[US-빅테크] 06/23 Wall St. Recap

Apple’s ecosystem continues to demonstrate robust long-term value, as evidenced by the App Store’s remarkable growth, doubling its transaction volume to approximately $1.6 trillion (2,144 trillion KRW) over the past six years. This sustained expansion highlights the strength of Apple’s Services segment, which serves as a high-margin engine for the company’s revenue stability. Furthermore, Apple’s continued dominance in the wearables market, specifically the Apple Watch, reinforces its ability to maintain market leadership despite intensifying competition. While regulatory scrutiny regarding iCloud remains a factor to monitor, the company’s strategic pivot toward AI-integrated devices suggests a clear roadmap for future hardware upgrade cycles and ecosystem stickiness.

Microsoft (MSFT) is currently benefiting from a strong market sentiment driven by its aggressive expansion in Artificial Intelligence (AI). The recent upward momentum reflects growing institutional confidence, with analysts at Morgan Stanley suggesting that the market may be significantly underestimating the long-term monetization potential of the company’s AI ecosystem.

Furthermore, strategic initiatives such as the expansion of Copilot and targeted growth in the Chinese market have led to valuation assessments indicating a potential undervaluation of approximately 18.6%. While some retail investors express frustration regarding the stock’s consolidation phase, the broader market trend—supported by strong performance across the tech sector—reinforces Microsoft’s position as a core pillar of the current bull market.

Alphabet (GOOGL) is currently facing significant headwinds as market sentiment shifts toward caution. The recent 3.8% decline, marking the largest drop in a year, is primarily driven by concerns over talent attrition within its core AI division. The departure of key executives creates uncertainty regarding the company’s ability to maintain its competitive edge in the rapidly evolving generative AI landscape. Furthermore, the Waymo recall of 3,900 vehicles adds operational pressure, highlighting the regulatory and technical hurdles inherent in scaling autonomous driving technology. While the partnership with Intel for custom chip production suggests a strategic move to reduce reliance on third-party suppliers and optimize AI infrastructure costs, the immediate focus remains on stabilizing leadership and addressing execution risks.

Meta’s recent strategic pivot toward monetization through the launch of its AI subscription service, “Meta One,” signals a significant shift in the company’s business model. By transitioning from a purely ad-driven revenue stream to a recurring revenue model, Meta is effectively leveraging its massive user base to capitalize on the growing demand for generative AI. While market volatility remains a factor, the ability to integrate premium AI features directly into its ecosystem provides a clear path to enhancing average revenue per user (ARPU) and strengthening long-term shareholder value.

Amazon’s strategic pivot toward monetizing its proprietary AI infrastructure represents a significant long-term growth catalyst, yet the company faces mounting regulatory headwinds that could weigh on near-term sentiment.

The potential sale of Trainium AI chips to external data centers signals Amazon’s ambition to challenge the current market dominance of NVIDIA, effectively verticalizing its cloud computing stack. By leveraging its internal silicon expertise, Amazon aims to capture a larger share of the burgeoning generative AI market. However, this expansion is tempered by the FTC’s heightened scrutiny regarding search advertising practices. Investors should monitor whether these antitrust challenges lead to structural changes in Amazon’s high-margin advertising business, which remains a critical pillar of its profitability.