Why Semiconductor Stocks Keep Rising Even With Oil Price Hikes and Macro Instability_26.04.30. | Yang Heechang, Yeo Doeun, Heo Jaemoo

Why Semiconductor Stocks Keep Rising Even With Oil Price Hikes and Macro Instability_26.04.30. | Yang Heechang, Yeo Doeun, Heo Jaemoo [Morning N Investment]
Watch on YouTube ↗  |  April 30, 2026 at 02:41  |  24:25  |  3PRO TV (삼프로TV)
Speakers
Yang Heechang — Manager, Samsung Active Asset Management

Summary

Yang Heechang, a manager at Samsung Active Asset Management, explains why AI semiconductor and infrastructure stocks are rising despite macro and oil volatility. He argues active Nasdaq management can adapt faster than passive indexes and describes portfolio shifts toward CPU, memory, optical networking, and data-center power as AI agents increase compute demand. He also discusses Anthropic cloud demand benefiting Alphabet and Amazon, while excluding Apple and viewing Nvidia as less central to incremental AI spending. Macro points include the passing war fear peak, expected Fed cuts, and midterm fiscal expansion supporting Nasdaq earnings.

  • Reasoning models and multi-agent AI sharply increase compute demand.
  • AI bottlenecks have shifted from GPUs to memory, networking, power, and CPUs.
  • Yang manages the KoAct US Nasdaq Growth Companies Active ETF (0015B0.KS).
  • Named portfolio beneficiaries include Intel, AMD, ARM, SanDisk, Lumentum, and Bloom Energy.
  • Alphabet and Amazon are framed as Anthropic cloud infrastructure beneficiaries.
  • Apple is excluded for weak AI competitiveness; Nvidia is seen as less central to incremental spending.
  • Macro backdrop includes rate-cut expectations and midterm fiscal expansion.
  • War fear peak is considered past, with earlier oil-war trades cited as active-management examples.
Ideas
Yang Heechang Manager, Samsung Active Asset Management 1:13
Active Nasdaq ETF beats passive index
Rapid changes in AI technology mean a market-cap-weighted passive Nasdaq index cannot adjust quickly, as it remains dominated by Apple and other mega-cap names. He argues active management is more advantageous, and his KoAct US Nasdaq Growth Companies Active ETF can rotate between offense and defense, including into war beneficiaries or defensives when needed; he regrets that Korean retirement money is heavily in passive Nasdaq products.
0015B0.KS HIGH
Yang Heechang Manager, Samsung Active Asset Management 4:29
Apple lags in AI competitiveness
Apple has the weakest AI competitiveness among mega-caps; Apple Intelligence keeps being delayed and its AI leadership keeps changing, so the active ETF excludes Apple from the portfolio.
AAPL MED
Yang Heechang Manager, Samsung Active Asset Management 4:40
Nvidia faces shift beyond GPU
Nvidia can report strong earnings but still weaken because GPUs are no longer the core bottleneck in AI model performance. GPUs are only about 60% utilized due to memory, network, and power constraints, so buying better GPUs adds little and spending is shifting to surrounding infrastructure.
NVDA MED
Yang Heechang Manager, Samsung Active Asset Management 5:29
AI memory bottleneck favors SanDisk
As GPU utilization is capped by surrounding infrastructure, incremental AI infrastructure spending is moving toward memory capacity and bandwidth. SanDisk is a named top holding levered to this memory and storage bottleneck.
SNDK MED
Yang Heechang Manager, Samsung Active Asset Management 5:31
Optical networking benefits from AI buildout
Network and optical interconnect are bottlenecks in AI data centers, so incremental investment is flowing into networking and optical rather than GPUs. Lumentum is a named portfolio holding levered to this shift.
LITE MED
Yang Heechang Manager, Samsung Active Asset Management 5:38
CPU demand rises with AI agents
AI agents and multi-agent orchestration shift more workloads to CPUs; CPU lead times have stretched from two weeks to six months and Intel and AMD are raising prices around 20% from April, while Nvidia's GTC highlighted more CPU content. Intel, AMD, and ARM are key CPU beneficiaries and all are top-five holdings.
INTC AMD ARM HIGH
Yang Heechang Manager, Samsung Active Asset Management 8:16
Anthropic growth lifts its cloud providers
Anthropic's revenue quadrupled in three months as Claude Code gained popularity, and Amazon and Google are the two cloud infrastructure providers for Anthropic. He re-added Alphabet at 4% before earnings because results were likely to be strong, while Amazon is another beneficiary of the same Anthropic cloud demand.
GOOGL AMZN HIGH
Yang Heechang Manager, Samsung Active Asset Management 8:43
AI infrastructure demand keeps rising
Reasoning models and AI agents have made computing demand explode, with reasoning using over 100x compute and multi-agent work over 30x, while the bottleneck has moved away from GPUs to memory capacity and bandwidth, networking, power infrastructure, and CPU orchestration. This is why AI semiconductor and power-infrastructure stocks can keep rising even when macro and oil are unstable.
AI infrastructure supply chain SMH HIGH
Yang Heechang Manager, Samsung Active Asset Management 12:31
Data-center power demand lifts power infrastructure
The US underinvested in power infrastructure for decades, and data centers need much more power; natural gas combined cycle and nuclear take too long to build, so power infrastructure and alternative on-site power are bottleneck beneficiaries.
Data-center power infrastructure HIGH
Yang Heechang Manager, Samsung Active Asset Management 13:20
Nasdaq supported by AI earnings, liquidity
He expects the Nasdaq to do well this year, driven by AI companies with rising earnings, after war fear peaks pass, Fed chair replacement likely brings rate cuts, and midterm elections encourage expansionary fiscal policy and liquidity.
NASDAQ Composite MED
Yang Heechang Manager, Samsung Active Asset Management 19:41
Bloom Energy benefits from data-center power
Bloom Energy's solid oxide fuel cells are one of the few near-term power alternatives for AI data centers because gas and nuclear plants take too long; Bloom reported very strong earnings and is a top portfolio holding.
BE HIGH
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This 3PRO TV (삼프로TV) video, published April 30, 2026, features Yang Heechang discussing 0015B0.KS, AAPL, NVDA, SNDK, LITE, INTC, AMD, ARM, GOOGL, AMZN, AI infrastructure supply chain, SMH, Data-center power infrastructure, NASDAQ Composite, BE. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Yang Heechang  · Tickers: 0015B0.KS, AAPL, NVDA, SNDK, LITE, INTC, AMD, ARM, GOOGL, AMZN, AI infrastructure supply chain, SMH, Data-center power infrastructure, NASDAQ Composite, BE