AI and Semiconductor Shares Bounce Back on Anthropic IPO Expectations
Foreign Investors Turn Net Buyers, Led by Samsung and SK hynix
Key Market Trends
① Anthropic IPO Hopes Revive AI and Semiconductor Sentiment
Reports regarding Anthropic's pursuit of an initial public offering served as a major catalyst for AI sentiment.
Market projections suggest the listing could value the company at up to $2万 billion (note: $2 trillion). First-half revenue reportedly surged 14-fold year-over-year to approximately $16.3 billion.
The disclosures validated the rapid revenue growth of AI enterprises, while fueling expectations for increased transparency as the listing process unfolds.
Projections of a persistent memory supply shortage further bolstered semiconductor equities. Bank of America forecasted tight memory supply conditions extending through 2028 following next year, while UBS echoed similar sentiments and maintained its "buy" rating on Micron.
② Samsung Electronics and SK hynix Surge on Shareholder Return Hopes
Ahead of their earnings announcements, Samsung Electronics and SK hynix rallied sharply as heightened expectations for enhanced shareholder returns added momentum to large-cap chip stocks.
Media reports indicated that SK hynix could potentially execute an additional shareholder return program worth around 60 trillion won, while speculation mounted that Samsung Electronics might also unveil supplementary return measures.
With the top five market-cap stocks posting synchronized gains, Samsung Electronics and SK hynix alone accounted for approximately 70% of the KOSPI's total advance.
The semiconductor rally spilled over into KOSDAQ-listed component, parts, and equipment (materials-parts-equipment) suppliers. Secondary battery stocks also strengthened on news of large overseas orders, alongside gains in petrochemicals, steel, and construction.
③ Foreigners Switch to Net Buyers Supported by Stable Oil Prices and Bond Yields
Analyses suggested that the risk of short-term military conflict receded as neighboring Middle Eastern nations successively engaged in dialogue with Iran, driving international crude prices lower and stabilizing sovereign bond yields.
Foreign investors turned net buyers, broadening their scope of acquisitions. On the main KOSPI board, foreign funds recorded net purchases across almost all sectors, with the exception of pharmaceuticals, insurance, and telecommunications.
On the KOSDAQ market, foreigners net-bought machinery, IT services, financial, and metal stocks. Institutional investors focused their KOSPI net buying on electrical/electronics, financials, and insurance, while targeting semiconductor-related sectors on the KOSDAQ.
Supply-Demand and Sectors
The local stock market, which had previously breached the lower end of its trading band, rebounded strongly accompanied by heavier trading volume. A positive shift was the return of foreign net buyers alongside a widening pool of targeted stocks.
Semiconductors—anchored by Samsung Electronics and SK hynix—led the advance, with buying momentum spreading to KOSDAQ supply-chain firms.
Secondary batteries, petrochemicals, steel, and construction also showed strength, broadening the breadth of advancing issues.
Analyst Perspective
"It is worth noting that this rebound materialized at critical price levels," market observers noted. "The KOSPI pulled back near its 60-week moving average in dollar-adjusted terms, while SK hynix attempted a turnaround at key technical support levels. Coupled with the return of foreign net buying, market supply and demand conditions have clearly improved."
"Anthropic's IPO push has partially alleviated recent market anxieties surrounding AI investment bubble debates. Combined with optimistic memory supply forecasts and shareholder return expectations for Samsung Electronics and SK hynix, battered semiconductor stocks have re-emerged at the epicenter of the market recovery."
"Major corporate earnings releases and conference calls are lined up starting this Thursday, followed by the U.S. midterm elections next week. High volatility characterized by alternating sharp gains and losses is likely to persist in the short term."
"That said, recent corrections have placed valuations at a level where major headwinds are already substantially priced into share prices..."
