摩根大通策略师驳斥AI泡沫论，预测韩股明年进一步上涨

Group 1 - Kerry Craig, Managing Director at J.P. Morgan Asset Management, dismisses concerns about an AI bubble in the stock market and predicts further gains for the Korean stock market next year [1][4] - Craig emphasizes that current capital expenditures are primarily funded by corporate cash rather than debt, distinguishing the current situation from the internet bubble, supported by actual demand and strong profit outlooks [1][4] - Concerns about an AI bubble arise as investors worry that U.S. tech companies are increasingly using debt to fund large AI-related infrastructure projects [1][4] Group 2 - Oracle's stock plummeted after reporting quarterly revenue below market expectations, having raised approximately $18 billion through bond issuance in September for a large AI data center investment [5] - Craig notes that the adoption rate of AI remains "very low," and he expects the rise of AI in the U.S. stock market to continue, albeit at a slower pace than this year [5] - The demand for AI will enter Asian markets, particularly Korea, as long as the U.S. economy grows, with Korea playing a "key" role in the AI supply chain due to its prominence in storage chips and semiconductors [2][5] Group 3 - Craig does not believe the Korean market is "overvalued" compared to other markets, citing a weaker dollar and a diverse range of technology companies in Korea as factors that may boost the Korean Composite Stock Price Index next year [2][5] - He predicts that the exchange rate of the Korean won against the U.S. dollar may stabilize around 1400 next year, supported by overseas investors hedging against currency fluctuations and narrowing U.S.-Korea interest rate differentials [2][5] - However, Craig warns that a weaker Japanese yen may exert downward pressure on the Korean won due to similar currency trends between the two countries [3][6]