KOSPI Shows Mixed Performance Amid U.S. Market Decline and Currency Pressure The New York Stock Exchange experienced a broad decline due to renewed geopolitical risks in the Middle East and instability in the private credit market, leading to increased risk aversion among investors. As a result, the domestic stock market is expected to show volatility in early trading, influenced by the U.S. market's adjustment and rising won-dollar exchange rates. According to the financial investment industry on June 4, the Dow Jones Industrial Average fell by 1.21% on June 3 (local time), while the S&P 500 and Nasdaq dropped by 0.74% and 0.89%, respectively. Although semiconductor stocks remained relatively resilient, the ongoing military tensions between the U.S. and Iran, along with issues surrounding private loan fund redemptions, have led to an increase in risk premiums across the financial markets. Additionally, after a recent rally, profit-taking pressures have intensified. Despite the existing upward trend centered on semiconductors, the domestic market is experiencing increased short-term volatility due to external factors. Notably, the KOSPI has shown significant fluctuations in intraday highs and lows, with perceived volatility outweighing directional trends. As of 8:25 a.m., sector performance showed clear differentiation. Large-cap semiconductor stocks were under pressure, with Samsung Electronics down 1.11% at 356,500 won and SK Hynix falling 2.67% to 2,297,000 won. Other companies like SK Square (-3.19%) and Samsung Electro-Mechanics (-1.88%) also contributed to the index's downward pressure. The automotive sector also faced notable declines, with Hyundai Motor dropping 3.43% to 704,000 won and Hyundai Mobis plunging 5.14%, marking the largest drop in the sector. This trend is interpreted as a reflection of concerns over global economic slowdown and supply-demand pressures. Conversely, some sectors showed relative strength. LG Energy Solution rose 2.71%, indicating differentiation within the secondary battery sector, while HD Hyundai Heavy Industries surged 4.01%, leading gains in the shipbuilding industry. This is seen as a result of positive order momentum and expectations for the industry. The financial and holding sectors generally exhibited weakness, with Samsung Life Insurance (-2.81%) and Samsung C&T (-1.75%) declining, reflecting a tendency to avoid riskier assets. Overall, while the KOSPI maintains a long-term upward trend centered on semiconductors, short-term fluctuations driven by macroeconomic variables from the U.S., exchange rates, and sector-specific supply-demand imbalances are expected to persist, leading to a volatile market environment. Han Ji-young, a researcher at Kiwoom Securities, stated, "The concentration on leading semiconductor stocks will continue, making high volatility unavoidable for the time being. However, it is reassuring to note that patterns of the market reducing losses toward the end of the trading day are frequently observed, indicating that the support for leading stocks remains strong." 2026-06-04 08:36:00

Microsoft Unveils Seven AI Models at Build 2026 Conference Microsoft has launched a suite of AI models at the Build 2026 developer conference, intensifying its competition with Anthropic and OpenAI. Google CEO Sundar Pichai acknowledged that the company is falling behind in agentic coding, while Anthropic announced a significant expansion of its cybersecurity initiatives alongside its IPO plans. Microsoft Declares Independence from OpenAI, Unveils Seven MAI Models According to reports from the IT industry, Microsoft unveiled seven AI models it developed in-house during the Build 2026 conference, which took place in San Francisco from June 2. This move is seen as a strategic effort to reduce its long-term dependence on external model providers like OpenAI. The flagship model, MAI-Thinking-1, features 35 billion active parameters and a context window of 256,000 tokens, emphasizing that it was developed without distilling from third-party models. It was rated on par with Claude Opus 4.6 in the SWE Bench Pro coding benchmark. The coding-specific model, MAI-Code-1, has been integrated into GitHub and VS Code, while MAI-Transcribe-1.5 supports voice recognition in 43 languages. Microsoft has also revised its contract with OpenAI to set revenue-sharing limits and terminate exclusive sales rights. Google's Pichai Acknowledges Lag in Agentic Coding In an interview with the New York Times Hard Fork podcast, Google CEO Sundar Pichai publicly admitted, "We are currently somewhat behind in agentic coding, tool usage, and long-term task execution." At Google I/O, the company introduced a developer subscription tier priced at $100 per month as part of its low-cost strategy. Pichai explained that while Google excels in generating single-use web interfaces, competitors have the advantage in handling large codebases for long-term projects. He cited Anthropic's collaboration with Cursor and analyzed that the lack of developer-facing products has created a gap in data feedback loops. Anthropic Expands Project Glasswing to 150 Organizations Anthropic announced it will expand Project Glasswing to over 150 organizations across more than 15 countries. New sectors included in the initiative are energy, utilities, healthcare, telecommunications, and hardware. Partners reportedly include Samsung, SK Hynix, SK Telecom, NATO, the EU cybersecurity agency ENISA, and Okta. Initial findings from about 50 partners identified over 23,000 potential vulnerabilities, with more than 6,000 classified as severe or critical.* This article has been translated by AI. 2026-06-04 08:33:00

