Big Tech's Power Supply Competition Intensifies, Ultimately These Companies Benefit | Hana Securities Overseas Equity Research Head Park Seung-jin

빅테크의 '전력 수급' 경쟁 심화, 결국 수혜는 이 기업들로 | 하나증권 해외주식분석실 박승진 실장 [글로벌 인터뷰]

Watch on YouTube ↗ | January 14, 2026 at 23:00 | 29:37 | 3PRO TV (삼프로TV)

Speakers

Park Seung-jin — Head of Overseas Equity Research, Hana Securities

Summary

Park Seung-jin of Hana Securities discusses ETF market trends and investment themes. He highlights AI power shortages favoring hydrogen and on-site power, AI semiconductor ETFs concentrating on leaders like Nvidia, TSMC, and Broadcom, and Korean dividend stocks benefiting from tax reform. He also cautions on inverse ETFs and comments on USD/KRW intervention and US versus Korean equity markets.

Korean ETF market is growing rapidly, with active and thematic ETFs attracting flows.
AI data center power demand is creating interest in hydrogen and on-site power infrastructure.
Nuclear power is too slow to meet near-term AI power needs.
AI semiconductor ETFs are concentrating on Nvidia, TSMC, Broadcom, and related value-chain names.
Korean dividend stocks are supported by separate taxation rules for qualifying payouts.
Inverse ETFs are structurally weak for long-term holding.
US equities are preferred over Korean equities due to earnings-driven fundamentals.
USD/KRW intervention may slow but not reverse the exchange-rate trend.

Ideas

Park Seung-jin Head of Overseas Equity Research, Hana Securities 8:09

Inverse ETFs are poor long-term holds.

Inverse ETFs have structural weaknesses and cost disadvantages. Historically, equities and bonds have upward trends, so inverse ETFs are only suitable for short-term tactical use, not long-term investment. Investors who are suffering losses from holding them long-term should stop.

Park Seung-jin Head of Overseas Equity Research, Hana Securities 9:02

Dividend tax reform boosts Korean payout stocks.

The 2025 tax law amendment allows separate taxation of dividend income for companies meeting payout criteria: 40% payout ratio or 25% payout ratio plus 10% dividend growth. This has driven re-rating in qualifying Korean dividend stocks. An active ETF can adjust as companies announce 2026 dividend policies, and holdings include Woori Financial Group, Kia, KT&G, Hyundai Elevator, Samsung Fire & Marine, and Samsung Securities.

Park Seung-jin Head of Overseas Equity Research, Hana Securities 9:16

AI semiconductor ETF concentrates on leaders.

AI semiconductor leadership is established, and the KODEX US AI Semiconductor Top3 Plus ETF concentrates on Nvidia, TSMC, and Broadcom plus AI value-chain names such as Credo, ARM, Rambus, and SanDisk. It is more concentrated than broad semiconductor ETFs and aims to capture the leaders driving the AI semiconductor market.

Park Seung-jin Head of Overseas Equity Research, Hana Securities 10:28

Hydrogen power wins on AI power speed.

AI data centers are causing power shortages. Nuclear plants take about 4 years 8 months to 5 years from construction to commercial operation, too slow to solve near-term demand. On-site generation, especially hydrogen, can be deployed in about a year, so hydrogen power infrastructure is gaining attention. Because the sector is in a turnaround and leadership is unclear, an actively managed ETF can flexibly capture changing winners.

Park Seung-jin Head of Overseas Equity Research, Hana Securities 15:09

AI and tech leadership remains intact.

Fund flows remain heavily tilted toward AI and technology; despite recent pullbacks, buying interest continues and the leadership trend has not changed. The investable AI/tech universe is broadening as the earnings growth gap between the Magnificent Seven and other stocks narrows.

Park Seung-jin Head of Overseas Equity Research, Hana Securities 18:16

US equities favored over Korea on earnings.

The US market is driven by earnings, with EPS estimates continuing to rise, while the Korean market's rally has been driven more by policy and valuation re-rating, including dividend tax reform. For Korean retail investors, US equities offer a more fundamentally grounded market, and a lower USD/KRW rate improves the merit of investing in US stocks.

Park Seung-jin Head of Overseas Equity Research, Hana Securities 20:29

Intervention cannot reverse USD/KRW trend.

Verbal intervention and policy measures can slow but cannot reverse the USD/KRW direction; exchange rates ultimately follow fundamentals, policy, and liquidity. Historically, interventions act as brakes rather than trend reversals, so dips in USD/KRW are opportunities to buy US assets.

Park Seung-jin Head of Overseas Equity Research, Hana Securities 21:34

SMH's higher weight cap beats SOXX.

SMH allows top holdings to reach 20% of the portfolio, while SOXX caps top holdings at 10%. This makes SMH more aggressive and better positioned to capture Nvidia, TSMC, and Broadcom, the top three AI semiconductor leaders, than SOXX.

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This 3PRO TV (삼프로TV) video, published January 14, 2026, features Park Seung-jin discussing INVERSE ETFs, SOL Dividend Payout Top Pick Active ETF, Korean dividend stocks, KODEX US AI Semiconductor Top3 Plus ETF, KoAct Hydrogen Power Infrastructure Active ETF, HYDR, AI-SECTOR, SPY, USD/KRW, SMH. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Park Seung-jin · Tickers: INVERSE ETFs, SOL Dividend Payout Top Pick Active ETF, Korean dividend stocks, KODEX US AI Semiconductor Top3 Plus ETF, KoAct Hydrogen Power Infrastructure Active ETF, HYDR, AI-SECTOR, SPY, USD/KRW, SMH