Afternoon Broadcast Full: Semiconductor Earnings Week, Rally Stops; Morgan Stanley's Memory Peak Theory Explodes

Summary

The broadcast covers a sharp KOSPI sell-off triggered by circuit breaker despite Samsung Electronics' record earnings. Guests dissect the impact of leverage ETFs, the Morgan Stanley 'memory peak' report, and sector rotation. Kim Jang-yeol advises gradual buying of Samsung/SK hynix on dips; Lee Kwon-hee highlights LG Electronics and non-AI sectors as opportunities; Lee Ji-hwan draws historical parallels to argue the semiconductor-led bull market has further to run, recommending holding leaders through the correction.

• KOSPI crashes 4.9% and triggers circuit breaker; Samsung Electronics record earnings fail to stem decline.
• Leverage ETFs exacerbate downside volatility, creating severe supply-demand distortions.
• Morgan Stanley report calls a peak for memory, recommending a shift toward hyperscaler stocks.
• Kim Jang-yeol sees Samsung and SK hynix valuations as overly cheap vs Micron, suggests cautious buying on weakness.
• Lee Kwon-hee points to LG Electronics' strong earnings and data-center cooling tailwind, plus cosmetics/entertainment/biotech as temporary plays.
• Lee Ji-hwan argues the correction resembles the 2004-07 level-up, with semiconductor leaders likely to stage another up-leg.
• Key upcoming catalysts are Big Tech (Meta, Alphabet, etc.) earnings and capex guidance in late July; KOSPI support at 7200-7500.