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[주식] 261021 탄력 떨어지는 IT, 큰 시세는 이쪽에서 — Transcript

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0:02Hello. It's Han News again today. Today
0:04is Wednesday. Looking at the U.S.
0:06market yesterday, it was just okay. The
0:08Dow rose about 1%, but the S&P and
0:10Nasdaq ended near flat, and the
0:13Philadelphia Semiconductor Index, which
0:15has the most direct impact on us
0:18recently, was at -0.29%, so it also
0:20ended near flat. As you know, the
0:22domestic market saw a sharp drop
0:24yesterday as "Electronics" shares
0:25melted down, dragging the composite
0:27index with them; that's related to U.S.
0:29semiconductors, like Micron for example
0:30. The decline in Micron was already
0:32reflected yesterday while our market
0:33was in session. In other words, since
0:36Micron and the Philly Semiconductor
0:38Index started off significantly lower
0:40when the U.S. market opened yesterday
0:41but managed to push back up by the
0:43close, even though it ended flat, we
0:45should see it as a recovery from our
0:46perspective. Because it had started off
0:49with a sharp drop in the morning. And
0:51today in our domestic market, the KOSPI
0:53closed up 3%, and the KOSDAQ was up
0:54about 1.38%. Both markets were decent,
0:57and "Electronics" climbed quite a bit
0:58during the session today. It was up
1:01about 8-9%around 11 a.m. before giving
1:03back some gains with a long upper wick,
1:06but it still managed a respectable rise
1:08. "Electronics" held up well, and even
1:11though the KOSPI rose 3%, there were
1:13fewer than 400 gainers at 370, while
1:15there were 490 decliners, nearly 500.
1:18So the KOSPI today was quite
1:20concentrated, and while the KOSDAQ's 1%
1:22gain isn't huge, it was still a decent
1:24performance. Yes. There were 800
1:26advancing stocks. Since there were 800
1:28decliners as well, we have to assume
1:30there was concentration in specific
1:31sectors on the KOSDAQ as well. Looking
1:33at today's closing prices, the stocks
1:35that moved stronger than the market
1:37were semiconductors, bio, and solar—
1:39well, more accurately, you can't say
1:42solar rose, but there are the space, AI
1:44, and data center related stocks. These
1:46are found in solar and secondary
1:48batteries, and these areas showed a
1:50picture of strong gains. Also, there's
1:52no real need to cover oil refining, but
1:54oil refining was fairly decent in
1:56today's market. And as for theme stocks
1:59, two were decent; aerospace started
2:00the morning with a strong gap up but
2:02gave back some gains, but there was
2:04definitely an issue in aerospace. After
2:07the U.S. market closed yesterday,
2:09SpaceX announced its earnings, and they
2:11were unusually good. I will explain in
2:13a moment why I say they are unusual.
2:16And the second theme is the Ukraine war
2:18ending theme stocks. It’s already
2:21been over four full years and we're
2:23heading toward five, and with President
2:24Trump facing the U.S. midterm elections
2:26on November 3rd, there are only two
2:28weeks left. So the hottest topic right
2:31now is that gasoline and diesel prices
2:32are just too expensive. In the U.S.,
2:34gasoline and diesel prices are rising
2:37faster than WTI crude oil. Since this
2:40directly impacts the election, it seems
2:42Trump is trying to end the Ukraine war
2:44quickly, as it is one of the main
2:46factors driving up these fuel prices.
2:49He is putting immense pressure on
2:50Ukraine. So, with Ukraine
2:52reconstruction stocks surging strongly
2:54today, once we check those, we'll have
2:56pretty much covered everything for
2:58today. And since there are a few
3:01individual stocks that spiked today
3:03with a high potential for further gains
3:05, we'll go over those as well to wrap
3:07up today's discussion. The market
3:10lately feels like a game of Whac-A-Mole
3:11. It gets pushed up one day, crushed
3:13the next, and then climbs back up again
3:15; this cycle keeps repeating, and the
3:17volatility in the composite index is so
3:19high it’s moving almost like a penny
3:21stock. Honestly, even KOSDAQ penny
3:22stocks don't move like the composite
3:24index; it really is a peculiar market.
