Don't Waver: Best Survival Strategy for the Second Half 'Obstacle Market' | Lee Seon-yeop, AFW Partners CEO

Summary

Lee Seon-yeop, CEO of AFW Partners, argues that July's market volatility driven by a rumored Meta computing surplus is overblown. He maintains a bullish view on AI memory stocks Samsung Electronics and SK Hynix, citing persistent compute shortages and future re-rating from long-term supply contracts. He warns that the second half will be an 'obstacle race' with slower, more volatile gains, and advises reducing leverage while waiting for earnings confirmations.

• Market sell-off triggered by Meta's unofficial surplus computing report is likely noise.
• AI compute shortage remains severe; hyperscalers continue to scramble for capacity.
• Samsung Electronics and SK Hynix seen as key beneficiaries; long-term contracts could trigger stock re-rating.
• Second half expected to be an 'obstacle race' with slower but still upward momentum.
• Investors advised to reduce leverage and wait for earnings to resolve current doubts.
• Historical AI leader rotation noted, but core memory theme stays dominant.