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On July 9, William Bratton, an analyst at BNP Paribas, stated that despite the recent increased volatility in South Korean chip stocks, the country's tech super cycle is expected to continue in the short term. He pointed out that the fundamental and structural drivers of the rally in memory chips remain solid, thanks to strong earnings momentum and the lack of compelling earnings growth stories in other sectors in the region. He added that it is premature to conclude that the forces driving the Asian and South Korean tech sectors have come to an end. Although the South Korean stock market may face headwinds when the tech cycle eventually turns, Bratton believes that the recent pullback in tech stocks is merely normal consolidation rather than a structural reversal in the tech investment theme.
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