Is the semiconductor concentration ending? We need to find strong stocks in a rebounding market now | Park Byeong-chang, MP Partners CEO [Market Inside]

Summary

Park Byeong-chang, CEO of MP Partners, analyzes the recent sharp Korean market volatility attributed to leveraged ETF unwinding, and translates Alphabet's earnings and capex hike into a bullish signal for Korean semiconductor leaders. He highlights GE Vernova's data center-driven power demand, notes early signals of sector rotation into robotics, and cautions against chasing theme stocks. The discussion covers foreign flows, financials, and an upcoming Korean AI event as potential catalysts.

• Recent KOSPI drop driven by ETF leverage dynamics, not fundamental deterioration.
• Alphabet's strong cloud growth and raised capex confirm AI infrastructure demand, benefiting Samsung Electronics and SK Hynix.
• GE Vernova's results highlight surging data center power demand, positive for global power equipment stocks.
• Robot stocks (Rainbow Robotics, Robotis, SPG) showed relative strength, signaling possible sector rotation from semiconductors.
• Caution advised on chasing robot stocks due to high valuations and lack of near-term earnings support.
• Korean financials may be near-term overbought after governance reform rally; limited upside expected.
• Foreign investors beginning to re-enter Korean market after pullback, supported by favorable FX.
• Upcoming Korea-led AI conference in San Francisco could provide momentum for domestic AI ecosystem.