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"The foreign selling in the Korean stock market is not an exit caused by deteriorating fundamentals. The impact of programmatic trading is far greater." Cathy Wood, CEO of Ark Invest and a leading figure in "disruptive innovation investing," recently offered this interpretation of the Korean stock market that has been hit by foreign capital outflows. Regarding Korean semiconductor stocks that have undergone a significant correction, she stated: "The market has indeed entered a buying zone." When asked about the core trigger for foreign capital withdrawal, Wood explained: "In June of this year, memory chip prices peaked and began to decline, while the Korean won hit a new high against the US dollar. The stock price decline combined with currency factors triggered a large wave of mechanical programmatic trading — the root of the problem is not any fundamental weakness in the Korean market itself." She added: "The AI revolution is an extremely profound transformation. Once semiconductor prices begin to recover, the market will rebound, and fundamentals will ultimately confirm this."

Choi Young-jin, Vice President of Hanwha Asset Management, added that foreign selling does not equate to global capital being "bearish on Korea." Choi stated: "Global investors include both long-term capital and various entities such as hedge funds and quantitative traders. When the index falls to a certain threshold, these funds will mechanically reduce their holdings of large-cap stocks."

Avoid general-purpose memory chips, keep focusing on the HBM track

Wood believes the recent pullback in memory chip stock prices is a backlash from the rapid price increases seen earlier. "The surge in memory chip prices led to a significant decline in consumer electronics end-product sales. This has already been reflected in stock prices. Semiconductor fundamentals remain strong, and the outlook for AI infrastructure is positive." She assessed that the fundamentals of semiconductors and AI infrastructure are solid, with the potential for earnings to exceed expectations. Choi, meanwhile, focused on the structural transformation of the memory industry: "Memory has long been a typical cyclical industry — prices rise and production increases, prices fall and production decreases. But after the emergence of HBM, memory chips have become customized core components developed according to customer needs and locked in through advance orders. Yet the market is still evaluating the memory sector using outdated cyclical logic."

Wood also offered advice to Korean retail investors deeply mired in losses: "If you are still bullish on the AI cycle, you can sell those holdings you have lost confidence in and that continue to bleed losses, and shift your funds into memory chip stocks." The approach is to streamline the existing portfolio rather than blindly adding new capital, and to increase the weighting of core memory chip positions. She mentioned: "If some of your cryptocurrency assets are highly valued and lack fundamental support, you might consider selling them and rotating into more stable memory chip stocks."

On investment principles, Wood reiterated the underlying logic of buying low and selling high: "The principle is basic, but the logic of buying low and selling high fully applies to the current market. Right now is a relatively good entry window." She stated that there is no need to liquidate everything just because stock prices have risen — instead, one should diversify allocations while retaining partial positions. The key is to maintain an appropriate position size, hold with peace of mind, and not feel anxious. At the same time, she warned against herd behavior: "When the market is rushing to chase a certain stock, or even borrowing money to get in, you should remain cautious. Even if you keep buying on dips, but the stock price continues to fall, it will feel terrible — the standard for judgment still depends on whether the fundamentals are solid."