Oh Junhyeok

AMD is the top pick among CPU plays for H2. The fund has aggressively increased AMD from 3–5% to ~19% of the portfolio. The thesis rests on TSMC CoWoS capacity: AMD’s secured capacity for next year will be second only to Nvidia, and its year-over-year capacity growth is accelerating (117% in 2025, 308% in 2026). Historically, CoWoS capacity expansion has correlated with stock price momentum, supporting AMD as the best-performing semiconductor name in H2 if the sector stabilizes.

Chinese AI and tech stocks are more resilient in the current rotation environment. Because China’s domestic economy is weak, any money that exits tech into other sectors cannot stay there long and must eventually return to tech. This structural flow makes Chinese tech a safer holding amid H2 volatility, even if its absolute upside is not necessarily higher than US or Korean semis.

US equities, especially the tech-heavy NIS 100 (similar to Nasdaq 100 but with ~73% tech weight vs. ~60%), are more attractive in H2. The US market offers a diverse set of leading tech subsectors that continuously drive global themes, making it better positioned than more concentrated markets like Korea. The launch of a new US Tech NIS 100 Active ETF reflects a conviction that US tech will be more advantageous.