Buzzberg Cup Live

Extreme stock market volatility, concentration...when will it ease? Should we invest in Chinese AI stocks? | Yeo Doeun, Heo Jaemu, Oh Junhyeok [Morning N Investment]

Watch on YouTube ↗  |  July 16, 2026 at 02:47  |  26:11  |  3PRO TV (삼프로TV)
Speakers
Oh Junhyeok — Team Lead, Active ETF, Mirae Asset Management
Heo Jaemu — Anchor

Summary

Oh Junhyeok, Team Lead for Active ETFs at Mirae Asset Management, discusses his fund's H2 repositioning amid a tech sell-off. He reduced memory and semiconductor equipment, rotating into CPU (especially AMD), Chinese AI, and software. He presents a bullish AMD thesis based on TSMC CoWoS capacity, a resilience thesis for Chinese tech, and a cautious view on KOSPI due to supply pressures. A new US tech NIS 100 ETF is also introduced. The hosts briefly touch on market sentiment and personal beliefs.

  • TIGER Global AI Active ETF actively rebalanced: lowered memory/semi equipment from ~45% to ~13%, raised CPU, Chinese AI, and software.
  • AMD named top pick; fund built a ~19% position based on TSMC CoWoS capacity data showing AMD with second-largest allocation and accelerating growth.
  • Chinese AI/tech added as a resilient play because weak domestic economy forces rotation back into tech.
  • US tech markets viewed as more advantageous in H2 due to diverse subsectors; new US Tech NIS 100 Active ETF launching.
  • Memory and semiconductor equipment exposure cut sharply, flagged as too risky for a volatile H2.
  • KOSPI outlook cautious: foreign selling due to weight caps and limited pension buying create supply overhang, making new highs difficult.
  • Underlying AI fundamentals and capex remain strong; current sell-off seen as supply-driven, not a bubble.
Ideas
Oh Junhyeok Team Lead, Active ETF, Mirae Asset Management 8:24
Chinese tech resilient amid domestic weakness.
Chinese AI and tech stocks are more resilient in the current rotation environment. Because China’s domestic economy is weak, any money that exits tech into other sectors cannot stay there long and must eventually return to tech. This structural flow makes Chinese tech a safer holding amid H2 volatility, even if its absolute upside is not necessarily higher than US or Korean semis.
KWEB MED
Oh Junhyeok Team Lead, Active ETF, Mirae Asset Management 13:54
AMD best H2 play on TSMC capacity growth.
AMD is the top pick among CPU plays for H2. The fund has aggressively increased AMD from 3–5% to ~19% of the portfolio. The thesis rests on TSMC CoWoS capacity: AMD’s secured capacity for next year will be second only to Nvidia, and its year-over-year capacity growth is accelerating (117% in 2025, 308% in 2026). Historically, CoWoS capacity expansion has correlated with stock price momentum, supporting AMD as the best-performing semiconductor name in H2 if the sector stabilizes.
AMD HIGH
Oh Junhyeok Team Lead, Active ETF, Mirae Asset Management 19:03
US tech advantageous with diverse subsectors.
US equities, especially the tech-heavy NIS 100 (similar to Nasdaq 100 but with ~73% tech weight vs. ~60%), are more attractive in H2. The US market offers a diverse set of leading tech subsectors that continuously drive global themes, making it better positioned than more concentrated markets like Korea. The launch of a new US Tech NIS 100 Active ETF reflects a conviction that US tech will be more advantageous.
QQQ MED
Oh Junhyeok Team Lead, Active ETF, Mirae Asset Management 22:31
KOSPI supply overhang limits upside.
The Korean stock market faces structural supply headwinds that will make it difficult to break through previous highs. Foreign investors are forced to sell when memory stocks rise due to weight caps, and pension funds also have limited buying capacity. Although memory fundamentals are healthy, the supply overhang is a persistent obstacle, warranting a cautious stance on KOSPI.
EWY MED
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This 3PRO TV (삼프로TV) video, published July 16, 2026, features Oh Junhyeok discussing KWEB, AMD, QQQ, EWY. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Oh Junhyeok  · Tickers: KWEB, AMD, QQQ, EWY