I didn't expect this" Surprised foreign capital is pouring in... Korean stock market, semiconductor bull market isn't over yet / Sell in May? This May is 'the time to buy' | REX Asia Representative Oh Gi-seok

Summary

Oh Gi-seok discusses the sustainability of AI-driven semiconductor investment, foreign interest in Korean stocks, and the impact of Middle East tensions on oil and Fed policy. He expects the memory cycle to continue for 1-2 years and sees May as a buying opportunity as geopolitical risks ease. He also highlights Apple's potential revival and increasing foreign inflows into Korean equities via new brokerage platforms.

• Memory semiconductor demand remains strong due to big tech AI capex, with the cycle lasting at least 1-2 more years.
• Apple could revive with a foldable iPhone and loyal customer base, making it a hold rather than sell.
• Foreign interest in Korean stocks is rising as global brokerages enable direct access, supporting market momentum.
• Oil prices are expected to stay elevated for 4-5 months due to the Iran-Israel conflict, constraining Fed rate cuts.
• The seasonal 'Sell in May' may not apply; instead 'Buy in May' is favored as the Middle East situation de-escalates.
• Software is unlikely to replace semiconductors as the market's lead sector.
• Fed policy remains data-dependent and likely to keep rates high, with QT proceeding gradually.
• The Korean market has been the world's best performer, attracting global investor attention.