Israel and Lebanon Agree to Ceasefire with U.S. Mediation, Boosting U.S.-Iran Talks The U.S. State Department announced on June 3 that Israel and Lebanon have agreed to a ceasefire. This development is expected to increase the likelihood of a ceasefire between the U.S. and Iran as well. According to reports from Reuters and the Associated Press, Israel and Lebanon participated in a fourth round of high-level trilateral negotiations in Washington, D.C., on June 2 and 3, where they issued a joint statement agreeing to implement the ceasefire. The ceasefire conditions include a complete halt to attacks by Hezbollah, the Iran-aligned militant group in Lebanon, and the withdrawal of all Hezbollah personnel from the southern Litani region. Additionally, both sides agreed to quickly establish a pilot area under the exclusive control of the Lebanese military, guided by the U.S. They also committed to resuming political and security negotiations aimed at a comprehensive agreement during the week of June 22, with the U.S. facilitating communication between the two parties during that period. Israel and Lebanon had previously agreed to a ceasefire in April amid military clashes resulting from the fallout of the U.S.-Iran conflict. However, as U.S.-Iran ceasefire negotiations accelerated, Israel resumed military operations against Lebanon, leading to renewed hostilities. The recent ceasefire agreement between Israel and Lebanon is expected to enhance the prospects for a U.S.-Iran ceasefire agreement. Reports indicate that the ceasefire proposal currently under discussion between the U.S. and Iran includes a demand from Iran that Israel cease hostile actions against Lebanon. 2026-06-04 08:33:00

Hanwha Investment & Securities Raises Samsung Heavy Industries Target Price to 44,000 Won 한국투자증권은 4일 삼성중공업의 목표가를 기존 대비 2.3% 올린 4만4000원으로 제시하고 투자의견 '매수'를 유지했다. 부유식 액화천연가스 생산설비(FLNG) 수주 확대와 부유식 데이터센터(FDC) 사업 진전 등을 반영했다. 강경태 한국투자증권 연구원은 삼성중공업이 지난 2일 북미 선주로부터 해양생산설비 1기를 수주하면서 해양플랜트 수주잔고 내 FLNG(LNG-FPSO) 4기를 확보하게 됐다고 설명했다. 이번 프로젝트는 미국 델핀 미드스트림의 델핀 FLNG 사업으로 추정되며, 삼성중공업은 이를 통해 올해 해양플랜트 수주 목표 82억달러의 40.1%를 달성했다. 강 연구원은 델핀 프로젝트의 LNG 장기 구매계약자 확보와 금융조달이 상당 부분 완료된 만큼 올해 하반기 델핀 2호기 발주도 예정대로 진행될 것으로 전망했다. 삼성중공업이 해당 프로젝트의 FEED(기본설계)를 수행하고 있어 추가 수주 가능성이 높다는 평가다. 이에 따라 한국투자증권은 삼성중공업의 2027년과 2028년 영업이익 추정치를 각각 3.6%, 1.4% 상향 조정했다. 이번 델핀 FLNG 1호기 계약금액이 28억8000만달러, 적용 환율이 1503원으로 기존 추정치(20억달러·1400원)를 크게 웃돌면서 해양플랜트 매출 전망이 개선됐기 때문이다. 강 연구원은 "상선 수주는 연간 목표의 85.7%를 이미 달성할 정도로 순조롭고, 그리스 선주 캐피탈(Capital)과의 양해각서(MOU)를 통해 부유식 데이터센터 건조 사업도 진전되고 있다"며 "FLNG 시장 지배력과 신규 사업 성장성을 감안하면 현재 밸류에이션은 여전히 매력적"이라고 평가했다.* This article has been translated by AI. 2026-06-04 08:27:00

