The Semiconductor Cycle Is 'Here' Now, But What's Next? | Park Byeong-chang, MP Partners CEO [Double Up]

Summary

Park Byeong-chang, CEO of MP Partners, discusses the current market rally driven by semiconductors and AI infrastructure. He advises following market trends rather than chasing undervalued stocks, emphasizing that strong leaders like Samsung and SK hynix should be held as core positions. He also contrasts KOSPI and KOSDAQ, warning that the latter is not broadly undervalued and that policy changes may only benefit a handful of top-tier names. The interview touches on ETF flows, BOJ policy, and the importance of adapting to regime changes in market structure.

• The AI semiconductor cycle is still in its mid-phase; infrastructure buildout is roughly 60-70% complete.
• Samsung Electronics and SK hynix remain the key leaders; investors should buy them on dips.
• KOSDAQ is not undervalued; only the top 10-20 stocks in the same sectors as KOSPI leaders are relatively safer.
• ETF inflows are fundamentally changing market dynamics, making trends more persistent and corrections less frequent.
• Domestic institutions have been net sellers this year, but the National Pension Service's allocation increase is a positive signal.
• BOJ rate hikes are unlikely to cause a major disruption due to global coordination.
• The speaker advocates following the money flow ('surfing the market') rather than trying to pick bottoms.
• KOSPI's rally is driven by semiconductors, robotics, and system integration sectors.