SanDisk and Micron fall: Is the memory semiconductor stock correction starting? When will software companies' decline end? | Song Jae-kyung, CEO of Dimension Investment Advisory

샌디스크, 마이크론 '하락' 메모리반도체 주가 조정 시작? 소프트웨어 기업들의 하락 대체 언제 끝날까요? | 송재경 디멘젼투자자문 대표 [글로벌 인터뷰]
Watch on YouTube ↗  |  February 10, 2026 at 22:52  |  31:30  |  3PRO TV (삼프로TV)
Speakers
Song Jaekyung — CEO

Summary

Song Jae-kyung, CEO of Dimension Investment Advisory, discusses a market split between AI hardware winners and AI-disruption losers. He warns that US software/SaaS multiples remain under pressure from AI agents, while physical AI semiconductor supply-chain names like foundry and memory remain preferred. He also flags risks from hyperscaler capex, falling buybacks, and debt-funded AI spending, and points to broadening into equal-weight indices and real-economy cyclicals such as transport, airlines, and distribution.

  • AI is creating clearer winners and losers, with software/SaaS the first major disruption target.
  • AI agents may erode software pricing power and high multiples, making dip-buying premature.
  • Physical AI hardware, especially memory and foundry, remains the visible and non-substitutable beneficiary.
  • TSMC's aggressive capex and order visibility support the hardware preference.
  • Hyperscaler capex, debt issuance, and shrinking buybacks threaten Big Tech's high multiples.
  • Google is viewed as the best-positioned mega-cap AI survivor.
  • US market breadth is improving, with equal-weight S&P 500 ETFs at highs.
  • Global cyclicals and real-economy sectors, including transport, airlines, and distribution, are strengthening.
Ideas
Song Jaekyung CEO 7:09
Avoid dip-buying AI-disrupted US software.
US software and SaaS companies are the first major AI-disruption target. AI agents can sit above incumbent software, optimize corporate spending, weaken the software companies' bargaining power, and capture the value layer that supported high PBR/multiples. Because the fear is not resolved and the multiple-compression issue depends on investor sentiment, aggressive bottom-fishing is premature and volatility may persist.
IGV HIGH
Song Jaekyung CEO 10:35
AI hardware remains the visible winner.
The biggest AI beneficiaries remain the physical, non-substitutable parts of the semiconductor supply chain, especially memory and foundry. Physical AI replacement would take decades, while current AI fears mainly pressure software business models, so visible hardware earnings remain the preferred AI investment area.
SMH HIGH
Song Jaekyung CEO 13:59
TSMC capex signals strong order visibility.
TSMC is a conservative, disciplined operator that has aggressively raised capex and plans to raise it further, signaling confidence in orders from Nvidia, Apple, and even Nvidia's customers. That order visibility supports confident monthly results and reinforces the preference for tangible AI hardware exposure.
TSM HIGH
Song Jaekyung CEO 16:35
Asian hardware still offers relative upside.
Despite a dark US market backdrop and weakness in Micron and SanDisk, Asian semiconductor and hardware names remain relatively effective and can still deliver good performance. The speaker favors this area versus US software and struggling mega-cap technology.
Asian semiconductor and hardware stocks MED
Song Jaekyung CEO 17:15
Hyperscaler capex and buyback cuts pressure multiples.
Hyperscaler AI spending has become a chicken game that no company can stop without risking obsolescence. This requires large debt issuance, depresses free cash flow, and reduces buybacks across Amazon, Google, Microsoft, Meta, and Oracle, making high Big Tech multiples harder to justify and weakening a key support for US large-cap indices.
QQQ HIGH
Song Jaekyung CEO 23:52
Google is best-positioned AI mega-cap survivor.
Among the mega-cap AI contenders, Google is in the best strategic position, a view the speaker has held since last year. This is a relative preference within Big Tech even as the broader hyperscaler group faces capex, free-cash-flow, and multiple pressure.
GOOG MED
Song Jaekyung CEO 28:56
Market broadening favors equal-weight S&P ETF.
US market breadth is improving: hundreds of S&P 500 companies can rise while the cap-weighted index stalls because Big Tech is struggling. The equal-weight S&P 500 ETF has reached record highs, so investors should distinguish equal-weight broad exposure from mega-cap-dominated index exposure.
RSP MED
Song Jaekyung CEO 29:08
Real-economy cyclicals lead as PMI rises.
Global manufacturing PMI is trending upward as cumulative central-bank rate cuts take effect. FedEx is acting as a global trade barometer and has broken highs, while airlines and transport-related areas are strong, pointing to a rotation into cyclical, defensive, and tangible real-economy sectors.
Global cyclicals / real-economy sectors AIRLINES JETS MED
Song Jaekyung CEO 30:18
Korean transport, airlines, retail participate in rotation.
Korean transport, airline, and distribution/retail shares are rising alongside the global real-economy and cyclical rotation, even though domestic drivers and the Coupang issue differ from the US setup. The speaker highlights this as part of the same broadening market flow.
Korean transport/airlines/distribution stocks MED
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This 3PRO TV (삼프로TV) video, published February 10, 2026, features Song Jaekyung discussing IGV, SMH, TSM, Asian semiconductor and hardware stocks, QQQ, GOOG, RSP, Global cyclicals / real-economy sectors, AIRLINES, JETS, Korean transport/airlines/distribution stocks. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Song Jaekyung  · Tickers: IGV, SMH, TSM, Asian semiconductor and hardware stocks, QQQ, GOOG, RSP, Global cyclicals / real-economy sectors, AIRLINES, JETS, Korean transport/airlines/distribution stocks