A notable shift is occurring in the investment patterns of Korean retail investors, often called 'Seohak Gaemi'.
For a long time, their overseas investments were heavily concentrated in U.S. big tech. Recently, however, non-U.S. semiconductor stocks like Japan's Kioxia and Hong Kong's Victory Giant have unusually appeared in their top 50 net-buy lists. This signals a significant expansion of their investment scope from the U.S. to the broader Asian semiconductor value chain. So, what's behind this change?
First is the undeniable reality of the AI memory supercycle. In late April 2026, SK Hynix reported its highest-ever quarterly profit, driven by high-demand products like HBM. Shortly after, Intel also announced a major earnings surprise, causing its stock to jump over 23% in a single day. These powerful results served as proof that the AI-driven demand is not a temporary trend but a structural shift, validating investment across the entire semiconductor supply chain, not just the top players.
Second, the range of investment options has physically expanded. Kioxia's IPO on the Tokyo Stock Exchange in late 2024 and Victory Giant's listing in Hong Kong in April 2026 opened new doors. Kioxia, in particular, saw its market capitalization surge dramatically post-IPO, quickly entering Japan's top 10 largest companies. This provided the liquidity and index-driven demand that retail investors favor, making it an attractive non-U.S. alternative.
Finally, a favorable market environment provided the tailwind. The KOSPI index broke its all-time high, fueled by the rally in domestic semiconductor giants. This created a strong risk-on sentiment among investors. At the same time, news of a U.S.-Iran ceasefire extension eased geopolitical concerns. This combination of factors encouraged investors to look beyond the domestic market and channel their optimism toward the promising semiconductor value chains in neighboring Japan and Hong Kong.
- Seohak Gaemi: A Korean term for individual investors who invest in overseas stocks, literally meaning "Westward Ants."
- Value Chain: The full range of activities and companies involved in creating a product, from conception to its end use.
- HBM (High Bandwidth Memory): A high-performance type of memory used in high-end GPUs and accelerators essential for AI computations.