June 25 Closing Market Conditions: Semiconductor's solo run is not ending, heading towards extreme concentration

Summary

On June 25, Micron's near-perfect earnings drove an extreme concentration rally in Korean semiconductor stocks, led by SK Hynix up 13% and Samsung Electronics up 5%, while the KOSDAQ fell. Kim Jang-yeol and Lee Kwon-hee provided detailed bullish theses on SK Hynix (re-rating via Micron and ADR) and Samsung Electronics (valuation catch-up), and Lee highlighted Samsung SDI as the top battery pick. The panel also touched on oil price declines briefly helping airlines and KEPCO, and the long-term but distant semiconductor equipment cycle.

• Micron reported near-perfect earnings with strong guidance, driving a powerful rally in Korean memory stocks.
• SK Hynix surged 13% on Micron's results and the upcoming July 10 ADR listing, seen as a significant re-rating catalyst.
• Samsung Electronics rose 5% and is considered undervalued versus Hynix, with Kim suggesting it is still a buy for those without exposure.
• The KOSDAQ fell over 2% as liquidity rotated heavily into large-cap semiconductors, creating extreme polarization.
• Lee Kwon-hee named Samsung SDI as the top battery play, citing European advantages, ESS focus, BBU, and solid-state tech.
• Oil prices fell to near pre-war levels, providing a temporary lift to airline and KEPCO shares, though theses were weak.
• A 20-year semiconductor equipment capex cycle was discussed but deemed too distant for immediate trading.