NC AI Supplies Autonomous Welding Robot AI Brain to Hanwha Ocean's Merchant and Special Vessels NC AI announced on June 4 that it has secured a contract with Hanwha Ocean to develop a vision recognition-based welding model and an autonomous welding model using collaborative robots. This project aims to integrate advanced artificial intelligence (AI) vision recognition with precise robotic control technology for welding, a critical process in shipbuilding. NC AI and Hanwha Ocean are working towards implementing a "physical AI solution for autonomous welding" that enables robots to recognize and assess welding areas independently, performing optimal welding in real-time. The welding process in shipyards presents extreme challenges for vision recognition AI due to intense arc light, sparks, real-time welding fumes, and camera lens contamination from outdoor and harsh environments. In arc welding, the temperature can rise from approximately 5,500 to 30,000 degrees Celsius, while plasma arc welding can reach ultra-high temperatures of up to 25,000 degrees Celsius. To address these challenges, NC AI is conducting research that incorporates real-time feedback from Hanwha Ocean's actual worksite data and engineers. The goal is to develop a "shipbuilding-specialized vision recognition technology" that can accurately extract geometric welding lines and detect welding defects in real-time, even amidst strong noise and contamination. NC AI is particularly emphasizing its advanced multimodal technology as the driving force behind this welding automation. This year, it plans to introduce the next-generation industry-specific vision language model, "VAETKI Vision," which is an upgraded version of last year's "VARCO VISION 2.0," as a key engine for the Hanwha Ocean project. Lee Yeon-soo, CEO of NC AI, stated, "We aim to successfully develop robust vision recognition technology and autonomous control models that can overcome dust and contamination on-site, creating a world-class physical AI model that can be deployed in actual shipbuilding processes."* This article has been translated by AI. 2026-06-04 08:24:00

Meritz Securities Raises Target Price for Samsung Electro-Mechanics to 2.1 Million Won Meritz Securities has upgraded its target price for Samsung Electro-Mechanics, citing the ongoing growth momentum of key components essential for the artificial intelligence (AI) era, including multilayer ceramic capacitors (MLCC), silicon capacitors (Si-CAP), and Ajinomoto build-up film (ABF) substrates. The target price was raised from 1.9 million won to 2.1 million won, while maintaining a 'buy' rating. Yang Seung-soo, a researcher at Meritz Securities, noted, "Although the recent stock price has seen a sharp decline, raising concerns about adjustments, the direction of the three core growth drivers remains unchanged." He added, "The demand for AI MLCC is increasing, leading to heightened concerns about supply shortages." He further stated, "High-capacity MLCCs for AI servers are expected to enter a serious supply shortage phase starting in the second half of the year, and competition among major clients for long-term supply contracts is likely to intensify." Yang explained that the demand for Si-CAP will continue to grow as clients expand their next-generation packaging technologies, emphasizing that as the importance of power stability and noise control increases, so too will the demand for Si-CAP. He also pointed out that the ABF substrate market is experiencing significant supply-demand imbalances, with major competitors reportedly pushing for price increases of 15% to 20%. He assessed that Samsung Electro-Mechanics is likely to participate in price hikes based on a favorable supply environment. Yang concluded, "If domestic and international expansion plans are formalized, there is potential for additional corporate value growth based on the long-term cycle of the industry and the expansion of client companies," reiterating the adjusted target price of 2.1 million won.* This article has been translated by AI. 2026-06-04 08:24:00