3:26And indices always have cycles where
3:28they move well and move poorly, right?
3:31But this current cycle is just getting
3:33a bit prolonged. Also, looking at the
3:35strong sectors I mentioned earlier,
3:37it's fortunate that many of them have
3:39high retail investor participation, and
3:41we were holding most of the stocks that
3:43were part of today's strong sectors.
3:46Most of you probably were as well. And
3:48looking at the composite index, you
3:50have to watch both KOSPI and KOSDAQ
3:52together, but seeing how they move is
3:53honestly frustrating. The volatility is
3:55high in both directions, but it’s not
3:57an upward trend; it’s just the same
3:59pattern of being pushed down and pulled
4:02back up—for example, KOSPI closed up
4:041.7%the other day, down 3.77%yesterday,
4:06and up 3%today. I’m not sure what
4:08they are doing, but the good news is,
4:09if you compare KOSPI and KOSDAQ, I’ve
4:11always said that KOSDAQ is the one that
4:13has broken through its box range before
4:15. So, you have to consider that this is
4:17where the trend is definitely alive.
4:20They might look the same in the broad
4:21picture, but they are not the same
4:22thing. Since it has broken through
4:25there once before, if it rebounds,
4:26it’s highly likely to gain more
4:28momentum. They are somewhat similar,
4:30but in any case, you should look toward
4:32KOSDAQ rather than KOSPI, and
4:33small-to-mid caps over large caps, and
4:35as for whether Korea is the only one in
4:36such a mess, the answer is yes. You
4:39might think this is unique to our
4:40country, but if you overlay the KOSPI
4:42with the Taiwan Weighted Index or the
4:44Nikkei, the downturns look identical.
4:46But the important thing is that their
4:48trends haven't broken. For reference,
4:50look at the Taiwan Weighted Index as of
4:51October 6 th—it wasn't that long ago.
4:53They hit a record high just two weeks
4:54ago before pulling back. We were pushed
4:57down early without any rebound before
4:58falling further, whereas they hit a
5:00record high, and the Nikkei, while not
5:01at a record high, broke through the
5:0340,000-point mark before coming back
5:05down. It's quite disappointing when you
5:07look at it this way; comparing us to
5:09Taiwan, there are actually many
5:11similarities between our countries. The
5:13fact that we are both export-driven
5:14nations. And that the semiconductor
5:15industry serves as the largest pillar
5:17for both economies. Even in the stock
5:19market, both countries have a very high
5:21market capitalization weighting in the
5:22semiconductor sector. Japan is often
5:25compared to us, but they aren't a
5:27semiconductor-led nation. So, it's hard
5:29to compare directly with them, and we
5:31should be comparing with Taiwan instead
5:33; for reference, the weight of the
5:34semiconductor sector, including TSMC,
5:36in the Taiwanese market is significant.
5:38I mean, we also have an incredibly high
5:39weighting for Samsung and SK Hynix. In
5:40the KOSPI. But Taiwan's is even higher.
5:42Despite that, they still managed to
5:45reach record highs. Of course, if you
5:47look at their business models, they
5:49focus on system semiconductors and
5:50foundries while we focus on memory, so
5:52it's hard to say they're identical, but
5:54given the industrial structures are so
5:56similar, it's very disappointing that
5:57we are performing so much worse than
5:59Taiwan. So, in any case, I think that
6:02area needs some improvement. The index
6:05moves too much like a penny stock; of
6:07course, Taiwan also saw a sharp drop
6:09due to the massive decline in the U.S.
6:11memory and semiconductor sectors, but
6:13look at the scale of their drop. Can
6:16you compare it to Korea? Our market is
6:18just not providing enough defense. I
6:20think there needs to be some kind of
6:22structural solution, whether at the
6:24policy level or through new regulations
6:25. Whenever you look at our country, the
6:27structure is always like that. It’s
6:30not just this time for the KOSPI; if
6:31you look at the cycle from a few years
6:33ago or even the cycle before that, our
6:35market is known for being explosive
6:37when it goes up. When our market rises,
6:39there are actually quite a few days
6:41where the KOSPI composite index records
6:42the highest growth rate in the world.
