Is It Harder for the 2026 Stock Market Rally Outlook to Break? Bio-Semiconductor Link | Noh Young-rae, Yeo Do-eun, Heo Jae-mu

26년 증시 상승 전망 꺾이는 게 더 어렵다? 바이오-반도체 연결고리 | 노영래, 여도은, 허재무 [아침N투자]
Watch on YouTube ↗  |  January 06, 2026 at 04:32  |  54:19  |  3PRO TV (삼프로TV)
Speakers
Noh Young-rae — Manager

Summary

The episode featured guest Noh Young-rae of NH Investment & Securities discussing the 2026 market outlook and a bio-company visit segment. Noh argued that the AI-led market cycle is unlikely to break soon because U.S. policy and capital-market incentives support high valuations, with US big tech, AI power infrastructure, Korean semiconductors, defense, and semiconductor equipment as key beneficiaries. The second half presented Tomocube, Onconic Therapeutics, and Hecto Innovation as differentiated Korean bio/healthcare ideas, while also flagging event-driven US refiners and risks around AI-bubble timing.

  • Noh Young-rae expects the AI-led market cycle to keep running, with US big tech and AI power infrastructure leading.
  • He views Korean semiconductors, defense, and semiconductor equipment as beneficiaries of AI and geopolitical supply-chain shifts.
  • He sees Korean biotech/healthcare as a next growth sector, helped by licensing deals and talent inflows.
  • He notes US refiners and energy majors as an event-driven watch due to Venezuelan heavy crude and refinery configurations.
  • In company visits, he highlights Tomocube's organoid-analysis microscope and glass-substrate inspection optionality.
  • He presents Onconic Therapeutics' fast-acting GERD drug and anticancer pipeline as a re-rating driver.
  • He flags Hecto Innovation's probiotics business and Hecto Financial's Circle Arc digital-wallet link as key upside.
  • He warns AI-bubble timing is uncertain and late-year volatility could rise if Taiwan/geopolitical risks emerge around 2027.
Ideas
Noh Young-rae Manager 5:48
AI-led bubble keeps running.
The U.S. will not let the AI-led market cycle break because it needs high AI valuations to support pending IPOs (SpaceX, OpenAI, Anthropic), retain talent through stock options, fund AI/robotics/space/defense competition with China, and sustain capital-market activity amid continued money printing and dollar dominance. US big tech leads, with AI-related power infrastructure following, and the base case is that the bubble is kept alive even if volatility rises later.
US Big Tech AI-SECTOR HIGH
Noh Young-rae Manager 7:54
Korean chip leaders follow AI cycle.
Korean semiconductor leaders are pulled up by the U.S. AI-led value chain, with Samsung Electronics and SK hynix as the direct Korean beneficiaries of continued AI investment and big-tech leadership.
005930.KS 000660.KS MED
Noh Young-rae Manager 8:21
Self-defense spending lifts defense sector.
As U.S. relative power declines and geopolitical conflicts multiply (Venezuela, China-Taiwan, Iran-Israel), frontier and allied countries will increasingly handle their own defense rather than rely on U.S. security guarantees, supporting the defense sector.
ITA HIGH
Noh Young-rae Manager 10:08
US refiners fit Venezuelan heavy crude.
Venezuela-related geopolitical action did not lift crude much, but U.S. refiners and energy majors with configurations suited to heavy sour Venezuelan crude, such as Chevron, Valero Energy, and ConocoPhillips, rose; the setup is event-driven and linked to Trump's desire to manage oil and inflation ahead of easier policy.
CVX VLO COP MED
Noh Young-rae Manager 16:14
Park capital in US large caps.
The dollar remains the only major haven amid long-term U.S. money printing and quantitative easing; capital should stay parked in dollar-based U.S. representative/large-cap stocks even as valuations look stretched, because there is no comparable alternative.
SPY HIGH
Noh Young-rae Manager 17:33
Chip equipment benefits from supply-chain shift.
Taiwan/China geopolitical instability and supply-chain relocation, including Apple's China exit, create urgency to rebuild semiconductor capacity outside Taiwan and China; equipment suppliers benefit first from new fab and tool orders, and the speaker plans to visit companies to detect order signals early.
471990.KS HIGH
Noh Young-rae Manager 19:44
Korean bio deals drive sector re-rating.
Korean biotech/healthcare trades at a premium versus the low overall Korean market, showing the market tolerates a bio bubble to attract talent; decades of investment are finally producing large licensing deals in 2025, and more are expected in 2026, making it a key next growth sector alongside semiconductors.
Korean Biotech/Healthcare Sector HIGH
Noh Young-rae Manager 27:49
Tomocube microscope enables organoid testing.
Tomocube's 3D holographic microscope is optimized for organoid analysis, allowing label-free, non-destructive observation that can replace animal testing; global top-tier pharma are early adopters, and the technology has optionality in semiconductor glass substrate inspection, though that business is not yet mass-producing.
Tomocube MED
Noh Young-rae Manager 36:40
Onconic drug sales fund cancer pipeline.
Onconic's self-developed GERD drug Zulcuvo is a fast-acting P-CAB that works within an hour versus older drugs' days-long lag, is already generating rapidly growing sales, and has export potential; that cash flow funds a dual PARP anticancer pipeline with broader indications and Keytruda combination potential, with May conference data as a catalyst for possible big pharma licensing.
Onconic Therapeutics HIGH
Noh Young-rae Manager 46:10
Hecto Financial rides Circle stablecoin.
Hecto has cash-generative security/telecom operations funding attractive new businesses; Dr. Simone premium probiotics are growing rapidly by word-of-mouth and could add diet products; the main upside is Hecto Financial being the only Korean digital wallet selected in Circle's Arc ecosystem, which could benefit if stablecoin/Circle payments gain adoption in Korea.
Hecto Innovation MED
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This 3PRO TV (삼프로TV) video, published January 06, 2026, features Noh Young-rae discussing US Big Tech, AI-SECTOR, 005930.KS, 000660.KS, ITA, CVX, VLO, COP, SPY, 471990.KS, Korean Biotech/Healthcare Sector, Tomocube, Onconic Therapeutics, Hecto Innovation. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Noh Young-rae  · Tickers: US Big Tech, AI-SECTOR, 005930.KS, 000660.KS, ITA, CVX, VLO, COP, SPY, 471990.KS, Korean Biotech/Healthcare Sector, Tomocube, Onconic Therapeutics, Hecto Innovation