A NAVER follow-up on why NVIDIA’s Jensen Huang would engage NAVER after SoftBank, YTL and Dell: NAVER Cloud, 60,000+ GPUs, sovereign AI, physical AI and valuation re-rating conditions.
A follow-up to the Marvell / Broadcom connectivity thesis: AI optical interconnect bottlenecks are moving deeper into EML and CW-DFB laser sources. Korea's most direct proxy is OE Solutions, but customer qualification and repeat orders matter more than product headlines.
A forward PER parity check for Samsung Electronics, SK hynix and Micron shows Korean memory leaders trading at a discount to Micron. As of June 1, 2026, Samsung/Micron is 0.82x and SK hynix/Micron is 0.80x.
Korean institutional flow can be misleading because financial-investment accounts include ETF liquidity provision, programs and hedging. A cleaner real-money lens focuses on investment trusts, private funds and pensions.
KOSDAQ has weakened since its late-April high even though foreigners kept buying. The problem is not foreign selling. It is narrow foreign buying, weak breadth and continued selling from institutional real money. The next triggers are ADR 60, real-money inflows and a KOSDAQ recovery toward 1,080-1,100.
Korea’s equity market is not short of liquidity. Investor deposits plus CMA balances reached KRW 246.3T, but the 20-day ADR fell to the 48 area. Foreigners are not simply exiting Korea; they are reducing Samsung Electronics and SK hynix while reallocating into KOSDAQ, batteries, robotics, biotech, and selected infrastructure names.
A follow-up on FADU as an AI eSSD controller bottleneck. The note tests whether FADU can earn a higher multiple than memory by opening P, Q, cost leverage and new segments such as Gen6 SSD controllers, PMIC and CXL.