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Summary

Park Se-ik analyzes the current KOSPI rally in the context of the dot-com bubble, concluding that the AI-driven bull market may continue until around July 2025 but warns of a potential major correction. He advises monitoring the PHLX Semiconductor Index for topping signals and suggests rotating into U.S. Treasury bonds and consumer staples like Coca-Cola when the bubble bursts.

• Park Se-ik compares the current AI rally to the dot-com bubble, noting similarities in market structure and leadership.
• He plans to watch the semiconductor index through July 2025 for MACD and right-shoulder topping signals.
• If software stocks fail to break out and MACD turns negative, he recommends significantly reducing equity exposure.
• He expects long-dated U.S. Treasuries to rally sharply when the AI bubble bursts, offering a hedge.
• Consumer staples like Coca-Cola are expected to rebound after the initial tech crash, as seen in 2000.
• He flags potential risks such as circular investment structures between OpenAI and Oracle and OpenAI's internal turmoil.
• The KOSPI hit a new high during the session with heavy foreign buying in semiconductor stocks.
• The broader recommendation is to enjoy the rally but be prepared to rotate into safe havens.