The Next Sector to Explode After Semiconductors is Right Here

Summary

Lee Jae-chan, a PB at Hana Securities Myeongdong Financial Center, discusses two topics: the second issuance of the tax-advantaged National Growth Fund, recommending up to 30 million won for a near-guaranteed 10% effective return, and the next AI supply-chain bottleneck—data center construction and labor. He highlights US company Sterling Infrastructure as a unique beneficiary with an internalized workforce and favorable contract terms, and advises watching for signs of sentiment fatigue in popular bottleneck plays.

• Lee reviews the second round of the government-backed National Growth Fund, which offers tax deductions for investments in advanced tech sectors.
• A 30 million won investment in the fund can generate an effective 9–10% return from tax savings for taxpayers in the 24% bracket, while larger investments see declining benefits.
• The AI bottleneck narrative has shifted from GPUs to power to memory, and the next bottleneck is expected to be data center construction and skilled labor.
• Sterling Infrastructure is the only US company that has internalized its construction workforce, a critical advantage as 40% of construction workers retire by 2031.
• Sterling’s data center contracts split material savings 70-30 with clients, creating strong profit incentives as hyperscaler spending surges.
• Lee cautions that even while bottlenecks persist, investor sentiment can cool; watching Big Tech earnings calls and consensus signals is important for timing.
• Overall market sentiment remains bullish, with retail investors still actively buying despite the KOSPI trading near historic highs.