Don't Be Afraid of a September Rate Hike... What Collapses the Stock Market Is a 'Series of Hikes' | Hong Seonae, Kim Hanjin 3PRO TV Economists

Summary

Economist Kim Han-jin sees the market recovering from the July supply shock, with AI and semiconductor fundamentals—not macro—as the core driver. He expects the September FOMC to freeze, and says even a hike would be temporary unless hikes become consecutive. For Korea, he argues the index needs to broaden beyond the top semiconductor names because of a market-cap bottleneck, and he recommends a momentum/non-momentum allocation with cash.

• Kim views the post-July recovery as an orderly resolution of uncertainty.
• AI capex confidence is strengthening after AMD, Broadcom and Nvidia results.
• He says macro is secondary; AI monetization, cloud margins and demand fulfillment are the core.
• September FOMC likely freezes; only a series of aggressive hikes would crash equities.
• Korean market has a semiconductor market-cap bottleneck and needs broadening.
• He prefers momentum/non-momentum framing over value/growth and suggests cash/momentum/non-momentum allocation.