Name: Ultimately, the Market Goes with Liquidity and AI | Park Byeong-chang, Kyobo Securities Asset Management Strategy Department Director [Market Inside]
Uploaded: 2026-04-29T00:10:48+00:00
Duration: 2590 s

Speakers

Park Byeong-chang — Director, MP Partners

Summary

Park Byeong-chang, director at Kyobo Securities, reviews a market taking a breather after strong gains, arguing the main trend remains liquidity and AI. He distinguishes OpenAI-related weakness from the broader semiconductor cycle, highlights AI substrate and battery/auto themes in Korea, and flags risks from mega IPOs, OpenAI ecosystem competition, and OPEC fragmentation. He also discusses oil downside from UAE's OPEC exit and cautions on speculative small-cap steel trading.

US markets paused after a strong run as oil rose near $100 and Iran-related headlines weighed on sentiment.
Park says OpenAI usage/sales concerns are pressuring OpenAI-linked names, but broad AI semiconductor demand remains intact.
Korean market strength is led by AI substrate makers, autos/robotics, battery names, and liquidity-supported themes.
He warns that SpaceX, Anthropic, and OpenAI IPOs could drain market liquidity even if related sectors benefit.
OpenAI competition with Google and Anthropic is a key risk to monitor for Oracle, CoreWeave, and SoftBank.
UAE's exit from OPEC is seen as raising oil downside volatility and weakening production-cut cooperation.
He notes speculative small-cap steel stocks rallied on Iran's export ban but cautions on chasing theme trades.
Technical view: KOSPI strength should hold above the 11-day moving average, while BOJ may hike in June.

Ideas

Park Byeong-chang Director, MP Partners 4:43

AI chip cycle remains intact

The OpenAI usage and sales target miss is pressuring OpenAI-linked names, but it does not mean the broader AI semiconductor cycle is over. TSMC and Micron rebounded after hours, so the speaker argues investors should not indiscriminately sell the wider semiconductor supply chain.

Park Byeong-chang Director, MP Partners 9:26

Korea market rides liquidity and AI

The Korean market remains strong and is primarily driven by liquidity and AI leadership. Although the index and leading stocks are overheated after a sharp run, the speaker views the pullback as a breather rather than a trend break and says the market should hold above the 11-day moving average.

Park Byeong-chang Director, MP Partners 12:15

AI substrate demand lifts Samsung Electro-Mechanics

KB Securities raised Samsung Electro-Mechanics' target price from 600,000 to 1,050,000 won, citing AI server demand for MLCCs and packaging substrates and a roughly 47% five-year operating-profit CAGR. Iran-related disruption to high-purity PPE resin has tightened substrate supply and lifted prices, and Samsung Electro-Mechanics is the leading substrate player.

Park Byeong-chang Director, MP Partners 13:06

LG Innotek gains on substrate shortage

LG Innotek reported good earnings and is benefiting from the semiconductor substrate shortage. Although it was long viewed as a perpetual second to Samsung Electro-Mechanics and tied to Apple camera modules, the substrate-driven move looks different from a simple overshoot.

Park Byeong-chang Director, MP Partners 16:58

Battery supply-demand improving; watch rebound

Secondary battery supply and demand appears to have changed. POSCO Holdings has broken out of a long base with a sharp April rally and Samsung SDI has also surged, with related news emerging, so the speaker sees the battery complex as a developing rebound to monitor.

Park Byeong-chang Director, MP Partners 17:08

Avoid speculative Korean steel chase

Iran's steel export ban triggered limit-up moves in small Korean steel stocks, but the speaker views this as excess liquidity chasing a theme rather than a real earnings improvement. Investors should avoid treating the theme like a leading stock and risk getting stuck at the high.

Park Byeong-chang Director, MP Partners 19:15

Mega IPOs drain market liquidity

The upcoming SpaceX, Anthropic, and OpenAI IPOs and related ETF listings will absorb market liquidity because institutions must sell existing holdings to fund IPO participation. The speaker sees this as negative for the overall US equity market even though the related sectors may benefit.

Park Byeong-chang Director, MP Partners 23:53

Watch OpenAI ecosystem funding risk

OpenAI faces intensifying competition from Google and Anthropic. If OpenAI falls behind, the OpenAI ecosystem, including Oracle, CoreWeave, and SoftBank, could face real funding and bubble concerns. The speaker advises monitoring CapEx cuts and private-credit repayment stress as warning signs.

Park Byeong-chang Director, MP Partners 30:23

UAE OPEC exit pressures oil lower

UAE's exit from OPEC and the possibility of further defections could collapse production-cut cooperation, increasing oil supply and downside oil volatility. The speaker treats lower oil as a welcome development.

Park Byeong-chang Director, MP Partners 34:54

Hyundai Motor re-rated as robotics

Market participants are re-rating Hyundai Motor as a robotics company rather than a pure automaker. This helped auto-related shares rise despite auto headwinds such as war, memory-cost inflation, and slowing global auto demand.

Ultimately, the Market Goes with Liquidity and AI | Park Byeong-chang, Kyobo Securities Asset Management Strategy Department Director [Market Inside]

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