Daily Morning Fund Managers' Investment Meeting Live | Park Se-ik Senior Managing Director & Chesley Investment Advisory [Morning Brief / July 23, Thu]

Daily Morning Fund Managers' Investment Meeting Live | Park Se-ik Senior Managing Director & Chesley Investment Advisory [Morning Brief / 23.07.26.Thu]
Watch on YouTube ↗  |  July 23, 2026 at 00:34  |  1:51:02  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Wang Bujang — China Market Analyst
Chang-min Pro — Producer/Analyst
Jeon-hyuk — Analyst
Choi Ho — Vice President
Oh Gwa-jang — Analyst
Park Se-ik — CEO, ex-Chief Strategist

Summary

The morning briefing covers Asian markets, highlights Doosan Enerbility's new data center gas turbine order, and dives into US AI hardware trends with Super Micro's margin surge and AMD's Anthropic deal. Bitcoin's technical and inflow backdrop is rated positive. The second half intensely analyzes Alphabet's capex-heavy cloud success and Tesla's margin crunch, concluding that AI infrastructure beneficiaries (Philadelphia semis, Samsung, SK Hynix) are preferred over big tech themselves, and a domestic Korean semiconductor parts name TCK is flagged as an oversold recovery play.

  • Doosan Enerbility lands data center gas turbine order; target 172,000 won (43% upside).
  • Super Micro's margin surprise signals AI server pricing power, lifting Dell and HP.
  • AMD secures Anthropic as anchor customer for next-gen MI450 chip; neo-clouds benefit.
  • Bitcoin ETF inflows strong; technical chart shows absorption of supply cloud.
  • Alphabet capex raised to $195-205B; cloud revenue up 82%, validating AI infrastructure demand.
  • Tesla regulatory credits collapse; margins and free cash flow turn negative.
  • Strategist favors AI semiconductors (SOX, Samsung, SK Hynix) over big tech near term.
  • TCK (semicon parts) corrects 40%, buy rated, poised to benefit from memory capex.
Ideas
Wang Bujang China Market Analyst 3:46
Data center gas turbine order drives growth
Doosan Enerbility reported a new data center gas turbine order worth about 9.9 billion won. The company has solid earnings growth with overseas GP margin of 18% and China margin of 25.7%. A Korea Investment & Securities report maintains a buy rating, raises EPS estimates, and sets a target price of 172,000 won, offering 43% upside from the last close. The company is actively communicating with the market, and new orders support sustained earnings momentum.
034020.KS MED
Chang-min Pro Producer/Analyst 9:25
AI server shortage boosts assembler margins
Super Micro's preliminary quarterly earnings showed gross margin guidance doubling to 15-17%, far above the prior 8.2-8.4%. The company attributed this to AI server demand far exceeding supply, giving assemblers rare pricing power. Dell and HP also rose on the same logic, as they face the same supply-demand conditions and should enjoy similar margin improvement. The market is rewarding assemblers that can convert AI demand into margin expansion.
DELL HPQ SMCI HIGH
Chang-min Pro Producer/Analyst 14:34
AMD's anchor AI client boosts demand
AMD signed a deal with Anthropic to supply its next-generation Instinct MI450 AI chip at up to 2GW scale starting in H1 2027, with AMD investing up to $5 billion. This anchor client win validates AMD's AI roadmap and provides a large revenue pipeline. Neo-cloud providers like Nebius, which lease GPU capacity, stand to benefit from the increased compute demand as Anthropic uses both owned and leased infrastructure.
NBIS AMD MED
Jeon-hyuk Analyst 20:43
Bitcoin bullish on ETF inflows and chart
Bitcoin shows a positive technical picture with Ichimoku cloud absorption and strong ETF inflows, the highest since May. The regulatory clarity act has progressed, though full passage faces hurdles, the long-term trend remains constructive. The price is holding well despite geopolitical noise and is expected to trend higher toward the historically favorable September-October period.
BTC MED
Choi Ho Vice President 36:04
Capex surge lifts semiconductor stocks
Alphabet's cloud revenue surged 82% YoY and capex guidance was raised to $195-205B from $180-190B, signaling strong AI demand and continued heavy investment. This environment is extremely favorable for AI infrastructure and semiconductor companies. The Philadelphia Semiconductor Index will rise, with chipmakers like Samsung Electronics and SK Hynix being the strongest beneficiaries of the capex wave.
005930.KS SOXX 000660.KS HIGH
Choi Ho Vice President 36:49
Big tech cash burn hurts near-term performance
Although Alphabet and Tesla delivered strong capex commitments that please AI infrastructure investors, the big tech companies themselves are entering a period of negative free cash flow and heavy spending. Alphabet's capex rose to $44.9B and Tesla's capex doubled, pushing both into negative free cash flow. Near-term stock performance for these big tech names is likely to be frustrating as the market absorbs the dilution risk and cash burn, making them unattractive relative to the beneficiaries of their spending.
GOOGL TSLA MED
Oh Gwa-jang Analyst 92:48
TCK benefits from memory capex recovery
TCK is a semiconductor parts company that has corrected about 40% from its highs, making valuation attractive. A Korea Investment & Securities report maintains a buy rating and target of 400,000 won. The upcoming ramp in DRAM (and later NAND) capex will drive demand for its SIC rings used in deposition equipment, and the expiration of a marketing fee agreement with KC will improve operating margins by 2pp from 2027. The company is seen as a stable earnings compounder with a visible catalyst.
064760.KQ MED
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This Chesley Investment Advisory (체슬리투자자문) video, published July 23, 2026, features Wang Bujang, Chang-min Pro, Jeon-hyuk, Choi Ho, Oh Gwa-jang discussing 034020.KS, DELL, HPQ, SMCI, NBIS, AMD, BTC, 005930.KS, SOXX, 000660.KS, GOOGL, TSLA, 064760.KQ. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wang Bujang, Chang-min Pro, Jeon-hyuk, Choi Ho, Oh Gwa-jang  · Tickers: 034020.KS, DELL, HPQ, SMCI, NBIS, AMD, BTC, 005930.KS, SOXX, 000660.KS, GOOGL, TSLA, 064760.KQ