6:44This hasn't just happened recently or
6:46this time around; it was true in the
6:472020 cycle and even in previous cycles
6:49—the KOSPI often proudly takes first
6:51place in growth during upturns, but the
6:52problem is that it hits rock bottom
6:54during downturns. To put it positively,
6:57it means it's easy to make money when
6:59it goes up, but because the rally is
7:01driven by such a frenzy, it also
7:03becomes a problem when it falls.
7:05Looking at Samsung Electronics and
7:06Hynix, there was a decent rebound
7:08attempt this morning, with Samsung
7:10Electronics 'high for today up by 0.9%.
7:12Hynix is also around 0.9%. So, they
7:14have risen a lot, and while it's good
7:15that the volatility—the movement up
7:17and down—is high, the direction
7:18itself isn't clearly established, so
7:20wouldn't it be right to see their
7:21momentum as having weakened? And when
7:24you look at the strength of
7:25mid-to-small cap stocks rising while
7:26these are resting, you can definitely
7:28see that their strength has become
7:29significantly stronger. We'll have to
7:31keep watching, but for now, it seems
7:33the flow of supply and demand has
7:35shifted to other sectors. Looking at
7:38the U.S. stock market first, when you
7:39see the semiconductors dropping
7:41significantly the other night and then
7:42rebounding slightly, it might look like
7:43they've risen a lot, but they haven't.
7:46They fell so much that the movement is
7:48almost like a dead cat bounce—just
7:50the extent of dead stocks jumping up
7:51once. It's exactly like this. It's hard
7:54to say it has risen a lot just by
7:55seeing it go up once while it was
7:56trending down, right? And looking at
7:59the U.S. market yesterday, it was very
8:01distinct; even though the composite
8:02index and the Philadelphia
8:03Semiconductor Index were flat, there
8:05were clearly strong performers. It was
8:08clear that in the U.S. yesterday, this
8:09one was the leader. The one I can
8:11accurately identify as such was Bio.
8:13U.S. healthcare stocks are currently
8:14hitting a lot of new highs. Some broke
8:16through to new highs yesterday, which
8:18we'll look at shortly, and the logical
8:21reason for why they are moving like
8:23that is...you see the Korea Investment&
8:25Securities homepage here? It explains
8:27it well here, and if you look at the
8:29bottom of today's morning briefing, it
8:30shows up. Healthcare is bound to be
8:32talked about. It says here that the
8:33leader yesterday was healthcare. Eli
8:35Lilly was up 3.4%, UnitedHealth was up
8:373%, which was a stronger rise than the
8:39S&P 500's 0.28%or flat performance.
8:42Reuters reported that healthcare led
8:44the sector gains, and that buying is
8:46already shifting to other sectors amid
8:48caution over tech stock valuations and
8:50profit-taking issues. What does this
8:53point to? The confirmed factor is
8:54sectoral rotation. The reason this
8:56comes up is that the perspective on
8:57healthcare and bio in our country
8:59differs from the perspective in the
9:01U.S. Traditional pharmaceutical
9:02companies in the U.S. have a very long
9:04history and there are many large-cap
9:06stocks that translate that into actual
9:08earnings. Representative stocks like
9:09that in our country would be Samsung
9:11Biologics and Celltrion. Samsung
9:12Biologics and Celltrion are the
9:13healthcare stocks that show actual
9:14numbers, aren't they? So, since they
9:16move more like manufacturing companies,
9:17I think that’s why Sam-Ba and
9:18Celltrion are rising well, and there
9:20are also biotech firms in the US. But
9:22even among those tech stocks, some are
9:24hitting new highs. Healthcare is just
9:26that strong in the US right now. So,
9:29they aren’t viewed as those "all-in
9:31on drug development or bust" types of
9:34stocks, but rather as defensive
9:36manufacturing businesses. In the US,
9:39that is. Think about it simply: if
9:42you’re unwell and need to take
9:43medicine, you don’t just stop taking
9:45it because the economy is bad or your
9:47salary has been cut. So, since there
9:51are many stocks in the US seen as
9:53defensive, we can see many of them
9:55hitting new highs, and there’s a lot
9:58of talk that money from global hedge
10:00funds, which had flooded into AI, is
10:02shifting toward defensive sectors,
10:04primarily healthcare. This topic has
10:07actually been coming up quite often.