U.S. Secretary of State Says Treatment of American Companies in South Korea Affects Trade Talks Marco Rubio, the U.S. Secretary of State, stated that regulatory issues concerning American companies in South Korea have impacted trade negotiations between the two countries. He also confirmed that the U.S. military presence and deterrence posture against North Korea remain unchanged. During a House Foreign Affairs Committee hearing on June 3, Rubio responded to questions regarding the treatment of U.S. companies in South Korea. Republican Representative Darrell Issa claimed that South Korea has been pressuring American firms such as Meta and Coupang. Rubio acknowledged, "This is one of the factors we are addressing in our relationship with South Korea." He added, "Honestly, I believe this has affected our ability to reach a trade agreement with Korea due to the specific attitudes toward American companies." He noted that the regulation of U.S. tech companies is not unique to South Korea, stating, "The European Union is also targeting American tech firms," and emphasized that regulations in various countries regarding U.S. companies are being treated as trade issues. Regarding the political situation in South Korea, Rubio maintained a neutral stance. Issa suggested that South Korean democracy is leaning more to the left and opening more pathways to China. Rubio remarked, "In democracies, sometimes leaders who are more favorable to U.S. interests are elected, and at other times, leaders with different perspectives are chosen." He emphasized, "If a leader is elected through a legitimate election, we respect the sovereign choice of that country's people." He also stated, "The fact that a democratically elected government may take a position contrary to U.S. interests does not mean that the U.S. seeks to overthrow or remove that government." Rubio confirmed that there has been no change in the U.S. deterrence posture toward North Korea. In response to a question from Democratic Representative Ami Bera about any changes in U.S. nuclear deterrence regarding North Korea, Rubio stated, "Our posture remains unchanged." He added, "We are not looking to create a crisis or engage in war or cause problems, and we maintain a very strong working relationship with South Korea." He also mentioned U.S. shipbuilding policies, stating, "Some vessels will be allowed to be built in South Korea, which will also benefit the U.S."* This article has been translated by AI. 2026-06-04 08:21:00

Bitcoin Falls Below 100 Million Won Amid Rising Interest Rate Concerns and Middle East Tensions Cryptocurrency markets, including Bitcoin, are experiencing a sharp decline. This downturn is attributed to escalating military tensions between the U.S. and Iran, coupled with growing concerns over further tightening by the Federal Reserve.As of 8 a.m. on June 4, Bitcoin was trading at $64,779 (approximately 99.43 million won), down 2.75% from the previous day. This marks the first time Bitcoin's price has fallen below 100 million won since April 2, when the effects of the U.S.-Iran conflict were still being felt.Major altcoins are also showing weakness. Ethereum, the second-largest cryptocurrency by market capitalization, fell 2.09% to $1,824. Solana (SOL) dropped 2.29% to $72.11, while Ripple (XRP) saw a slight increase of 0.35%, trading at $1.20.Market analysts suggest that rising tensions in the Middle East have led to increased international oil prices and a surge in bond yields, negatively impacting investor sentiment.According to Yonhap News, the Iranian Revolutionary Guard Corps (IRGC) attacked U.S. military bases in Kuwait and Bahrain early on June 4 in response to strikes on Iranian tankers and a telecommunications tower on Qeshm Island. Iran claims these attacks are retaliation for recent U.S. actions, which included targeting radar facilities on Qeshm Island on June 1 and disabling an Iranian tanker with a missile on June 2.As U.S.-Iran hostilities continue, Brent crude futures closed at $97.81 per barrel, up 1.9%, while West Texas Intermediate (WTI) futures rose 2.4% to $96.02 per barrel. Additionally, news that U.S.-based company Strategy, which holds the largest Bitcoin reserves globally, recently sold some of its Bitcoin has further shaken investor confidence.The Crypto Fear and Greed Index on CoinMarketCap registered a score of 24 (indicating fear) as of today, down 10 points from last week’s score of 34. A score closer to 0 indicates extreme fear, while a score near 100 indicates extreme optimism.Meanwhile, at the same time on the domestic exchange Bithumb, Bitcoin was trading at approximately 96 million won ($62,540), down 2.99% from the previous day. The 'Kimchi Premium' was recorded at -3.5%, indicating that Bitcoin prices in South Korea are lower than those overseas.* This article has been translated by AI. 2026-06-04 08:18:00

