Semiconductor Large-Cap Rebound: Drivers and Implications of Foreign and Institutional Inflows

1. Macro Easing and a Decisive Shift in Inflows

Following severe market volatility in early September 2026, a distinct semiconductor large-cap rebound emerged in the domestic stock market. As of September 4, dovish remarks regarding Federal Reserve interest rate policy eased global monetary tightening fears, swiftly reviving risk sentiment.

Foreign and institutional investors, who had previously maintained a selling stance due to profit-taking and peak-out concerns, shifted to net buying across the KOSPI market. Large inflows concentrated in market leaders such as Samsung Electronics and SK Hynix, driving the broader market index higher.

2. Valuation Attractiveness and Solid AI Fundamentals

The core catalyst behind this semiconductor large-cap rebound lies in attractive valuations following heavy pullbacks alongside strong underlying fundamentals. According to analyses from global investment banks such as Nomura, persistent demand for high-performance memory driven by AI infrastructure expansion is expected to prolong tight supply conditions.

Perceptions that recent price declines were overblown prompted aggressive dip-buying. Corporate share buyback programs provided downside support, while long-term supply agreements and earnings visibility among major tech firms reinforced the structural turnaround.

3. Key Watchpoints: Continuity of Institutional Inflows

For investors, confirming whether the net buying from foreign and institutional investors sustains momentum will be critical to validating a structural uptrend. The upcoming September FOMC decisions and pivotal U.S. inflation data (CPI and PPI) will serve as essential indicators dictating foreign liquidity and exchange rate stability.