10:08Since these stocks didn't drop at all
10:09when others were falling recently, and
10:11are actually hitting new highs, please
10:12keep that in mind. When we look at the
10:15statistics of the Korean market
10:16compared to US healthcare over the past
10:1820 years, the decoupling is at an
10:19all-time high, even over such a long
10:21time horizon. It's just too large. At
10:23the very least, Sam-Ba and Celltrion
10:25should see a major rally. Anyway,
10:26that’s the situation right now. Now,
10:28let’s take a look at the major news
10:30from the US one by one. Elon Musk said
10:33next year, for every child in the US—
10:35demographic statistics say the US child
10:37population is 72 million—he would
10:39give them one share of SpaceX. When
10:41this was announced, the closing price
10:43of SpaceX was $ 146. So, per share in
10:46Korean Won, that’s roughly between
10:48180,000 and 200,000 won. He says he’s
10:50going to give that to 72 million people
10:51. That amounts to $ 10.5 billion in
10:53scale. That’s nearly 15 trillion won,
10:55but considering the total value of
10:56Musk’s holdings, it’s not actually
10:58that much money, but it’s still
10:59impressive. I hope things go well so it
11:03can be used for children or vulnerable
11:05social groups, but anyway, he said
11:08he’d spend big. For reference, why is
11:11he suddenly giving this away? It’s
11:14because of a policy created by
11:15President Trump. There’s something
11:16called the "Trump Account." The Trump
11:18Account. What is it? It’s basically
11:21opening an account for every child in
11:22the US, where the government receives
11:24donations in a sort of matching fund
11:25style. A prime example is someone like
11:28Michael Dell, the founder of Dell, whom
11:30Trump really likes. He brings him along
11:31to events all the time. Why is that?
11:33Because Dell has donated a massive
11:34amount of money. On top of this. So,
11:36with the donated money, you have
11:37working parents who are employed at
11:39companies, right? Then the company
11:41where the parent works provides a
11:44matching grant. For instance, if they
11:46received a donation from the state and
11:48distributed about 200,000 won per
11:49person. Then the company adds another
11:51200,000 won to that. So that would be a
11:53total of 400,000 won, right? Per month.
11:55If you keep accumulating it like this
11:56for 5 or 10 years, or until the
11:58children reach adulthood, imagine how
11:59huge it would grow with 20 years of
12:01compound interest. So the account
12:02intended to build a lump sum for kids
12:04to use for college later is the Trump
12:06account, and he's going to donate to
12:07that. Why is he doing this? With the
12:09election on November 3rd just around
12:11the corner, Musk has gone all-in on the
12:12Republican Party. So you can see it as
12:15something done for the sake of the
12:16election. It’s not really an issue
12:18that affects the stock price, but
12:20it’s a novel concept, so I wanted to
12:21bring it up. And if you check out
12:23American communities regarding Jensen
12:24Huang recently. Like our country's
12:26stock discussion boards, places like
12:28Reddit in the U.S. have some very
12:30interesting posts. People are cursing
12:32Jensen Huang like crazy, calling him a
12:34total fraudster and crossing the line
12:36with insults; why are they doing that?
12:38It's because Jensen made it all like
12:40this. I’ve been talking about it, and
12:42what’s being discussed in the U.S. is
12:44that the business CoreWeave is doing is
12:46essentially Neo-Cloud. There have been
12:48many talks recently that it might
12:49collapse, and every time this comes up,
12:50people point to the structure Jensen
12:52Huang designed. It’s called a
12:54circular economy; I give money to the
12:55customer, and the customer uses that
12:57money to buy equipment from me, that
12:58kind of structure. And what was
13:00mentioned today as a satire is that its
13:02structure is exactly the same as
13:03Myeongryun Jinsa Galbi. When opening a
13:05Myeongryun Jinsa Galbi franchise, it
13:07costs a lot, and since the person
13:09wanting to start it doesn't have the
13:11money, the headquarters provides a loan
13:12. Then, with the money from the loan,
13:14when the person starts the business,
13:16they have to pay for interior costs,
13:18materials, or franchise fees, right?
