National Pension Service's 74 Trillion Won Sell-Off Bomb Theory is Absurd — Kim Seong-ju Says Gradual Rebalancing

Summary

Host Park Se-ik reviews the day's news: the National Pension Service's strong returns from domestic stocks delayed fund depletion, and its chairman dismissed fears of a 74 trillion won sell-off; K-content on Netflix is fueling tourism and supporting Korea's bull market; China's super-rich growth stalls amid a property slump; China's CXMT memory IPO challenges Korean memory makers; and Micron's CEO blames customer price pressure for memory shortages.

• National Pension Service's fund depletion pushed back to 2069–2078 after an 18.8% return last year; domestic equity return exceeded 100% by June.
• NPS chairman Kim Seong-ju calls the 74 trillion won sell-off bomb theory absurd and notes rebalancing rules were changed to smooth daily selling.
• K-content via Netflix drives tourism: 80% of surveyed foreign visitors were influenced by K-content, and rising tourist arrivals will solve weak domestic demand, lifting Korean stocks.
• China's millionaire count grew only 0.3%, well below the global average, as a 4.1% drop in home prices outweighed stock market gains.
• China's CXMT plans to list shares and ramp DDR5 production, potentially intensifying competition for Samsung and SK Hynix.
• Micron's CEO says memory supply will remain tight because past customer price-squeezing hurt industry capacity investment.
• The host advocates rotating semiconductor holdings into beaten-down reconstruction names like Hanwha Engine, which can recover to pre-war highs.