Lee Hyung-soo

The combination of the May 22 leverage ETF listing event, strong April export data, rising fixed-contract prices, and the upcoming SK Hynix ADR listing in June provides catalysts for large-cap Korean semiconductor stocks to continue rallying in the short term. The guest advises being long these stocks during May, then preparing for a potential transition-induced pullback from June onward.

The combination of the May 22 leverage ETF listing event, strong April export data, rising fixed-contract prices, and the upcoming SK Hynix ADR listing in June provides catalysts for large-cap Korean semiconductor stocks to continue rallying in the short term. The guest advises being long these stocks during May, then preparing for a potential transition-induced pullback from June onward.

Samsung Electro-Mechanics is at the start of an MLCC super cycle. AI servers demand far more high-voltage and high-capacity MLCCs, while ceramic firing capacity is supply-constrained. The company also benefits from a flip-chip BG substrate super cycle and a re-rating from smartphone exposure to AI infrastructure.

The AI bubble has just begun and is in its early stage, comparable to 1997-1998 before the dot-com peak. Memory semiconductor demand has no ceiling due to expanding use cases (video, agentic AI, physical AI) and unlike the internet, AI costs scale proportionally with usage. Therefore, investing in leading memory semiconductor stocks is the core play, and any pullback in the sector would be a buying opportunity until clear peak signals appear.