[통합본] "메타, AI 인프라 팔 것" 불붙은 과잉투자 공포에 무너지는 코스피..지금 시장이 요동치는 진짜 이유 / 교양이를 부탁해

📌 Guest: Yoo Shin-ik (Chief Economist, WM, KB Kookmin Bank) 00:00 The AI ​​industry is still in its early stages, so why have stock prices already run all the way to the finish line? 02:35 US capital has flowed into AI and Japan… Why is Big Tech's cash reserves shrinking? 06:00 As expectations for monetary easing dashed, Bitcoin, gold, and silver began to waver first. 10:10 The real winner hasn't emerged yet, but stock prices exploded first. 13:22 What will happen to the expensively pre-ordered memory if Big Tech's cash flow dries up? 20:12 Why can Japan, thought to be on the verge of collapse, raise interest rates to 1.75%? 36:53 Only AI is growing while the real economy is regressing… The reason why US inflation isn't being controlled. 43:17 Why are middle and low-income groups paying the price of the AI ​​boom in electricity bills? 55:30 PPI is approaching the danger line… Why it is dangerous to rely solely on AI. *This content was recorded on June 23. Semiconductor stocks fluctuated at the single news that Meta was entering the data center business. The market wavered, asking, "Does this mean Meta has a surplus of compute capacity? Isn't this an overinvestment in AI infrastructure? Isn't the demand for HBM waning?" However, the reality on the ground is the exact opposite. Meta's infrastructure is actually tight enough that employees are told to "conserve their tokens" and are even recycling old DDR4 memory. In other words, the current situation is closer to a "compute shortage" than a "compute surplus." Nevertheless, there is only one reason why the stock price fell first upon such minor news. It is not that demand has ended, but that future expectations for AI infrastructure stocks had been pushed too far forward. A good company is different from a good price. This single scene encapsulates the message Yoo Shin-ik delivers across three installments. It signifies that the era of liquidity where "everything was good" is coming to an end, and the time has come to reallocate assets as the liquidity premium fades. Part 1 is titled 'AI is Real, But Stock Prices May Be Fake' — While the industry is at the 10-20% mark of its climb, stock prices have already been fully extracted, and Big Tech has begun to weather expensive growth with 'borrowed money.' Part 2 is titled 'Japan's Counterattack: Thought to Have Failed' — As Japan heads toward a fiscal surplus, it has abandoned its zero-interest rate defense, shattering the global scenario of 'more money being released.' Part 3 is titled 'Money Has Been Released, Yet Interest Rates Are High' — In the U.S., where liquidity cannot be withdrawn through taxes, inflation remains lingering, and 'AI-flation'—where AI investment pushes up electricity and memory prices to stimulate inflation first—has become a reality. Has demand ended, or were expectations ahead of the curve? We examine with Economist Yoo Shin-ik why AI, Japan, and the U.S. point to a single conclusion, and what needs to be prepared after the liquidity feast comes to an end. #PleaseTakeCareOfKyoyang #AIBubble #Meta #JapaneseEconomy #AIflation #Liquidity #Inflation [Kyoyang Production Team] Brand & IP Director: Han Dong-hoon / Writers: Son Ye-won, Yoo Jin-kyung / Editing: Kim Cho-a, Hyun Seung-ho, Song Kyu-bum / Content Design: Ok Ji-soo, Choi Heung-rak / Cinematography: Park Woo-jin / Interns: Baek Ga-eun, Lee Da-jin [Business Inquiries] Please Take Care of Kyoyang, Inquiries regarding appearances, sponsorships, and content: [email protected] Knowledge news that makes you smarter the more you listen, Please Take Care of Kyoyang @sbs_explained Copyright Ⓒ SBS. All rights reserved. Unauthorized reproduction, redistribution, and use for AI learning are prohibited.