엔비디아의 마법, 코스피를 8800선 위로 쏘아 올리다 > K-wave Trends

At the center of this rally is the ‘Jensen Huang effect’. The news that CEO Jensen Huang would visit Korea and meet with heads of major domestic companies ahead of ‘Computex’, the world’s largest IT exhibition held in Taiwan, caused a huge explosion in the market. In particular, companies such as LG Electronics saw their stock prices soar by more than 90% in just three days, backed by the powerful possibility of cooperation with NVIDIA in the artificial intelligence (AI) and robotics fields. The stock price, which was stuck in a box range in the low 100,000 won range in the past, has now surpassed 70 trillion won in market capitalization, leaping to become a top company on the KOSPI, clearly showing how quickly market expectations can be reversed.

The KOSPI index breaking through the 8800 mark has more meaning than just numbers. The fact that Samsung Electronics has reached the 2 trillion won mark in market capitalization for the first time in history symbolizes that the Korean stock market is no longer stuck in the undervalued range of the past. The simultaneous rise of leading stocks, led by large-cap semiconductor stocks, is supported by the strong buying trend of institutional investors, which is also evidence that the trickle-down effect for Korean companies due to the expansion of global AI infrastructure is actually becoming visible. The fact that the buy sidecar has already been activated for the 11th time this year has some voices concerned about the market overheating, but on the other hand, it is interpreted as a strong signal that strong upward energy is dominating the market.

Another point to watch in this bull market is the rise of new businesses represented by so-called ‘physical AI’. The fact that major companies, including LG Electronics, are transforming beyond simply hardware manufacturers into advanced technology companies combined with the real economy, such as robots and AI factories, is acting as an attractive investment point for investors. Expectations that the rumor of a meeting with Jensen Huang will go beyond a simple event issue and lead to actual business cooperation and technological synergy are being reflected in the stock price. In particular, the market is giving high marks to the destructive power that will emerge when LG Electronics' home appliance business's global market share and independent smart platform are combined with NVIDIA's AI technology.

If you read the market trends, the movements of individuals and foreign investors are also noticeable. While the KOSPI index was hitting record highs, individuals and foreign investors poured out large-scale sales to realize profits, but institutional forces such as financial investment made net purchases worth 2 trillion won, firmly supporting the index's downward trend. This suggests that market leadership is moving from the realm of individuals seeking short-term profits to the realm of institutions evaluating long-term value and growth potential. Meanwhile, the relative sluggishness of the KOSDAQ index means that the ‘polarization phenomenon’ in which funds are extremely concentrated towards large-cap stocks and core technology stocks is deepening.

Business meetings such as the so-called ‘So-Mac meeting’ of domestic CEOs led by Jensen Huang are expected to go beyond simple friendship and become a signal for a real supply chain reorganization. The potential for further upside in the Korean stock market in the future will be determined depending on what specific cooperation plans key companies leading the domestic economy, such as Samsung Electronics, SK Hynix, Hyundai Motors, and Naver, come up with with NVIDIA. Since the current stock price surge has a strong tendency to advance future performance, the key question is whether specific business cooperation results to be announced in the future can secure the legitimacy of the stock price rise. Investors are now facing a time when they must go beyond investments based on expectations and cool-headedly analyze the actual performance and technical moats of companies.