SK Securities Raises Samsung C&T Target Price to 590,000 Won SK Securities announced on June 4 that it has raised its target price for Samsung C&T from 480,000 won to 590,000 won, reflecting the company's increased equity value, improved business performance, and expectations for enhanced shareholder returns. The investment rating remains at 'Buy.' Choi Kwan-soon, a researcher at SK Securities, stated in a report that the current discount rate compared to the net asset value (NAV) is 54.6%, indicating strong valuation appeal. Choi noted that Samsung C&T's current equity value stands at 165 trillion won, comprising 64.5% from Samsung Electronics, 16.5% from Samsung Biologics, and 11.3% from Samsung Life. He explained that while Samsung Biologics' stock price has decreased by 19.4% since the end of last year, Samsung Electronics and Samsung Life have seen their stock prices rise by 196.9% and 204.6%, respectively. Additionally, the company's net debt decreased by 972.7 billion won in the first quarter of 2026 compared to the end of last year, leading to an increase in Samsung C&T's NAV by 75.4 trillion won. He further emphasized that considering the growth in the high-tech sector and the long-term potential of energy and small modular reactors (SMRs), there is a high likelihood of improved cash flow from operations. He highlighted the importance of focusing on the improvement in operational performance alongside the increase in equity value. Moreover, Choi pointed out that in February, Samsung C&T announced an increase in its minimum dividend per share to 2,500 won from this year through 2028, and plans to redistribute 60-70% of its affiliate dividend income as part of its shareholder return policy. He added that Samsung Electronics plans to return additional funds after the regular dividend of 9.8 trillion won this year, which is 50% of the total free cash flow (FCF) from 2024 to 2026, if any surplus remains. Choi projected that the consensus estimate for this year's FCF is 220.9 trillion won, indicating continued expectations for increased dividends from Samsung Electronics. He anticipates that the dividends for the 2027 business year from Samsung C&T, which redistributes 60-70% of its affiliate dividend income, will also increase accordingly.* This article has been translated by AI. 2026-06-04 08:18:00

Kyobo Securities: Hanmi Pharmaceutical Signs $1.9 Billion Licensing Deal with Eli Lilly Kyobo Securities has highlighted the global technology export achievements of Hanmi Pharmaceutical and the potential value of its additional pipeline, maintaining a target price of 700,000 won and a "buy" rating on the stock. Researcher Jeong Hee-ryeong explained that Hanmi Pharmaceutical recently signed a licensing agreement with global pharmaceutical company Eli Lilly for the GLP-2 class drug candidate, sonepaglutide. The total contract value is approximately 1.9 trillion won, with Hanmi set to receive an upfront payment of 112.9 billion won. Jeong noted that sonepaglutide is a candidate utilizing Hanmi's long-acting platform technology, Labscovery, and is currently undergoing Phase 2 clinical trials globally. He added that Eli Lilly's active efforts to expand its inflammatory bowel disease (IBD) treatment portfolio likely contributed positively to the agreement due to relevant preclinical data. Additionally, Jeong assessed the likelihood of further contracts, as Hanmi has set a goal of at least one technology transfer within the year. Market speculation includes HM15275 and HM17321 as potential candidates for future licensing, with HM17321 particularly noted for its potential to mitigate muscle loss side effects in obesity treatments. Jeong also pointed to the upcoming launch of epeglanatide by the end of the year and the Phase 2b clinical trial results for the MASH treatment epinpegdutide in the second half of the year as key momentum factors. He stated, "Considering the improvement in performance and research and development outcomes, the current stock price has more upside potential than downside risk."* This article has been translated by AI. 2026-06-04 08:15:00