As the U.S. stock market is buoyed by a semiconductor rally and strong demand for SK Hynix's American Depositary Receipts (ADRs), attention turns to whether the domestic market can rebound on July 10. Analysts believe that renewed expectations for increased investment in artificial intelligence (AI) in the U.S. and confirmed preferences among foreign investors for AI memory companies will positively influence investor sentiment in the KOSPI.
In the U.S. stock market, expectations for expanded investment in AI infrastructure have once again highlighted the strength of semiconductor stocks. The Nasdaq Composite Index rose by 1.30%, with all three major indices closing higher.
Micron Technology, a memory semiconductor company, announced plans to invest over $250 billion in U.S. production facilities by 2035 to meet growing AI demand, resulting in a 4.5% increase in its stock price. Meta also revealed plans to produce its own AI chips, leading to a 4.7% rise in its shares, while SanDisk surged by 7.6%.
Additionally, it has been reported that demand for SK Hynix's ADRs exceeded the offering amount by more than seven times, further boosting investor sentiment in the AI memory sector.
Seo Sang-young, a researcher at Mirae Asset Securities, stated, "Micron's announcement of a $250 billion investment in U.S. semiconductor production and supply chain expansion by 2035, along with an additional $30 billion in supply chain investments, has rapidly improved investor sentiment across the memory sector. This is interpreted not merely as an increase in capital expenditure but as a signal that AI memory demand will persist for an extended period."
He also noted, "The strong demand for SK Hynix's Nasdaq ADR listing has confirmed U.S. investors' high preference for AI memory companies, which is a positive sign."
There is a growing belief that the semiconductor strength observed in the U.S. market will carry over to the domestic market. Notably, news that SK Hynix's ADR issuance price has been set at $149 per share is expected to support investor sentiment in the semiconductor sector and the KOSPI overall.
As of 8:13 a.m., shares of Samsung Electronics were trading at 288,500 won, up 3.78% from the previous trading day. SK Hynix also saw a 5.49% increase, reaching 2,306,000 won.
Han Ji-young, a researcher at Kiwoom Securities, predicted, "Today, the domestic market is expected to show strength due to optimism surrounding the U.S.-Iran negotiations, the Philadelphia Semiconductor Index's consecutive gains, and a 4.5% rise in KOSPI 200 night futures, along with a wave of bargain buying following a 9% correction earlier this week."
He added, "While the success of the ADR listing has limitations in diagnosing changes in the memory industry, it can serve as a catalyst to improve the overall investment sentiment in the KOSPI, which has been cooling off."
* This article has been translated by AI.
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