Tug-of-War Between AI Fundamentals and Macro Risks, Who Will Win in September? | Jang Jae-young, So Jin-woong, Yeo Do-eun, Heo Jae-mu

Tug-of-War Between AI Fundamentals and Macro Risks, Who Will Win in September? | Jang Jae-young, So Jin-woong, Yeo Do-eun, Heo Jae-mu [Morning N Investment]
Watch on YouTube ↗  |  September 11, 2026 at 02:28  |  58:22  |  3PRO TV (삼프로TV)
Speakers
Jang Jaeyoung — Deputy General Manager
So Jin-hoon — Manager
Heo Jae — Host

Summary

The program debates whether AI fundamentals or macro risks will dominate September markets. Jang Jae-young expects the Fed to hold rates, sees oil temporarily elevated then oversupplied in 2026, and favors AI/growth ETFs and HBM memory on the OpenAI Astra effect. So Jin-hoon argues AI demand and capex remain strong, highlights Oracle, commodities/copper, shipping ton-mile, construction machinery, and a tactical valuation watch on Korean chemicals/steel. Both warn that macro events, geopolitics, and the Fed keep volatility high.

  • September macro calendar includes FOMC, BOJ, US-China summit, and a US Senate stablecoin vote.
  • Jang expects a September Fed hold and says falling market rates could favor AI and growth ETFs.
  • Jang views the OpenAI Astra effect as supportive for AI hardware, especially HBM/DRAM/NAND memory.
  • Apple's potential use of Chinese DRAM/NAND is framed as a key event for Korean memory semiconductors.
  • So Jin-hoon expects AI capex to keep benefiting chips, semiconductor equipment, construction/data centers, and power.
  • So favors Oracle, copper/commodities, shipping ton-mile, and Korean construction machinery.
  • Korean chemicals/steel are seen as cheap but fundamentally weak, only a tactical watch.
  • Both speakers expect volatility to remain high in September, with better setup possible after event risks clear.
Ideas
Jang Jaeyoung Deputy General Manager 7:32
Oil elevated now, oversupply in 2026
He cites the EIA short-term energy outlook showing oil in excess demand through Q4, keeping prices elevated around geopolitical risk, but a shift to oversupply in 2026 as transport routes normalize. This keeps near-term inflation pressure but eases it longer term.
WTI MED
Jang Jaeyoung Deputy General Manager 13:12
Watch Apple China memory ruling
He says the key September event for memory investors is whether the US allows Apple to use Chinese DRAM/NAND (CXMT/YMTC) in China-made products. A denial would remove an overhang that pressured semiconductor stocks since June and be positive, while approval could increase semiconductor volatility; either way, it is a key setup for Korean memory names.
000660.KS 005930.KS MED
Jang Jaeyoung Deputy General Manager 23:04
Astra effect boosts AI memory hardware
He says OpenAI's Astra effect is a strong AI hardware catalyst: better coding performance came from using more GPUs, results are stored in memory/NAND, hallucination rates fell, and frontier-model reliability improved. That should expand demand for GPUs, DRAM, and NAND and revive interest in AI hardware after the July correction; the PLUS Global HBM Semiconductor ETF (442580.KS) is his preferred vehicle, with SK hynix, Samsung Electronics, and Micron each about 25% and SanDisk 5%.
442580.KS HIGH
Jang Jaeyoung Deputy General Manager 25:48
AIY ETF benefits from Astra, rate cuts
He favors a newly listed US AI/neocloud ETF (AIY) as an Astra-effect beneficiary. Neoclouds have more upside if rates fall, while hyperclouds are safer, and the ETF should benefit from OpenAI's Astra momentum.
AIY MED
Jang Jaeyoung Deputy General Manager 26:36
Fed hold to lift AI growth ETFs
He argues the Fed is likely to hold rates in September because inflation, oil, and Treasury supply risks are already priced, while hiking could reignite 2022-style tightening fears and hurt the US AI race with China. If the Fed holds, market rates can fall from already pricing two hikes, favoring AI and growth stocks; he highlights the TIMEFOLIO Global AI Artificial Intelligence Active ETF and KODEX US Nasdaq 100 ETF.
AI-SECTOR KODEX US Nasdaq 100 ETF HIGH
So Jin-hoon Manager 43:31
Oracle AI cloud growth exceeds fears
He views Oracle positively: revenue was near $20B, OCI grew more than 2x, and capex concerns are overstated because customer prepayments cover much of the spending. Aggressive AI infrastructure buildout is converting into revenue and profit, confirming AI infrastructure demand.
ORCL HIGH
So Jin-hoon Manager 47:40
AI-driven copper, commodities stay strong
He sees opportunity in commodities as inflation and raw-material prices rise; the Bloomberg Commodity Index has surpassed prior highs, and copper is increasingly driven by AI demand. Domestic commodity exposure is limited, so he prefers overseas/US-listed plays.
COPPER DBC MED
So Jin-hoon Manager 48:54
AI capex lifts chips, equipment, power
He argues AI fundamentals keep winning over macro risk: AI demand and earnings continue to improve, hyperscaler capex flows to foundry and memory, and those suppliers are increasing capex. That supports AI semiconductors, semiconductor equipment/materials, construction/data centers, and power infrastructure.
AI Semiconductors Construction/data centers Semiconductor Equipment/Materials Power infrastructure HIGH
So Jin-hoon Manager 50:36
Higher commodity prices aid construction machinery
He likes Korean construction machinery as an indirect beneficiary: the construction cycle is improving from data centers and memory expansion, and higher commodity prices drive mining development and equipment demand. The link is indirect but positive.
KORE MED
So Jin-hoon Manager 51:55
Geopolitical disruption lifts shipping ton-miles
He argues geopolitical conflict and shipping-route disruptions create transport inefficiency and longer routes, increasing ton-mile demand for shipping; even normalization may be slow. Domestic operators are less attractive, so he prefers overseas shipping exposure.
Global shipping/ton-mile MED
So Jin-hoon Manager 53:52
Korean chemicals, steel are valuation watches
He says Korean chemicals and steel remain fundamentally weak with slow structural adjustment and Chinese competition, but low valuations mean they can rally tactically on small signs of improvement. He prefers overseas/US commodity plays for cleaner raw-material exposure.
Korean steel Korean chemicals MED
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This 3PRO TV (삼프로TV) video, published September 11, 2026, features Jang Jaeyoung, So Jin-hoon discussing WTI, 000660.KS, 005930.KS, 442580.KS, AIY, AI-SECTOR, KODEX US Nasdaq 100 ETF, ORCL, COPPER, DBC, AI Semiconductors, Construction/data centers, Semiconductor Equipment/Materials, Power infrastructure, KORE, Global shipping/ton-mile, Korean steel, Korean chemicals. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jang Jaeyoung, So Jin-hoon  · Tickers: WTI, 000660.KS, 005930.KS, 442580.KS, AIY, AI-SECTOR, KODEX US Nasdaq 100 ETF, ORCL, COPPER, DBC, AI Semiconductors, Construction/data centers, Semiconductor Equipment/Materials, Power infrastructure, KORE, Global shipping/ton-mile, Korean steel, Korean chemicals