Ideas
Legacy software faces AI disruption.
AI agents and new platform models are disrupting traditional software, and legacy software companies may struggle like the newspaper industry; the industry needs to be re-evaluated and is a major risk area.
AI infrastructure demand supports long investment cycle.
AI infrastructure demand is in a long cycle: Google token usage rose about 30x year over year and doubles quarterly, hyperscaler 2026 capex is around $660bn above expectations, Nvidia's long-term $3tn plan implies roughly $600bn annual investment, and underinvesting is seen as more dangerous than overinvesting. Wall Street funding makes the AI story hard to abandon near term.
Korean HBM suppliers keep pricing power.
AI capex is concentrated in data centers and HBM, and Korean memory suppliers have the strongest position: SK hynix is expected to take about 70% of Nvidia Rubin HBM and Samsung about 30%, 2026 volumes are already sold out, supply shortages may last to 2028, and pricing power should stay with suppliers.
Watch Oracle and Amazon AI capex funding.
Large AI capex is increasingly funded with debt and equity because spending exceeds operating cash flow; Amazon's 2026 capex exceeds its operating cash flow and Oracle is seen as the company most likely to crack under funding stress, so both should be monitored via credit and CDS signals.
Palantir is relatively safe in software.
Within software, companies that prove platform value and deliver outcome-based results, such as Palantir, look relatively safe compared with traditional software vendors.
Non-US equities lead as US slows.
Since 2025, non-U.S. equities have been stronger than U.S. equities as U.S. corporate earnings growth has slowed; foreign investors see Japan and Korea as standout regions, with Korea prioritized.
Micron may lose Rubin HBM share.
Analysts expect Micron's HBM share in Nvidia's Rubin generation to fall to zero, with SK hynix and Samsung taking essentially all of that business; this weakens Micron's AI memory position.
Big tech custom AI chips broaden demand.
Big tech companies are developing custom AI chips that need less HBM than Nvidia's top-end chips; this broadens AI demand and means investors do not have to look only at Nvidia, so Alphabet and Microsoft are also attractive ways to play the custom-chip shift.
Korean shipbuilding and defense have visible growth.
Korean shipbuilding and defense should be held because earnings growth is visible, sales are expected to grow about 20-30% and around 20% annually to 2030, geopolitical demand and U.S. MRO and repair demand are structural, and this sector can drive roughly 40% of KOSPI upside.
Overweight Korea as reforms and earnings improve.
Korean equities should be overweighted because semiconductor and shipbuilding earnings are improving, the value-up program and corporate governance reforms such as fiduciary duty and mandatory share cancellation are reducing the Korea discount, and foreign investors are prioritizing Korea. KOSPI earnings spillover supports the rally in the first and second quarters.
Watch Blue Owl/Apollo AI financing stress.
Alternative asset managers exposed to data center real estate and AI-related financing, such as Blue Owl and Apollo, have weak share prices; if AI funding stress grows, it could spread through these financial intermediaries, so they are important stress monitors.
US money rotates from momentum to value.
Investors are rotating away from high-volatility Magnificent 7 and momentum leadership into value, cash-flow, consumer staples, and energy sectors; this rotation can continue for a while even though parts of the momentum theme remain alive.
US money rotates from momentum to value.
Investors are rotating away from high-volatility Magnificent 7 and momentum leadership into value, cash-flow, consumer staples, and energy sectors; this rotation can continue for a while even though parts of the momentum theme remain alive.
US healthcare is priced for bad policy.
U.S. healthcare is attractive because Trump policy negativity is already priced in and valuations are at 15-year lows; the downside may be limited, and once the sector stops falling, investors could rotate into it.
US fiscal policy favors domestic manufacturing.
U.S. fiscal policy, including corporate tax cuts and full R&D expensing, is positive for U.S. manufacturing and AI-related onshoring, but benefits are limited to companies producing inside the U.S.
Overweight gold on central bank demand.
Commodities should be overweighted, especially gold: Asian central bank demand is a long-lasting story, global banks see gold above $6,000, and the debasement trade reflects distrust of fiat currencies; recent correction does not break the long-term thesis.
25/25/25/25 beats traditional portfolios.
An equal-weight portfolio of stocks, bonds, gold, and cash at 25% each has historically beaten traditional 60/40 and 70/30 portfolios; gold hedges inflation and debasement, and cash provides protection in recessions.
KOSDAQ policy upside not fully priced.
KOSDAQ activation policy is attracting interest; historically similar policies have produced at least 30% upside, and the index has not yet fully risen, so there is still room.
This 3PRO TV (삼프로TV) video, published February 09, 2026,
features Mok Dae-gyun
discussing Legacy software sector, AIQ, DTCR, 000660.KS, 005930.KS, ORCL, AMZN, PLTR, non-US equities, MU, GOOGL, MSFT, Korean shipbuilding and defense sector, EWY, OWL, APO, VTV, XLP, XLE, MAGS, XLV, US manufacturing sector, GLD, DBC, 25% stocks / 25% bonds / 25% gold / 25% cash portfolio, KOSDAQ.
18 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Mok Dae-gyun
· Tickers:
Legacy software sector,
AIQ,
DTCR,
000660.KS,
005930.KS,
ORCL,
AMZN,
PLTR,
non-US equities,
MU,
GOOGL,
MSFT,
Korean shipbuilding and defense sector,
EWY,
OWL,
APO,
VTV,
XLP,
XLE,
MAGS,
XLV,
US manufacturing sector,
GLD,
DBC,
25% stocks / 25% bonds / 25% gold / 25% cash portfolio,
KOSDAQ
