KOSPI Rises 11 Consecutive Days Starting January 2; +14.8% in First Two Weeks of January | Park Byung-chang, Director

Summary

Park Byung-chang, Director, reviews a strong Korean equity market with KOSPI up 11 straight sessions and +14.8% in the first two weeks of January, while flagging short-term overheating and tariff/Fed noise. He highlights the AI memory supercycle, Samsung/SK hynix and Micron, CoreWeave and power infrastructure, and potential rotation into undervalued large caps or biotech. He also discusses NPS mechanical selling risk, semiconductor tariff negotiations, and AI infrastructure regulatory risk.

• KOSPI rose for 11 consecutive sessions and gained 14.8% in the first two weeks of January, but Park sees short-term correction risk.
• AI memory remains a key bullish theme, supported by rising DDR5/flash prices, a 10-year supercycle view, and Samsung/SK hynix dominance.
• Micron is highlighted for its New York fab, low valuation, and large insider purchase.
• CoreWeave, GE Vernova, and power equipment are framed as AI/data-center and electricity-demand beneficiaries.
• Supply may rotate into relatively undervalued Korean large caps or biotech such as Alteogen if recent leaders see profit-taking.
• Risks include NPS mechanical selling, semiconductor tariff negotiations, Fed chair uncertainty, and AI infrastructure regulation.
• US indices paused after records, with 10-year Treasury yields at 4.23% and earnings season driving stock differentiation.