Trump's Hidden Intentions Behind Reducing US-ROK Joint Exercises and Courting North Korea; Koo Kwang-mo-Jensen Huang AI Alliance and Choi Tae-won-Bill Gates SMR Alliance

Summary

Kwon Soon-woo reviews macro pressure from rising 30-year Treasury yields and oil, while noting memory semiconductor strength as a Korean market cushion. He covers Trump's surprise call to reduce US-ROK joint exercises and why North Korea may be in no rush to negotiate. The briefing also details the Nvidia-LG physical AI alliance and the Bill Gates TerraPower SMR visit, highlighting SK Innovation, HD Hyundai Heavy Industries and Doosan Enerbility as key Korean beneficiaries.

• Rising 30-year Treasury yields and oil-driven inflation concerns are adding macro instability to US markets.
• Korea's heavy memory semiconductor exposure is seen as a relative cushion because memory earnings remain strong.
• Trump announced a reduction in US-ROK joint exercises, but immediate implementation details remain unclear.
• North Korea's improved economic position from Russia and China ties makes near-term denuclearization talks less likely.
• Nvidia and LG are pursuing robotics, AI factory and future mobility cooperation, with LG's many components seen as potential synergy assets.
• Korea's large AIDC buildout is creating opportunities, but Korean firms still lack an integrated AI factory champion.
• Bill Gates visited Korea for TerraPower SMR cooperation; SK Innovation, HD Hyundai Heavy and Doosan Enerbility are positioned in the SMR supply chain.