Foreigners' 10 Trillion Won Buy Reason… August Stock Market, A Real Bull Market Begins / The Truth of SK Hynix's Limit Up… Why Foreigners Moved First

[#RealMarket] Foreigners' 10 Trillion Won Buy Reason… August Stock Market, A Real Bull Market Begins / The Truth of SK Hynix's Limit Up… Why Foreigners Moved First | Mirae Asset Global Investments Director Choi Chang-gyu
Watch on YouTube ↗  |  August 02, 2026 at 11:00  |  40:54  |  815 Money Talk (815머니톡)
Speakers
Choi Chang-gyu — Director, NH Investment & Securities

Summary

Choi Chang-gyu reviews US and Korean markets after a volatile July, highlighting a potential KOSPI rebound driven by massive foreign buying and bullish futures positioning. He analyzes Big Tech AI capex and earnings divergence, favoring Microsoft and Amazon while warning on Meta, Alphabet, and Oracle. He also flags oversold Korean chip stocks and ETFs, and notes the growing role of leveraged ETFs in amplifying market moves.

  • US markets rallied despite rising long-term rates, led by Amazon's AWS strength, while memory chip ADRs sold off.
  • Foreigners bought a record 10 trillion won of KOSPI stocks, and their futures and options positions now bet on a limited 10-20% upside.
  • SK hynix's correction is characterized as an overdone de-rating; strong earnings and shareholder returns are expected to support the stock.
  • Samsung Electro-Mechanics and SK Square collapsed 30-50% from highs on good earnings, and Choi recommends accessing them via TIGER 200 IT Leverage ETF and KODEX AI Semiconductor Top 2 ETF ahead of AMD/Sandisk earnings.
  • Microsoft demonstrated AI monetization with Azure revenue accelerating to 43% and margins holding, while Meta's margins and free cash flow were severely eroded by AI spending.
  • Among Big Tech, Amazon and Microsoft have strong cash flows to fund AI investments, whereas Alphabet's free cash flow has turned negative and Oracle faces rising credit risk.
  • Korean active covered call ETFs are favored for their tax efficiency and high weight in Samsung Electronics and SK hynix.
  • Leveraged ETF trading now accounts for 40% of ETF volume in the US, introducing short-gamma effects that can amplify both up and down moves.
Ideas
Choi Chang-gyu Director, NH Investment & Securities 10:49
Capex burden turns Alphabet cash flow negative
Alphabet must fund massive data-center capex of around 200 billion dollars, and its free cash flow has already turned negative to -5.9 billion dollars. The investment burden outweighs sales growth, and the market is growing wary of the pressure on financials.
GOOGL MED
Choi Chang-gyu Director, NH Investment & Securities 11:46
Oracle's debt load and credit risk escalate
Oracle plans up to 95 billion dollars in capex, relying on debt for half of it. Its CDS has spiked and its credit rating was downgraded to BBB-, signaling growing credit risk that investors should monitor closely.
ORCL MED
Choi Chang-gyu Director, NH Investment & Securities 13:14
AI capex drives Azure revenue and margins
Microsoft's massive AI investments are directly translating into Azure cloud revenue growth and margin resilience. Azure quarterly growth accelerated to 43%, annual revenue crossed 100 billion dollars, and the company maintained operating margins despite heavy capex, proving that AI demand drives real monetization.
MSFT HIGH
Choi Chang-gyu Director, NH Investment & Securities 13:48
AWS growth and cash flow support capex
Amazon's AWS is the key driver, with growth exceeding expectations and AI infrastructure investment expanding. Amazon can fund capex through strong cash flow from its e-commerce business, giving it a sustainable advantage in the AI race.
AMZN MED
Choi Chang-gyu Director, NH Investment & Securities 14:45
AI capex erodes Meta's profitability
Meta's ad revenue is growing, but AI and data-center investment costs are rising faster than revenue, causing operating margins to plummet from 43% to 31% and free cash flow to shrink to 780 million dollars. The stock will remain sensitive to cost-control efforts and profitability restoration.
META MED
Choi Chang-gyu Director, NH Investment & Securities 25:41
Overdone de-rating, earnings remain strong
SK hynix posted record earnings, but the stock fell sharply due to NAND price and China equipment uncertainties. The correction was mostly an overdone de-rating, not fundamental deterioration. With strong core earnings and a shareholder return policy, the stock is poised to recover.
000660.KS MED
Choi Chang-gyu Director, NH Investment & Securities 30:32
Foreign buying and positioning support limited KOSPI upside
Foreigners have bought 10 trillion won of KOSPI stocks, their futures position has turned net long, and option positioning points to a limited 10-20% upside. Combined with oversold conditions and the likelihood that August will show a different pattern from the difficult July, the KOSPI is expected to move higher with limited but real upside.
EWY MED
Choi Chang-gyu Director, NH Investment & Securities 33:56
Buy beaten-down chip stocks via ETFs
Samsung Electro-Mechanics and SK Square have fallen 30-50% from highs despite good earnings. They are highly sensitive to upcoming AMD and Sandisk earnings and are heavily weighted in TIGER 200 IT Leverage ETF and KODEX AI Semiconductor Top 2 ETF. Use these ETFs to capture the oversold rebound and the potential catalyst from data-center demand signals.
TPLE KODEX AI Semiconductor Top 2 ETF HIGH
Choi Chang-gyu Director, NH Investment & Securities 36:45
Tax-efficient covered call ETFs with chip exposure
Korean active covered call ETFs (TIGER 200 Covered Call Active ETF and TIGER Dividend Covered Call Active ETF) offer tax benefits, where option income is tax-free and only dividends are taxed. With high weights in Samsung Electronics and SK hynix, they provide tax-efficient exposure to the recovery of large-cap tech.
TIGER 200 Covered Call Active ETF TIGER Dividend Covered Call Active ETF LOW
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815 Money Talk (815머니톡) · Aug 02

This 815 Money Talk (815머니톡) video, published August 02, 2026, features Choi Chang-gyu discussing GOOGL, ORCL, MSFT, AMZN, META, 000660.KS, EWY, TPLE, KODEX AI Semiconductor Top 2 ETF, TIGER 200 Covered Call Active ETF, TIGER Dividend Covered Call Active ETF. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Choi Chang-gyu  · Tickers: GOOGL, ORCL, MSFT, AMZN, META, 000660.KS, EWY, TPLE, KODEX AI Semiconductor Top 2 ETF, TIGER 200 Covered Call Active ETF, TIGER Dividend Covered Call Active ETF