[Chesley Morning Brief] Semiconductor Stocks Fall Again in One Day…Nasdaq, S&P500 Drop [26/06/10]

Summary

Chesley Morning Brief on June 10 covers global and Korean markets. Wang Jeong highlights a Chinese PCB-turned-optical stock, Dongsan Precision, as a laser chip growth story. Yuri recaps a mixed US session where AI software sold off but semiconductor equipment held firm on structural capex demand. After a deep-dive “chipflation” report from Morgan Stanley, Park Se-ik lays out high-conviction long calls on Samsung Electro-Mechanics and Hanwha Ocean, while warning that Chinese memory expansion could hurt Samsung Electronics and SK Hynix from late 2026. Bitcoin is seen as an accumulation opportunity amid extreme fear, and the KOSPI is framed as a buy-the-dip candidate with a likely CPI peak.

• China market recovers led by semiconductors and PCBs; Dongsan Precision pitched as an EML laser chip beneficiary with 30% upside.
• US AI names undergo rotation—semiconductor equipment (AMAT, ASML, LRCX) remains the resilient capex play; optical stocks fall on CPO delay fears.
• Morgan Stanley report introduces “chipflation”: memory supply shortage will persist through 2028, making equipment makers the structural winners.
• Park Se-ik is bullish on Samsung Electro-Mechanics (028260.KS) as MLCC and package substrate upcycles lift earnings, and on Hanwha Ocean (042670.KS) as valuation resets with catalysts ahead.
• He urges caution on Samsung Electronics and SK Hynix (AVOID) because Chinese memory makers are closing the tech gap and threatening a supply glut from H2 2026.
• Bitcoin is in extreme fear territory, historically a good accumulation zone; analysts see potential institutional adoption on pullbacks.
• KOSPI is viewed as a buy-on-dip opportunity below 8,000, with May CPI likely marking an inflation peak.