Micron -7%, Philadelphia Semiconductor -4%... The Real Reason US Semiconductor Stocks Plummeted / Foreign Futures Analysis... Next Week's Stock Market is Visible | Mirae Asset Global Investments Director Choi Chang-gyu

[#RealMarketConditions] Micron -7%, Philadelphia Semiconductor -4%... The Real Reason US Semiconductor Stocks Plummeted / Foreigner Futures Analysis... Next Week's Stock Market is Visible. | Mirae Asset Global Investments Director Choi Chang-gyu
Watch on YouTube ↗  |  July 26, 2026 at 11:00  |  41:14  |  815 Money Talk (815머니톡)
Speakers
Choi Chang-gyu — Director, NH Investment & Securities

Summary

Director Choi Chang-gyu reviews last week's sharp US semiconductor sell-off, attributing it to short-term factors rather than AI fundamental deterioration. He highlights IBM's warning that enterprise clients are shifting budgets from software to AI hardware, a trend positive for memory and negative for legacy software. In Korea, he observes a rotation out of over-owned semiconductor names into bio/healthcare, recommending related ETFs. Foreign futures positioning suggests a preference for SK Hynix over Samsung Electronics. The week ahead with FOMC and PCE will be critical for AI big tech stocks.

  • US semis fell on options expiry, power grid fears, and Intel weakness, but AI demand intact.
  • IBM's early profit warning reveals clients delaying software contracts to buy AI servers/memory, hurting enterprise software while benefiting memory.
  • Korean retail flows show heavy buying of SK Hynix ADR and leveraged semiconductor/Korea ETFs.
  • Samsung Biologics surged 10% as bio/healthcare rebounds amid semiconductor overconcentration unwind; bio ETFs are attractive.
  • Foreign futures: net short expansion in Samsung Electronics far greater than in SK Hynix, implying relative preference for SK Hynix.
  • New US forced-labor tariff spares Korean semiconductors/autos but hits cosmetics and consumer goods.
  • FOMC, PCE, and SK Hynix/Samsung earnings this week to set near-term direction.
Ideas
Choi Chang-gyu Director, NH Investment & Securities 9:49
Budgets shift from software to AI hardware.
IBM's early profit warning reveals that enterprise customers are delaying software contracts and redirecting budgets to AI servers, storage, and memory hardware. This signals a structural shift from software to hardware in AI spending, making legacy enterprise software companies vulnerable and benefiting memory/ AI hardware suppliers like SK Hynix.
NOW CRM ACN CTSH HIGH
Choi Chang-gyu Director, NH Investment & Securities 9:49
Budgets shift from software to AI hardware.
Foreigners aggressively increased short positions in Samsung Electronics futures (from 64k to 630k contracts) while the increase in SK Hynix futures shorts was far smaller (44k to 185k). Since foreigners typically use these derivatives for hedging downside risk, the much larger short expansion in Samsung Electronics signals greater risk aversion toward Samsung. The relatively restrained short build in SK Hynix implies foreigners view SK Hynix more favorably, making SK Hynix a relative preference over Samsung Electronics.
000660.KS HIGH
Choi Chang-gyu Director, NH Investment & Securities 31:51
Rotate into Korean bio/healthcare from semiconductors.
As the semiconductor sector consolidates after a massive run, funds are rotating into previously overlooked Korean bio/healthcare names. Samsung Biologics surged 10% in a single session, and the broader bio sector is rebounding from a deep correction that occurred while semiconductor stocks were rallying. This rotation is supported by foreign buying of beaten-down non-semiconductor names, making bio/healthcare ETFs an attractive way to play the mean-reversion and sector rotation.
207940.KS XLV TIGER Healthcare SOL 200 Top10 ETF 266420.KS 227540.KS HIGH
Choi Chang-gyu Director, NH Investment & Securities 37:39
SK Hynix favored over Samsung via futures.
Foreigners aggressively increased short positions in Samsung Electronics futures (from 64k to 630k contracts) while the increase in SK Hynix futures shorts was far smaller (44k to 185k). Since foreigners typically use these derivatives for hedging downside risk, the much larger short expansion in Samsung Electronics signals greater risk aversion toward Samsung. The relatively restrained short build in SK Hynix implies foreigners view SK Hynix more favorably, making SK Hynix a relative preference over Samsung Electronics.
005930.KS MED
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This 815 Money Talk (815머니톡) video, published July 26, 2026, features Choi Chang-gyu discussing NOW, CRM, ACN, CTSH, 000660.KS, 207940.KS, XLV, TIGER Healthcare SOL 200 Top10 ETF, 266420.KS, 227540.KS, 005930.KS. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Choi Chang-gyu  · Tickers: NOW, CRM, ACN, CTSH, 000660.KS, 207940.KS, XLV, TIGER Healthcare SOL 200 Top10 ETF, 266420.KS, 227540.KS, 005930.KS