삼성전자·SK하이닉스 급락...증시를 덮친 진짜 이유 [이슈톺] / YTN

■ Hosts: Anchor Yoo Da-won, Anchor Jung Jin-hyung ■ Guest: Go Ran, Economic Specialist Reporter The text below may differ from the actual broadcast content. Please refer to the broadcast for more accurate information. When quoting, please specify [YTN News PLUS]. [Anchor] Following the buy-side circuit breaker yesterday, the stock market is truly volatile today due to the activation of a sell-side circuit breaker during trading hours. We will examine this situation with economic specialist reporter Go Ran. Welcome. The KOSPI plummeted by over 6%, closing the session at the 6,800 level. Should we attribute this primarily to the sell-off of semiconductor stocks in the New York stock market overnight? [Go Ran] Looking at the situation in the New York stock market, the S&P 500 and the Dow Jones indices were not in a bad state. Stock prices rose, centered around Big Tech. However, SanDisk, Micron, and SK Hynix ADRs, which have a significant impact on our stock market, all fell by 8–9%. Our stock market has directly absorbed the repercussions of that decline. As you are likely aware, Samsung Electronics and SK Hynix account for 60% of our market capitalization, and if you include related stocks like SK Square, that figure reaches 70%. Therefore, we are currently witnessing a recurring phenomenon where the KOSPI index falls in tandem with the decline in semiconductor company stock prices. [Anchor] So, regarding the semiconductor industry outlook, there are conflicting opinions: some say it has already peaked, while others argue that the fundamentals remain solid. What is your perspective? [Goran] Looking at the analyst reports currently coming out of various securities firms, there are indeed many reports of increasing operating profits. It is true that operating profits are increasing every quarter. However, the point of contention here is whether or not the growth trend in operating profits has stalled. In the case of stocks, the focus is not on how well they are making money now, but on whether they will continue to make money in the future. Regarding this, semiconductor companies earn money by receiving orders and manufacturing goods. Then, the parties placing the orders—these are the Big Tech companies. Big Tech companies are increasingly running low on cash reserves. In the past, they invested using the money they had already earned, but now that they have run out of funds to invest, you have likely heard occasional news about them conducting paid-in capital increases or issuing convertible bonds. This raises the question of whether these Big Tech firms have ultimately reached their breaking point. Consequently, people are questioning whether they will continue to place orders with semiconductor companies in the future. That is why the market was startled when news suddenly broke that Meta had decided to lease its AI data center. Therefore, regarding whether we have reached a peak or if fundamentals remain solid, while the performance of our semiconductor companies is important, the earnings announcements from Big Tech companies scheduled to be released consecutively later this month will be crucial. You need to verify two things. First, whether Big Tech companies have ample funds, cash flow, or have secured cash in some way. Second, we need to send a message to the market that we will continue investing with this money; I think that is likely to cause the stock prices of semiconductor companies and our own firms to turn upward again. [Anchor] We need to keep a close eye on the earnings announcements. However, looking at the stock market these days, isn't it highly volatile with severe daily fluctuations? A sell-side circuit breaker was triggered again today, marking the 18th time this year. It feels like it is being triggered every other day. It seems the government views single-stock leveraged ETFs as the main cause. [Goran] While this cannot be viewed as the fundamental cause of volatility, as mentioned earlier... (omitted) ▶ Original Article: https://www.ytn.co.kr/_ln/0134_202607... ▶ Report a Tip: https://mj.ytn.co.kr/mj/mj_write.php ▣ Subscribe to YTN YouTube Channel: http://goo.gl/Ytb5SZ ⓒ YTN Unauthorized reproduction, redistribution, and use of AI data are prohibited