Interest Rate Burden? Supply/Demand Burden? Now is Not the 'Selling Season' | Lee Seon-yeop, AFW Partners CEO [Global Interview]

Watch on YouTube ↗  |  May 21, 2026 at 23:13  |  34:55  |  3PRO TV (삼프로TV)
Speakers
Lee Seon-yeop — CEO, AFW Partners

Summary

Lee Seon-yeop, CEO of AFW Partners, argues that the recent US bond yield rise is supply-driven and temporary, with the 10-year peaking near 4.8%. He remains bullish on AI semiconductor stocks, especially SK hynix as a pure memory play, and explains that foreign selling in Samsung and SK hynix is mechanical due to regulatory index caps, not bearish. He also expects oil prices to decline as geopolitical tensions resolve. He sees no imminent rotation away from AI into other sectors.

  • Lee expects US 10-year yield to peak around 4.8%, limiting market downside.
  • SK hynix is favored as a pure memory beneficiary of AI demand.
  • Samsung Electronics is also supported; foreign selling is mechanical from index caps.
  • Foreign selling in Korean tech is not a bearish signal; look at proxy stocks.
  • Crude oil likely to decline as supply disruptions from Iran resolve.
  • AI semiconductor theme remains dominant; no rotation to laggards expected.
  • Physical AI (robotics) is a long-term theme but not yet actionable with a specific ticker.
Trade Ideas
Lee Seon-yeop CEO, AFW Partners 3:30
Oil will decline as supply shocks fade.
The recent oil price spike is supply-driven (Iran tensions, Hormuz Strait) and not fueled by strong demand. High oil prices will eventually hurt economic activity, reducing demand and causing oil to decline. Additionally, Trump has a strong incentive to resolve the conflict quickly because global strategic petroleum reserves are at dangerously low levels, and a prolonged disruption could force emergency buying. Therefore, oil prices will likely fall over time.
WTI MED
Lee Seon-yeop CEO, AFW Partners 4:47
10-year yield peaks near 4.8%.
The recent rise in US 10-year Treasury yields is supply-driven due to oil spikes from Iran tensions, not demand-pull inflation. The oil-driven price pressure will be temporary because Trump needs to resolve the conflict before strategic petroleum reserves run critically low, and because the absolute yield level (around 4.5%) is still far below the 6-7% that historically broke markets. Therefore, the 10-year yield is unlikely to exceed 4.8% and a peak is likely near current levels. This caps the downside risk for equities and bonds.
US10Y MED
Lee Seon-yeop CEO, AFW Partners 10:30
NVIDIA still positive but capped by custom chips.
NVIDIA continues to report strong earnings driven by AI demand, but the market's high expectations limit explosive upside. A secondary concern is that major customers (Google, etc.) are developing custom chips (TPU, MPU) to reduce dependence on NVIDIA, which could cap long-term growth. Nonetheless, NVIDIA remains the dominant AI chip supplier and the fundamental story is intact, so the long case holds.
NVDA MED
Lee Seon-yeop CEO, AFW Partners 22:56
SK hynix is a pure AI memory play.
SK hynix is a pure memory play and the primary beneficiary of the AI-driven memory boom. Current foreign selling is mechanical due to regulatory index caps (combined weight >50%), not a bearish view. Once the cap-driven selling abates, the stock should resume its uptrend driven by improving earnings. The company's exclusive focus on memory gives it a cleaner leverage to the AI cycle compared to Samsung.
000660.KS HIGH
Lee Seon-yeop CEO, AFW Partners 24:46
Samsung selling is mechanical, not bearish.
Samsung Electronics is also benefiting from AI memory demand, and the recent foreign selling is largely mechanical because its weight in Korea-focused ETFs cannot exceed 25% and the combined weight of Samsung, SK hynix, and SK Square must stay below 50%. This forced selling does not reflect a negative outlook. Samsung's broader business mix (foundry, consumer electronics) makes it less pure than SK hynix but it remains a core holding in the AI semiconductor theme.
005930.KS HIGH
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This 3PRO TV (삼프로TV) video, published May 21, 2026, features Lee Seon-yeop discussing WTI, US10Y, NVDA, 000660.KS, 005930.KS. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Seon-yeop  · Tickers: WTI, US10Y, NVDA, 000660.KS, 005930.KS