The global AI investment boom is reshaping South Korea’s stock market, with wealthy investors moving money toward semiconductor makers and other companies tied to AI infrastructure—a shift that offers U.S. investors a window into where capital is flowing in one of Asia’s key technology markets.
The change is increasingly visible among high-net-worth investors, who are favoring Samsung Electronics and SK Hynix over internet platforms such as Naver and Kakao. The move reflects expectations for a semiconductor-cycle recovery and sustained spending on AI computing infrastructure, themes that are also driving investment decisions across global markets.
Kiwoom Securities reported on August 25 that the number of its clients with at least 1 billion won, or about $720,000, in assets rose 80.7% from a year earlier as of the end of July. The number with at least 3 billion won, or about $2.2 million, increased by roughly 90%.
The shift in holdings has been significant.
Among clients with at least 1 billion won in assets, the five most-held stocks in July 2025 were Samsung Electronics, Naver, SK Hynix, Kakao and Doosan Enerbility. By July 2026, the ranking had changed to Samsung Electronics, SK Hynix, Hyundai Motor, Doosan Enerbility and Naver.
The change was even sharper among investors with at least 3 billion won. Their top holdings in July 2025 were Samsung Electronics, Naver, Kakao, SK Hynix and Doosan Enerbility. A year later, the list was Samsung Electronics, SK Hynix, Hyundai Motor, Doosan Enerbility and Samsung Electro-Mechanics.
For U.S. investors, the shift highlights the growing importance of the semiconductor supply chain to South Korea’s equity market. Samsung and SK Hynix are positioned to benefit from demand for memory chips used in AI servers and other computing infrastructure, making their stocks a key way for investors to express views on the AI capital-spending cycle.
The move into chip stocks is particularly pronounced among younger investors.
SK Hynix became the most-held stock among investors in their 20s and younger and those in their 30s as of July. Neither group ranked the company among its leading holdings a year earlier.
Older investors have remained more defensive. Samsung Electronics continued to be the most-held stock among investors in their 40s and older, reflecting its role as a dominant market leader and a core holding for investors seeking stability.
Hyundai Motor has also gained broader support across generations. The automaker ranked among the leading holdings for investors in their 30s and 40s in July 2025. This year, it ranked among the top four across all age groups, from investors in their 20s and younger to those in their 60s and older.
Samsung Electronics’ preferred shares also remained popular among investors in their 30s through 60s and older, generally ranking fourth or fifth. Growing attention to Samsung’s dividend appeal appears to have supported demand for the preferred shares.
The portfolio changes also reveal which stocks have lost favor.
Alteogen, Lotte Chemical, Kakao and POSCO Holdings were among the companies that ranked highly among wealthy investors in July 2025 but no longer appeared among their leading holdings a year later.
Kiwoom Securities said the divergence reflects different investment priorities across generations. Younger investors in their 20s and 30s are showing a stronger preference for companies with high growth potential, while investors in their 40s and older continue to favor established market leaders with greater stability.
The broader shift underscores a change in how South Korea’s wealthy investors are positioning for the AI era. Rather than concentrating on consumer-facing internet platforms, they are increasingly targeting the companies supplying the hardware needed to build AI infrastructure.
For global investors, that makes South Korea’s semiconductor stocks an important barometer for expectations around AI spending, memory-chip demand and the next phase of the technology investment cycle.
