[Edaily Reporter Kim Kyung-eun ] Exchange-traded funds (ETFs) focused on semiconductor materials, parts, and equipment (MPE) dominated the top ranks of returns over the past week. This was driven by a wave of bargain-hunting as concerns over a slowdown in AI investments eased following strong earnings from CoreWeave, a U.S. AI cloud company. The securities industry anticipates that global semiconductor companies will continue to expand their capital expenditures next year and is focusing on the potential for the MPE sector to benefit from this trend.

According to fund rating agency KG Zeroin on the 15th, an analysis of domestic equity funds with net assets (aggregated across classes) of at least 10 billion won and a management period of at least one month showed that DS Asset Management’s “DS KOSDAQ Active ETF” took the top spot with a 17.15% gain over the past week (6th–13th).

ETFs related to semiconductor materials, parts, and equipment also ranked high in the list. The “KODEX AI Semiconductor Core Equipment ETF” rose 14.52% to take second place. The “SOL Semiconductor Back-End Process ETF” rose 13.88%, and the “PLUS AI Semiconductor Materials, Parts, and Equipment Active ETF” rose 12.96%, taking third and fourth place, respectively.

The strong performance of semiconductor materials, parts, and equipment-related stocks is attributed to the partial easing of concerns over a slowdown in AI investment. Previously, global semiconductor stocks had plummeted following the U.S. midterm elections, as concerns over tighter data center regulations and potential investment delays came to the fore. However, investor sentiment improved after the domestic stock market turned upward on the 10th, driven by falling international oil prices and a rebound in U.S. semiconductor stocks, followed by CoreWeave’s announcement of strong third-quarter earnings on the 11th.

CoreWeave’s third-quarter revenue reached $3.66 billion, a 168% increase year-over-year, exceeding market expectations. Its order backlog also expanded to $132.5 billion. As the perception spread that investment demand for AI data centers remains robust, buying interest flowed into semiconductor-related stocks. Additionally, the fact that South Korean semiconductor exports from the 1st to the 10th of this month increased by 331.2% year-over-year further contributed to the recovery in investor sentiment.

The securities industry views the expansion of capital expenditures by global semiconductor companies as a growth driver for materials, parts, and equipment suppliers. Shinhan Investment Securities forecasts that capital expenditures by major DRAM manufacturers—including SamsungElectronics, SK hynix, and Micron—will increase by more than 40% next year compared to this year. With the simultaneous expansion of High-Bandwidth Memory (HBM) production and the transition to NAND flash processes, related equipment manufacturers are expected to benefit significantly.

Kim Hyung-tae, a senior analyst at Shinhan Investment Securities, stated, “As the upward trend in global semiconductor capital expenditures (CAPEX) gains momentum, it is highly likely that the benefits of expanded domestic and international investment will be fully reflected,” and highlighted PSK INC.(319660) and PSK HOLDINGS INC.(031980)as sectors to watch.

“TerraFab,” the semiconductor factory project led by Elon Musk’s SpaceX and Tesla, is also emerging as a new growth driver for the semiconductor materials, parts, and equipment industry. HANWHA INVESTMENT & SECURITIES analyzed that Tesla and SpaceX have begun supply negotiations with Korean and Japanese semiconductor equipment and parts manufacturers, and that some infrastructure-related companies could begin generating revenue as early as 2027. The explanation is that since investments in infrastructure—such as gas supply facilities and piping necessary for semiconductor factory construction—are made first, related companies are likely to benefit early on.

Park Jun-young, an analyst at HANWHA INVESTMENT & SECURITIES, said, “TerraFab is a project for which construction has already begun,” adding, “It is highly likely to emerge as a significant new source of demand for the materials, parts, and equipment industry as the project progresses through equipment validation, supply chain establishment, and investment in large-scale production facilities.”