Morgan Stanley "Buy Korea"... KOSPI will go to 9000 again after adjustment. / Shaking Samsung Electronics, SK Hynix... Will the leading stocks change? | Lee Jihwan, CEO of Aurora Investment Advisory

Summary

Lee Jihwan, CEO of Aurora Investment Advisory, assesses the sharp KOSPI correction, arguing that last week's extreme volume and panic selling likely marked a bottom. He refutes semiconductor peak fears for Samsung Electronics and SK Hynix, citing strong AI demand and a corrective Morgan Stanley report, and highlights a historical S&P 500 rally pattern around US midterms despite current geopolitical noise. He also points to cyclical strength in GM and advises avoiding KOSDAQ near term.

• KOSPI plunged 5% amid heavy foreign futures selling, but last week's record volume and individual panic selling are classic bottom signals.
• Lee strongly rejects the memory chip peak thesis, believing AI server demand and long-term contracts will support Samsung and SK Hynix through next year.
• Chinese DRAM competition is exaggerated: replacing Samsung's entire Apple mobile supply would cost only ~1% of Samsung's revenue.
• Morgan Stanley's own US-based report contradicted its Asian team's 'Winter Is Coming' call, labeling the move a correction to be bought.
• Midterm election history indicates S&P 500 weakness in Aug-Sep followed by a rally; the Iran conflict is delaying but not derailing this pattern.
• GM and US consumer cyclicals hitting new highs suggests markets are pricing in economic stimulus from Trump's tariff revenues.
• KOSDAQ's recent outperformance was short covering, not a leadership change; the macro setup for KOSDAQ strength is still months away.
• Investors should wait for upward trend confirmation before deploying cash, but the risk-reward on KOSPI and chip names is improving.