No wonder money is leaving the domestic market… OpenAI also begins listing process after SpaceX and Anthropic

Summary

Park Se-ik reviews key market-moving headlines: won weakness and NPS intervention, soaring Korean bond yields, AI factory partnerships with Nvidia, and a massive KOSPI correction driven by foreign selling. He highlights the liquidity drain from upcoming mega-IPOs by OpenAI and SpaceX as a drag on domestic equities, and argues that Korean government bonds now offer attractive yields relative to US bonds, making a rotation from US to Korean bonds sensible. He also analyzes the CPI rebound cycle and interest rate thresholds, suggesting the correction is not a bear market but part of a digestion phase.

• Korean won plunges amid heavy foreign equity selling; authorities conduct verbal intervention and NPS resumes FX futures selling.
• Korean 3-year government bond yields near 4%, 10-year above 4.3%, driven by global reflation fears and hawkish Fed repricing.
• SK Telecom, Naver, and LG announce AI factory alliances with Nvidia using next-gen GPUs and platforms.
• KOSPI suffers a sharp 8.29% single-day drop amid rate shock, Broadcom guidance disappointment, and foreign outflows.
• OpenAI files confidentially for IPO, following SpaceX and Anthropic, aiming to raise up to $180 billion and intensifying global liquidity competition.
• Park Se-ik argues NPS should sell US bonds and rotate into Korean bonds given yield parity, and sees mega-IPOs as a key KOSPI headwind.
• US oil drilling activity picks up, lifting OCTG pipe prices and potentially benefiting Korean steel pipe exporters, though Park remains cautious.
• Park walks through historical CPI-rebound episodes, saying the 10-year yield is unlikely to break 5% and that the equity correction will end once CPI peaks.