NH-Amundi Asset Management Highlights the AI Value Chain in the "Imperialism 2.0" Era

May HANARO ETF Report Released

NH-Amundi Asset Management has defined the current intensifying competition for artificial intelligence (AI) technology dominance as the advent of the "Imperialism 2.0" era and, in response, published the "May HANARO ETF Monthly Report" on May 8, which outlines an AI value chain investment strategy.

According to the report, the domestic semiconductor market last month showed strong upward momentum, driven by a super cycle in memory semiconductors. Samsung Electronics recorded an operating margin exceeding 40% for the first time ever in the first quarter, while SK hynix surpassed KRW 50 trillion in sales and achieved an operating margin of 72%, delivering earnings surprises that exceeded market expectations. These results were underpinned by a surge in demand for legacy semiconductors such as DRAM and NAND, resulting from the advent of the AI inference era, as well as the structural upcycle created by long-term supply agreements (LTAs) with big tech companies.

NH-Amundi Asset Management diagnosed the current global market environment as the dawn of the "Imperialism 2.0" era, where geopolitical conflicts have become routine. The report particularly noted that the essence of the U.S.-China hegemony battle has shifted from trade and tariff wars to a contest for AI technology supremacy. With the United States embarking on massive AI infrastructure projects such as the "Stargate Project" and China declaring the "intelligent economy" as a national core engine, the key elements of the AI value chain are rapidly emerging as strategic national assets.

This intensifying AI supremacy competition is expected to lead to expanded investment in essential strategic assets. The report analyzed that, within the increasingly fragmented AI ecosystem across regions, the strategic importance of each country’s core value chain—such as graphics processing units (GPUs) in the United States, memory semiconductors in Korea, foundries in Taiwan, and semiconductor materials in Japan—is coming to the forefront.

NH-Amundi Asset Management proposed the "HANARO Fn K-Semiconductor" exchange-traded fund (ETF) and the "HANARO Global Physical AI Active" ETF as investment solutions to respond to these structural changes.

The HANARO Fn K-Semiconductor ETF invests in 20 leading domestic semiconductor companies specializing in the AI value chain, including SK hynix, Samsung Electro-Mechanics, and Samsung Electronics. The HANARO Global Physical AI Active ETF features a broad portfolio covering global semiconductor-related stocks such as Nvidia, SanDisk, and Intel, as well as key AI materials stocks, including multilayer ceramic capacitors (MLCC) and optical communications.

Kim Seungcheol, Head of ETF Investment at NH-Amundi Asset Management, stated, "As the competition for AI dominance intensifies, the value of strategic assets such as semiconductors and core materials will inevitably rise structurally. It is important to pay attention to the strategic assets held by each country within the increasingly fragmented AI ecosystem."

This content was produced with the assistance of AI translation services.