13:19They pay it back to Myeongryun Jinsa
13:21Galbi. And for things like sourcing the
13:24meat or various items needed for daily
13:26operations. They have to buy those from
13:28headquarters anyway, so isn't that a
13:29circular economy? So people say the
13:31structure of Myeongryun Jinsa Galbi and
13:33Nvidia is identical, and it really is.
13:35It means they are artificially creating
13:37demand. So it works very well at first,
13:39but the problem is that if one link in
13:40the chain breaks, it leads to a chain
13:42reaction of bankruptcies. There has
13:44been a lot of talk about this since
13:46last year, but recently, stock prices
13:48for Micron, the memory sector, and
13:49semiconductor equipment have fallen
13:51significantly. As those prices drop,
13:53people are criticizing Jensen Huang,
13:55claiming he’s fueling a bubble, but
13:57from the Nvidia CEO's perspective, he
13:59obviously has to talk it up. So, at the
14:01conference, he went on to say that the
14:02next wave of artificial intelligence is
14:04physical AI. The leader of physical AI
14:06is definitely robotics. You could add
14:08autonomous vehicles or robotaxis to
14:09that, but robotics is certainly the
14:11leader. He’s been giving lip service,
14:13saying there will never be another
14:14opportunity like this, but the stock
14:15price hasn't shown much reaction. So,
14:17he’s facing a tremendous amount of
14:19backlash. Also, the U.S. administration
14:21has banned the use of Chinese DeepSeek
14:23products and services within U.S.
14:24federal agency systems. This isn't
14:26exactly groundbreaking news, as it’s
14:28already banned in Korea as well.
14:29They're basically banning all Chinese
14:31products anyway. Furthermore, at the
14:32SEMI global semiconductor equipment and
14:34materials association meeting, they
14:35stated that global investment in
14:36semiconductor equipment will reach
14:37roughly 1,000 trillion won over the
14:39next four years. With about 150 billion
14:42dollars this year, 170 billion next
14:43year, 190 billion the following year,
14:45and 220 billion in 2028, they are
14:47saying that for at least the next three
14:49to four years, even if memory peaks out
14:51, equipment sales will continue to grow
14:53at that pace. While this is good news
14:56for semiconductor equipment stocks, the
14:57market didn't react very strongly, and
14:59the stocks haven't moved much. Reuters
15:01reported that President Trump’s
15:02approval rating has hit an all-time low
15:04. It varies by polling organization,
15:06but it is true that it has fallen
15:08significantly. It seems they started
15:09the war with Iran for no reason at the
15:11end of February, reportedly thinking it
15:13would end within a few months when they
15:15first launched it. They didn't intend
15:17to drag it out until the election, but
15:18Iran knows President Trump's weaknesses
15:20. As the war drags on, Iran understands
15:22very well that any bad news related to
15:24oil will drive prices up and hit
15:26Trump’s approval rating directly, so
15:28they are just in "hold" mode. That is
15:30the current state of affairs; the
15:31approval rating has dropped
15:32significantly, and the biggest factor
15:34influencing that decline is the current
15:35oil price issue. I mentioned this
15:36earlier. Gasoline prices in the U.S.
15:38have now broken through 6 dollars per
15:40gallon. And things like diesel prices
15:42as well. But if you look at it, the
15:43number considered important in the U.S.
15:45is actually 3. 4. The reason is that
15:48it’s based on the retail price at gas
15:50stations for gasoline and diesel, which
15:52Americans use the most. Once it breaks
15:544 dollars a gallon, it’s seen as
15:55having a direct impact on the
15:57president's approval rating, and now
15:58there are places where it’s in the
16:00high 5-dollar range or even over 6
16:02dollars. That’s why the approval
16:03rating has taken such a big hit. Please
16:04take that into account. Starting
16:07tomorrow, there will be a strike at
16:08Micron's Taiwan plant, and as expected,
16:11the union is demanding 15%of the
16:12company's operating profit. In fact,
16:15there are almost no precedents
16:17worldwide where 15%of operating profit
16:19was distributed to employees as a bonus
16:20. The precedent was first set by SK
16:24Hynix when they agreed to it, though
16:26their performance wasn't that great
16:28when they made the promise. Suddenly,
16:31as the semiconductor cycle exploded,
16:33earnings grew exponentially, and
16:34employees started receiving 500 million
16:35to 1 billion won per person annually.
