Rebounding Stock Market, the Real Change Is Elsewhere... New Money Flowing Towards AI | Shinhan Securities Dr. Kim Hyojin Weekend Interview

Summary

Dr. Kim Hyo-jin reviews the rebounding KOSPI and cautions that near-term index momentum may fade into consolidation after AI earnings catalysts. He highlights sticky high U.S. Treasury yields driven by Taylor Rule fair value near 5.1%, warning that broader liquidity is gradually tightening. The main new theme is chip-based AI infrastructure financing led by NVIDIA, BlackRock and KKR; he sees large near-term money flowing into AI, with Samsung Electronics and SK Hynix as domestic beneficiaries.

• KOSPI rebound likely enters a consolidation phase; NVIDIA's August 26 earnings are the next key catalyst.
• U.S. 10-year Treasury yields keep grinding higher despite lower oil and benign inflation/employment data.
• Taylor Rule fair value is around 5.1%, above the current 10-year yield near 4.7%.
• Bond market caution resembles early vigilante behavior, but not yet a full bond-market panic.
• The NVIDIA-BlackRock-KKR computing-finance initiative is viewed as a new funding channel for AI infrastructure.
• Kim expects a compressed MBS-like boom-bust pattern: positive near-term money inflows, long-term bubble risk.
• Samsung Electronics and SK Hynix remain the main Korean AI beneficiaries.