Even with Nvidia's Amazing Earnings, 'It's Too Dangerous' | Jang Woo-jin, CEO of Geumsigong

Even with Nvidia's amazing earnings," it's too dangerous | Jang Woojin, CEO of Geumsigong [Weekend Interview]
Watch on YouTube ↗  |  August 28, 2026 at 23:00  |  52:33  |  3PRO TV (삼프로TV)
Speakers
Jang Woo-jin — Writer

Summary

Jang Woo-jin, CEO of Geumsigong, explains why Nvidia's blowout earnings did not ignite AI stocks: OpenAI's losses, power bottlenecks, and AI capex funding limits keep the market in a tug-of-war. He recommends buying Korean indices or semiconductor ETFs on September weakness, accumulating gold and a 30% long-bond/gold insurance sleeve, and likes Korean refiners on diesel shortages while avoiding domestic retail under rate pressure.

  • Nvidia earnings were exceptional but the AI complex is capped by OpenAI profitability doubts, power delays, and financing constraints.
  • Google/Gemini is seen as a likely AI survivor because it is embedded in Google services and Google earns well.
  • Global diesel and crack spreads remain elevated on refinery attacks and Russian export restrictions, benefiting Korean refiners like S-Oil.
  • Gold is a long-term core holding on fiat debasement, central bank demand, and Asian demand.
  • September is likely weak or correction-prone; buy broad Korean indices, KOSDAQ, or KODEX Semiconductor on dips.
  • Bank of Korea rate hikes pressure domestic retailers but are less damaging for exporters.
  • Watch Jackson Hole/Fed policy, CPI/PPI, and employment data as key macro variables.
Ideas
Jang Woo-jin Writer 3:51
Nvidia upside capped despite amazing AI earnings
Nvidia delivered blowout earnings and unusually gave annual guidance for 70% revenue growth that it called conservative, yet the after-hours stock gain was only about 4% and semiconductor names faded. The market sees strong near-term demand but still worries whether OpenAI can sustain massive losses, whether power infrastructure delays could leave memory inventory and hit 2028 pricing, and whether AI capex money has limits, keeping AI hardware in a tug-of-war rather than a clear advance.
NVDA SMH HIGH
Jang Woo-jin Writer 14:29
Google likely survives and wins AI race
Google's Gemini is the AI model least likely to disappear because it is already embedded in Google search, Chrome, and other Google services. Google earns enough money to endure the AI spending race, and even if it shrinks the standalone LLM model it can absorb AI into its overall business, giving Alphabet a survivability and integration edge.
GOOGL MED
Jang Woo-jin Writer 24:06
Rate hikes pressure Korean domestic retailers
The Bank of Korea's rate hike is not a major factor for Korea's export-led market, but it is a negative for domestic-focused consumption names. Department stores and hypermarkets are hit first, and higher rates ultimately compress valuations and reduce consumption, making domestic retail a clear headwind.
Korean department stores and hypermarkets MED
Jang Woo-jin Writer 30:03
Diesel prices stay high on refinery shortages
Global diesel prices and diesel crack spreads have surged back toward 2022 levels because refineries have been attacked, Russian diesel exports are restricted, heavy/sour crude supply has fallen, and lighter US replacement crude yields less diesel. The shortage is not quickly solved even if the Strait of Hormuz situation eases because refining capacity itself is damaged, so diesel and diesel crack margins should remain elevated.
DIESEL HIGH
Jang Woo-jin Writer 31:53
Korean refiners profit from global diesel shortage
Korean refiners such as S-Oil have been benefiting since last year because US refining capacity is tight and Korea earns reflected export benefits. Now attacks on global refining facilities and Russia's diesel export restrictions have worsened the product shortage, so Korean refiners should see very strong earnings and margin opportunities.
010950.KS Korean refiners HIGH
Jang Woo-jin Writer 44:00
Buy Korean indices on September weakness
If September brings a correction, historically weak for equities, with Treasury liquidity not released until October, pre-Chuseok Korean liquidity outflows, 3Q earnings disappointment risk, and midterm election noise, investors should buy the broad Korean index, KOSDAQ index, or KODEX Semiconductor ETF rather than trying to pick individual stocks, because individual stock selection is hard and index or leading sector exposure is easier.
091160.KS EWY KOSDAQ Index HIGH
Jang Woo-jin Writer 45:27
Gold should be owned long term
Because recession fear and fiat-debasement risk are both present, he proposes holding about 30% of assets in a combination of long-term government bonds and gold as portfolio insurance. If recession fear hits, long bond yields fall and bond prices rally; if fiat-debasement fears dominate, gold rises. The sleeve can later be sold to buy equities when stock markets fall.
GLD TLT HIGH
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This 3PRO TV (삼프로TV) video, published August 28, 2026, features Jang Woo-jin discussing NVDA, SMH, GOOGL, Korean department stores and hypermarkets, DIESEL, 010950.KS, Korean refiners, 091160.KS, EWY, KOSDAQ Index, GLD, TLT. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jang Woo-jin  · Tickers: NVDA, SMH, GOOGL, Korean department stores and hypermarkets, DIESEL, 010950.KS, Korean refiners, 091160.KS, EWY, KOSDAQ Index, GLD, TLT