US Tariff Storm, Semiconductors Next… Taiwan Reciprocal Tariff 15%, $250 Billion US Investment, BOK Holds Base Rate at 2.5% | Kwon Soon-woo, 3PRO TV Team Lead

Summary

Kwon Soon-woo reviews the US semiconductor export tax on H200 chips bound for China, TSMC's record earnings and strong capex guidance, and Taiwan's 15% reciprocal tariff with $250 billion in US investment. He also covers the Bank of Korea's rate hold at 2.5%, Korea's K-shaped economy with strong non-semiconductor export sectors and weak construction/steel/chemicals, and the first national AI foundation model evaluation. Investment implications center on TSMC, Korean memory makers, and Korean export sectors outside semiconductors.

• US imposes a 25% export tax on H200 chips destined for China, with verification requirements and limited impact on Korean memory used in US data centers.
• TSMC reported record results, guided about 30% annual revenue growth, and plans more than 30% higher capex.
• Taiwan's reciprocal tariff was cut to 15%, paired with $250 billion in US investment and additional TSMC fabs.
• The Bank of Korea held its base rate at 2.5%, citing FX, inflation, and real estate pressures.
• Korea's economy is diverging: autos, shipbuilding, power equipment, cosmetics, defense, nuclear, and bio exports are strong, while construction, steel, and chemicals lag.
• Naver and NCSoft were eliminated from the first national AI foundation model evaluation; Upstage, SK Telecom, and LG AI Research advanced.
• The episode included promotional segments for Galaxy S24 and apparel that are not investment theses.