Peak-Semiconductor Fears vs. the Scale Theory: Rep. Lee Hae-min's Case for Korea's AI Megaproject Amid a Wobbling KOSPI

Samsung Electronics reported roughly 57 trillion won in operating profit for Q1, followed by about 89 trillion won in Q2. In the quarterly operating-profit chart going back to 2015, these two quarters stand out sharply, splitting opinion over whether this is a temporary spike or the start of a new earnings regime.

Kiwoom Securities became the first domestic brokerage to cut its Samsung target price, from 430,000 won to 390,000 won, citing slowing EPS growth in the second half alongside rising expectations for HBM4 market-share gains and intensifying competition from Chinese memory makers. Hyundai Motor Securities, by contrast, kept its target at 440,000 won, with a report titled, memorably, 'Its only sin is earning too much and rising too much.'

Morgan Stanley argued that the narrow, semiconductor-led rally is winding down and recommended trimming memory names like SK hynix in favor of hyperscalers. The hosts called out a circular-logic flaw in the report: it assumes the AI ecosystem isn't over while telling investors to rotate out of chips into hyperscalers — companies whose fortunes ultimately still depend on chip demand. They also questioned the bank's credibility given its prior 'Winter Is Coming' memory-downturn call, which it walked back with an apology months later, and the fact that SK hynix reportedly excluded Morgan Stanley from the underwriting syndicate for its planned U.S. listing.

Amazon disclosed plans to issue at least $25 billion in dollar-denominated bonds across eight tranches. With maturities stretching to 40 years, the proceeds are expected to fund mostly AI infrastructure investment, seen as a signal that hyperscaler AI spending has not slowed.

Meta unveiled Muse, an image-generation model developed by Alexander Wang's Superintelligence Labs. Slated for integration into Instagram, WhatsApp and other social apps, the launch eased market concern that Meta was scaling back AI investment.

Microsoft said it has begun using its in-house MAI model in some Excel and Outlook features, a move seen as pushing back on criticism that the company lacked its own AI model.

SpaceX, newly added to the Nasdaq 100, fell 6% to around $149 despite inclusion optimism. Wall Street price targets diverged sharply: Raymond James set $800, Morgan Stanley $300, and Deutsche Bank $255.

Tesla drew more bullish calls on merger momentum and expanding robotaxi and Cybercab businesses, with attention also turning to its humanoid robot unveiling expected in August or September. Tiger Brokers upgraded Coinbase to buy with a $200 target, and Visa reported stablecoin transaction volumes hit a record high in June.