SK Hynix Market Cap #1 Countdown, This Is What Happens Next | Lee Kyung-soo, Hana Securities Research Center Senior Researcher

Summary

Hana Securities Senior Researcher Lee Kyung-soo argues that retail inflows from real estate sales are offsetting NPS and foreign selling to support Korean stocks, Space X's Nasdaq 100 inclusion creates a short-term floor, SK Hynix's ADR listing will attract passive money, and AI hardware remains the top defensive; he also backs Micron's upcoming earnings.

• National Pension Service rebalancing is not a crash risk, but will cap upside; the key force is individual investor inflows from real estate.
• Real estate sale proceeds are flowing into Korean stocks, driven by tax policy changes, and could intensify with further property tax moves.
• Space X's Nasdaq 100 inclusion next week will generate passive buying, while this week may offer a buying opportunity as a floor forms.
• SK Hynix's ADR listing on Nasdaq has limited immediate supply effect, but post-listing passive fund inflows are expected to be positive for the stock.
• In a high-rate environment, AI hardware (semiconductors) is the defensive safe haven within AI, with strong global earnings momentum.
• Micron's upcoming earnings are likely to beat estimates, continuing the semiconductor uptrend, though short-term volatility is possible.
• The historic market cap battle between SK Hynix and Samsung Electronics is symbolic, but its passive flow impact is limited.