A market where dreams beat performance is coming soon... Robot cycle begins | Lee Seon-yeop, AFW Partners CEO [Global Interview]

Summary

Lee Seon-yeop, CEO of AFW Partners, argues that the market is approaching a phase where 'dreams beat performance', similar to the 1999 internet bubble, with physical AI and robotics as the next big theme. He highlights the importance of power infrastructure for AI and discusses how Korea's semiconductor bonus bonanza will create wealth effects boosting domestic consumption and securities stocks. He also analyzes the US-China summit and its implications for oil prices and inflation.

• Physical AI and robotics are expected to drive a market bubble as dreams outperform earnings.
• Power infrastructure stocks are critical for AI and have already outperformed semiconductors.
• Record semiconductor bonuses in Korea will generate a wealth effect benefiting domestic consumption and securities stocks.
• The US-China summit and Strait of Hormuz situation are key macro factors for oil prices and inflation.
• Lee expects the Fed to remain on hold due to weak employment quality, limiting rate hike risks.
• Korea's AI investment spillover is unique because money flows to domestic workers, boosting local demand.
• The KOSPI is approaching 8,000 but Lee sees it as a matter of time.