AI Should Be Seen as a PC Revolution, Not a Dot-Com Bubble | Park Se-ik Executive Director & Chesley Investment Advisory

Summary

The conversation centers on AI as a PC-style structural revolution rather than a dot-com bubble, with positive views on NVIDIA, Samsung Electronics, SK hynix and broader AI infrastructure. It also covers KOSPI foreign inflows and a detailed Korean entertainment sector discussion, where SM Entertainment and HYBE are favored while JYP and YG are viewed as less attractive, using odd/even-year seasonality as a timing framework.

• NVIDIA is viewed as a structural AI growth story since ChatGPT, not a cyclical semiconductor name.
• Samsung Electronics and SK hynix are expected to re-rate as their HBM becomes tied to AI infrastructure.
• AI is seen as analogous to the PC revolution, not the dot-com bubble, supporting continued AI infrastructure expansion.
• Foreign buying in KOSPI cash and futures supports a potential rally into late September-October after a short-term pullback.
• Korean entertainment stocks show a strong odd-year/even-year pattern, suggesting buying even-year drawdowns and selling odd-year strength.
• SM Entertainment is preferred for its diversified artist pipeline, China JV, and steadier post-Lee Soo-man earnings.
• HYBE is considered a probabilistic buy despite BTS re-contract noise, while JYP and YG are viewed as less attractive.