16:38Since it's just the three companies—
16:40Hynix, Samsung Electronics, and Micron
16:41—when it comes to memory, especially
16:43DRAM. Because Hynix employees were
16:46taking home so much money, neighboring
16:48Samsung Electronics asked if they could
16:49have it too, and they eventually got
16:51the green light. They are already
16:53paying it out. So, now that the Micron
16:54union has come forward to demand the
16:56same, it's unavoidable. Because of the
16:58Hynix precedent, the creation of such a
16:59precedent is very significant. So, once
17:01it was established, it was accepted
17:02here. And now Micron is in a state of
17:04demanding it. For reference, since
17:07Micron's performance has also improved
17:09significantly, they did agree to pay
17:11something, but looking at their initial
17:14offer, it varied by years of service,
17:16but it seemed to be about 40 million
17:18won per person. But the union rejected
17:21it. They are demanding 15%of operating
17:24profit permanently, and since Samsung
17:25and Hynix have agreed to pay, it's
17:27difficult for them to refuse. The
17:29important thing right now is that more
17:32than half of all memory semiconductors
17:34produced by Micron come from their
17:35Taiwan plant. Even though it's an
17:37American company, they have almost no
17:38fabs in the U.S. That's a bit of a
17:39problem for Micron. Anyway, because of
17:41this, if their strike drags on, these
17:43guys will naturally benefit from the
17:44rebound. So, it was said that the
17:47strike at Micron's Taiwan plant
17:49starting tomorrow played a big role in
17:51the rebound of Samsung and Hynix today,
17:53but that seems like a superficial
17:55reason tacked on; I don't think that's
17:57why they went up so strongly today. And
18:00among the reports that came out
18:01yesterday, there are many tech
18:03companies in China. Like Alibaba,
18:04ByteDance—that’s TikTok—and
18:05Tencent. It was reported that these
18:07companies ordered over 3 million units
18:10of NVIDIA's new RTX 5800 graphics cards
18:12. But the problem is that while they
18:14are spending all their money, pouring
18:16in 40 to 50 trillion won for an amount
18:18of 35 billion dollars, NVIDIA said they
18:21can't supply them anyway due to a
18:22shortage. Looking at this, the
18:24implication is that it's not just
18:25memory that's a bottleneck now; we were
18:27told that the GPU bottleneck had eased
18:29a lot, after all. Supply is relatively
18:31smoother compared to memory, they say.
18:33But it turns out GPU supply is tight as
18:34well. The fact that they can't even
18:36sell them because they don't have
18:37enough is, in a way, good news. For
18:38reference, regarding China, the US
18:40Trump administration—you know the GPU
18:43memory made by Nvidia? They’ve
18:45blocked the sale of high-performance
18:47GPU chips to China, so China can’t
18:49buy those. So, low-value,
18:52lower-performance, or older models have
18:54been partially allowed. Looking at it,
18:59Nvidia's new RTX 5500 is currently the
19:01best chip China can legally import from
19:04the US. So, they are forced to bite the
19:08bullet and buy these. But even these
19:10are in short supply, and now the US is
19:12saying they can't provide them. And the
19:15key point after the US market closed
19:17yesterday was SpaceX's earnings; to cut
19:19to the chase, they were excellent. But
19:22what was unusual is that the revenue
19:24from the AI sector exceeded $ 7.5
19:27billion. That is an 830%increase
19:29year-on-year, meaning it grew ninefold.
