OpenAI Valuation Concerns Pose Key Risk to Semiconductor Cycle, Says Hana Securities Analyst

According to Park Moon-hwan, executive director at Hana Securities, OpenAI's valuation uncertainty represents the most critical variable that could reshape the semiconductor sector. Park noted that if OpenAI's valuation fluctuates, it could trigger a broader reassessment of data center, cloud, and memory semiconductor investments, potentially undoing gains from the initial AI infrastructure boom.

The analyst maintained a constructive outlook on the sector, emphasizing that major tech companies continue expanding AI investments and global data center spending remains on an upward trajectory. Park characterized recent semiconductor volatility as a natural adjustment phase rather than a cycle reversal, concluding that the semiconductor and AI investment cycle is far from complete.