Demand became more important than interest rates… Memory semiconductors are back in the spotlight, why haven't domestic stocks risen? | Kim Jang-yeol, Unistory Asset Management Center Head [Global Interview]

Summary

Kim Jang-yeol argues that markets are shifting from interest-rate fears to AI and memory fundamentals after the US jobs report and OpenAI's GPT-6 Astra improvement. He shows US memory/storage names have already outperformed since July and sees Korean local memory, especially SK hynix, as lagging and undervalued. Nvidia and Broadcom's multi-year AI forecasts reinforce AI capex durability and HBM pricing strength.

• US jobs data was solid but not overheated, leaving Fed policy data-dependent.
• AI-related job mix showed construction/data center strength and AI-driven labor reduction.
• OpenAI's GPT-6 Astra raises end-to-end work success, shifting AI competition toward task completion.
• US memory/storage names such as Micron, SanDisk and SK hynix ADR have outperformed big tech since late July.
• Korean local memory shares have lagged, with SK hynix local trading at a steep discount to its ADR.
• Nvidia and Broadcom provided multi-year forecasts that support AI capex and HBM pricing.