The Real Reason My Cash Allocation is 50% Now... If OpenAI Falters, the Stock Market Will Collapse! What Kind of Negative Impact Will Anthropic's Listing Have on the Korean Stock Market? | Geumsigong CEO Jang Woojin

Summary

Geumsigong CEO Jang Woo-jin discusses the potential risks in the AI sector, highlighting OpenAI's slowing revenue growth and massive operating losses as warning signs for the broader AI hardware market. He argues that the memory semiconductor price cycle has peaked and warns that power supply bottlenecks will slow down data center expansion. Consequently, he advises investors to avoid semiconductor equipment stocks and instead focus on power infrastructure and AI software companies that can monetize the technology.

• OpenAI's slowing revenue growth and price war strategy pose a significant risk to the AI hardware demand cycle.
• Anthropic's upcoming IPO or major funding round could act as a liquidity black hole, causing market volatility.
• Investors should anticipate selling pressure on Anthropic-related stocks like SK Telecom a few weeks before the actual event.
• The memory semiconductor price cycle has ended, and prices are expected to decline as the market shifts to a quantity-driven cycle.
• Power supply constraints for data centers will drive sustained investment in nuclear, hydrogen, solar, and LNG infrastructure.
• The ultimate winners of the AI boom will be software and service companies, similar to the aftermath of the 2000s internet bubble.
• Semiconductor equipment and material suppliers should be avoided due to high downstream volatility and lack of downside protection.