Open Market Committee (FOMC) meeting in mid-September.

Impact on assets 4

Artificial Intelligence▲ · 2 stocks
NVIDIA Corporation
NVDA
▲ PositiveDemandrelevance

NVIDIA's earnings reflected strong demand for AI infrastructure investment, supporting the market.

Others± Mixed · 2 stocks
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