China's Chip Competitiveness...Is It Worth Watching Now?_26.05.27. | So Jin-woong, Yeo Do-eun, Heo Jae-mu [Morning N Investment]

Summary

In this episode of Morning N Investment, hosts Heo Jae-mu and Yeo Do-eun discuss the day's concentrated market rally led by Samsung Electronics and SK hynix, and interview guest So Jin-woong, a manager with 10 years of experience, about Asian semiconductor themes. So Jin-woong argues that investors must follow the AI memory trend due to clear earnings visibility, while downplaying near-term threats from Chinese semiconductor self-sufficiency. He also touches on Japanese and Taiwanese market dynamics, space and robotics as upcoming themes, and the BOJ's rate decision as a macro factor.

• KOSPI rises 3.8% but only a handful of stocks, mainly Samsung Electronics and SK hynix, drive the rally; leverage ETFs surge.
• Guest So Jin-woong advises that despite macro headwinds, AI memory semiconductors remain a must-follow investment theme.
• Chinese chip stocks like SMIC and Cambricon have rallied but the guest finds limited investment incentive due to equipment supply constraints.
• Japan's semiconductor supply chain (materials, MLCC, substrates) is also benefiting, but valuations are not cheap.
• Space and robotics are highlighted as themes to watch for upcoming IPOs and events.
• The BOJ's June rate decision is already priced in, but a higher-than-expected terminal rate could become a new risk.
• Taiwan's stock market overtakes India in market cap thanks to TSMC and a broad AI value chain.
• Geopolitical risks around Taiwan are seen as manageable in the near term.