Name: The Worst Is Over? A Decisive Signal Confirmed in Nvidia's Earnings | Kim Jang-yeol, Unistory Asset Management Research Center Head & Park Myung-seok, Curator [Weekend Interview]
Uploaded: 2026-08-29T23:00:08+00:00
Duration: 1462 s

Speakers

Kim Jang-yeol — Reporter, The Bell

Summary

Kim Jang-yeol and Park Myung-seok review Nvidia's earnings report and its implications for AI infrastructure, memory semiconductors, and related stocks. Kim argues the results confirm AI is monetizing and that Nvidia's customer base is broadening beyond hyperscalers. He also discusses memory names, neocloud companies, and the Oracle/OpenAI weak link in the AI supply chain.

Nvidia's earnings and guidance exceeded expectations, with management expressing confidence in 70%+ growth by FY2028.
Non-hyperscaler AI customers rose to 45% of Nvidia's revenue, showing broader AI demand beyond big tech.
Memory purchase commitments increased sharply, supporting Samsung Electronics, SK Hynix, and Micron.
CoreWeave and Nebius were highlighted as neocloud names with backlog or prepayment support despite funding concerns.
Oracle and OpenAI were called the main weak link in AI infrastructure due to debt and customer concentration.
Google AI Mode and OpenAI have started showing ads, an early signal of AI monetization.
The speaker sees semiconductor price collapse as unlikely short term, with funding stress only near specific Treasury yield thresholds.

Ideas

Kim Jang-yeol Reporter, The Bell 2:12

Nvidia confirms AI monetization and broadening demand.

Nvidia's earnings and guidance show that AI is monetizing across a broadening customer base, not just hyperscalers. Non-hyperscaler customers such as AI frontier labs, sovereign funds, and neoclouds rose to 45% of revenue from 32% six months earlier. Management gave confident guidance of at least 70% growth by FY2028, limited only by product bottlenecks, and the stock recovered its pre-report slide.

Kim Jang-yeol Reporter, The Bell 5:28

Memory demand commitments support Korean memory stocks.

Nvidia's purchase commitments for memory rose sharply quarter-over-quarter, showing memory makers can lock in long-term demand. HBM prices may rise next year and Nvidia can absorb the cost. For Samsung Electronics and SK Hynix shareholders, extreme downside targets near former lows should not return; short arguments from the summer are fading even if price momentum may be choppy.

Kim Jang-yeol Reporter, The Bell 15:18

AI supply chain resilient; semiconductor collapse unlikely.

Most AI supply chain players are not at risk unless 10-year Treasury yields reach 4.9-5% or 30-year yields near 6%. Roughly 75% of AI infrastructure demand comes from sovereign, enterprise, frontier lab, and neocloud customers that are doing well, so a semiconductor price collapse is hard to sustain short term.

Kim Jang-yeol Reporter, The Bell 16:00

Oracle is fragile AI infrastructure weak link.

Oracle is identified as the main weak link in AI infrastructure because it relies on OpenAI for more than 30% of demand and carries high debt. If rates rise toward the threshold or OpenAI's opaque funding becomes a problem, Oracle could weaken; it represents about 20-25% of the AI infrastructure complex.

Kim Jang-yeol Reporter, The Bell 16:19

CoreWeave and Nebius show funded neocloud demand.

CoreWeave has high debt but its backlog is more than three times the capex it must fund, so conversion should cover it. Nebius has little debt and customers are prepaying 40-50% of costs. With Nvidia support and strong neocloud demand, these names are not the weak link.

The Worst Is Over? A Decisive Signal Confirmed in Nvidia's Earnings | Kim Jang-yeol, Unistory Asset Management Research Center Head & Park Myung-seok, Curator

Summary

Ideas

Up Next