AI Investment Not Broken... Samsung Electronics and SK Hynix Bottom Confirmed, Will a Counterattack Begin? The Sector to Watch in the Second Half Is 'Here' | Kim Jang-yeol, Center Head

Summary

Kim Jang-yeol, Research Center Head at Unistory Asset Management, confirms that Samsung Electronics and SK Hynix have bottomed, arguing the market has over-discounted a 30% earnings decline and that AI capex remains intact. He discusses the positive impact of easing US rate hike fears and outlines a strategy for the second half: maintain AI exposure through Korean semiconductors, transformers, and semiconductor equipment, while also allocating to non-AI sectors like cosmetics, biotech, shipbuilding, and nuclear power. He also highlights the potential re-rating catalyst from SK Hynix’s Solidaem SSD spin-off.

• Memory stocks (Samsung Electronics, SK Hynix) have bottomed as recession fears are overpriced and near-term risks are unlikely.
• Big tech AI capex continues, supporting AI-exposed Korean sectors.
• Key rebound condition: next year’s 40% EPS growth consensus must hold and not decline.
• Easing US rate hike expectations after weak employment data removes a major overhang.
• Second-half sector calls: Korean AI infrastructure (semis, transformers, equipment) and non-AI sectors (cosmetics, biotech, shipbuilding, nuclear).
• SK Hynix could re-rate if the Solidaim enterprise SSD unit is listed as an AI data-center storage play.
• Overall market described as trading-oriented, requiring cash for tactical moves.