The Rebound Is Just the Beginning…Why We Need to Find the 'Next Market Leader' Starting Now | Lee Seon-yeop, AFW Partners CEO

Summary

AFW Partners CEO Lee Seon-yeop argues the market rebound is not just a technical bounce; it reflects easing rate-hike risk and easing AI/data-center funding concerns. He sees Korean equities as cheap relative to the U.S. and notes foreign buying is returning, while Korean semiconductor fears are largely unrealized. He also stresses that the next market leader is not yet clear and investors should avoid chasing rotation.

• US CPI/PPI and softening employment lower September Fed hike probability to around 30%.
• Bessent-Japan Treasury/yen stabilization and Iran risk are being watched but are not derailing risk appetite.
• Korea is seen as cheap after a deep drawdown, with foreign investors turning net buyers.
• Korean semiconductor concerns—China, funding, high prices—are considered not yet realized and can re-rate if they fail to materialize.
• Nvidia-led $500B Wall Street financial alliance and SEC data center collateral rules ease AI infrastructure funding.
• Market broadening away from semiconductors is a key stability condition, but no clear next leader has emerged yet.
• Lee warns against chasing rotation and recommends setting objective conditions before cutting or adding exposure.