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Unprecedented Boom Until Next Year, But Why Is Peak-Out Fear Felt? | Lee Hyung-soo, HSL Partners CEO

Unprecedented Boom Until Next Year" But Why Is Peak Out Fear Felt? | Lee Hyung-soo, HSL Partners CEO [Double Up]
Watch on YouTube ↗  |  July 13, 2026 at 01:39  |  19:41  |  3PRO TV (삼프로TV)
Speakers
Lee Hyung-soo — Reporter, The Bell
Vincent — Host

Summary

Lee Hyung-soo, CEO of HSL Partners, breaks down the SK Hynix ADR listing and its mixed short- and long-term implications, analyzes the current memory semiconductor cycle and the debate over whether peak-out fears are justified, and highlights the strong capex-driven outlook for front-end semiconductor equipment stocks. He also discusses the importance of upcoming big tech earnings for market direction, while host Vincent closes by urging investors to keep faith in big tech.

  • SK Hynix ADR is a long-term positive but near-term uncertainty around arbitrage and FX is causing swings.
  • Memory semiconductors are undergoing a structural shift with long-term contracts, making this cycle different from the past.
  • Front-end semiconductor equipment is in a strong capex upcycle with over 50% growth expected next year.
  • Big tech Q2 earnings calls will be critical in shaping market sentiment on chip demand.
  • AI token demand is bifurcating by segment, raising questions about infrastructure spending sustainability.
  • The host recommends staying focused on US big tech despite the volatility.
Ideas
Lee Hyung-soo Reporter, The Bell 0:40
ADR catalyzes long-term re-rating, near-term volatility.
SK Hynix's ADR listing is positive in the medium to long term because it will ultimately drive shareholder returns and improve investor access. Potential inclusion in the Philadelphia Semiconductor Index or other major indices could spark another sharp rally. However, near-term uncertainty over FX market impact, custody arrangements, and arbitrage trading between the ADR and local shares, as well as initial profit-taking, is creating short-term volatility.
000660.KS MED
Lee Hyung-soo Reporter, The Bell 5:30
Memory cycle is structurally different this time.
The memory semiconductor cycle is undergoing a structural shift away from commodities toward specialty and foundry-like products, supported by long-term annual contracts (LTA) that smooth price volatility. Despite a growth rate deceleration and high base effects, the industry consensus is that this time is different. Prices may hold while volume (Q) rises, driving continued revenue growth and keeping the upcycle intact longer than past cycles.
005930.KS MED
Lee Hyung-soo Reporter, The Bell 7:30
Front-end equipment boom on surging capex.
Memory semiconductor capex is surging—27% growth this year and over 50% next year for front-end equipment—creating extremely high order visibility for front-end semiconductor equipment makers. As the investment narrative shifts from P (price) to Q (volume), equipment demand is the most direct beneficiary, and funds are already flowing into these names.
036930.KQ WONIK IPS 095610.KQ HIGH
Vincent Host 19:30
Big tech still worth focusing on now.
Despite the current choppy market and peak-out fears, big tech companies still offer an attractive destination. The host suggests maintaining focus on big tech, implying they will weather the uncertainty and continue to deliver.
U.S. Big Tech LOW
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This 3PRO TV (삼프로TV) video, published July 13, 2026, features Lee Hyung-soo, Vincent discussing 000660.KS, 005930.KS, 036930.KQ, WONIK IPS, 095610.KQ, U.S. Big Tech. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Hyung-soo, Vincent  · Tickers: 000660.KS, 005930.KS, 036930.KQ, WONIK IPS, 095610.KQ, U.S. Big Tech