I'll just break even and sell? If even the much-risen KOSDAQ is still in the red | Hong Seonae, Jang Woojin, Geumsigong CEO

Summary

Jang Woo-jin, CEO of Geumsigong, discusses the Korean market's rotation into KOSDAQ and non-semiconductors while KOSPI struggles under semiconductor weakness. He advises near-term caution on Samsung and SK hynix due to fragile sentiment and supply overhangs, but sees a buying opportunity on further dips as valuations reset. He highlights SK Telecom and GNC Energy as long-term beneficiaries of the AI data center buildout, and warns of risks from yen carry trade unwinds and potential AI price wars.

• KOSDAQ rallied on rotation but is hitting technical resistance; reduce exposure.
• Samsung Electronics and SK hynix face near-term selling pressure from foreign outflows, Chinese de-risking, and poor sentiment.
• Longer-term, semiconductor valuations have become reasonable and a further dip could be a buying opportunity.
• SK Telecom is uniquely positioned among telecoms with a GPU-integrated AI data center strategy, thanks to Nvidia ties.
• GNC Energy, an emergency power supplier for data centers, is hitting historic highs amid AI expansion.
• CXMT entering notebook DRAM supply chain poses long-term competitive threat to Korean memory makers.
• Meta's price-first AI coding agent raises concern about an AI price war that could hurt the whole ecosystem.
• Yen carry trade liquidation is a lingering macro risk that could shake global markets.