19:32Let me repeat, it didn’t just grow by
19:3490%, it grew nine times over. In just
19:36one year. How did it grow that much? As
19:39you know, SpaceX’s original business
19:40is launching communication satellites
19:42like Starlink and collecting fees from
19:43subscribers, or acting as a launch
19:45service provider. For example, even our
19:48country pays SpaceX to handle many of
19:50our launches. And since they launch so
19:53cheaply and effectively, even NASA
19:55often pays them to perform launches.
19:57It’s a business where they charge
19:59fees for acting as a launch service,
20:00like delivering a package. So, their
20:03main pillars were Starlink or launch
20:06services, but what’s been added now
20:08is AI. Since they merged with xAI,
20:12they’ve set up a massive amount of AI
20:14data center computing infrastructure
20:16for their own AI—you know, the one
20:18Musk created, Grok. I’ve used Grok
20:21quite a bit, and honestly, I don't get
20:23the feeling that its performance is
20:25great. But Grok does have its strengths
20:27. It’s fun. In what way is it fun? If
20:30you tell it to speak to you casually,
20:32it just starts swearing at you. So, in
20:34that sense, it’s entertaining. But
20:37it's hard to call it high-performing;
20:39if you compare the latest Grok model to
20:42Anthropic’s Claude series or ChatGPT
20:445.5 or 6, the comparison is quite stark
20:47. Musk knows it too. He honestly admits
20:50that Grok is currently lagging behind.
20:52Anyway, so it’s just fun, that’s
20:53all. The performance is a bit lacking,
20:55but they built so many—they have this
20:56place called Memphis where they set up
20:58a Memphis data center. But they built
20:59so much that they have extra left over
21:01after running their own Grok. The
21:03computing infrastructure, that is. So
21:04they said they would sell that surplus
21:06to external parties. Seeing this, Meta
21:08thought, "Oh, was that a way to sell?"
21:10and tried to follow suit. Mark
21:12Zuckerberg of Meta said the exact same
21:14thing a while ago. They invested
21:16heavily to build many data centers, and
21:18since they have some computing
21:19infrastructure left over, they would
21:21rent it out to others. It's just like
21:23real estate, receiving rent. So,
21:25looking here, the AI division's revenue
21:27isn't subscription revenue from Grok.
21:30When you look at how companies like
21:32OpenAI or Claude grow their revenue,
21:34it's usually from subscriptions where
21:36people like me pay hundreds of dollars
21:38a month, or from token fees paid for
21:40extra usage. But for them, this is
21:42revenue from renting out computing
21:44infrastructure. So, in the end, the
21:45model is quite similar to CoreWeave.
21:47And this has caused their performance
21:49to increase ninefold. This is why
21:51people are starting to think that
21:53SpaceX is becoming more of an AI
21:55company than a satellite company. The
21:57AI division has overtaken the
21:59telecommunications division, Starlink,
22:01to become the company's largest source
22:03of revenue. It’s number one in
22:04revenue now. Communications used to be
22:06number one, but this has surpassed it.
22:08It has surpassed it by a wide margin.
22:09Looking here, the AI Super Intelligence
22:11division brought in $ 7.5 billion,
22:12while satellite communications, which
22:14used to have the highest revenue share
22:16at $ 5.2 billion, was surpassed as this
22:18grew ninefold. Previously, it was even
22:20less than the revenue from last
22:22year’s space launch services. This
22:24means it is growing incredibly fast. So
22:27, when I looked earlier, SpaceX was up
22:29about 7 to 8%in after-hours trading.
22:31Naturally, it's a positive sign for an
22:33aerospace company to post such great
22:35numbers. So it went up, and when SpaceX
22:37rises, the companies in Korea that move
22:39with it are typically the ones listed
22:41here. That’s why they started off
22:43strong as soon as the market opened
22:44today. I explained it quickly before
22:46the regular market session at 9 a.m.
22:48That they would rise because of this.
22:50They opened with a gap up this morning
22:52and then showed a bit of a retreat, but
22:54in reality, they move in tandem with
22:56SpaceX. If you really break down why
22:58SpaceX went up, it wasn't because of
23:00aerospace, but because of AI sector
23:01revenue. If you look at SpaceX's future
23:05goals, their aim is to sell plenty of
23:08AI data center computing infrastructure
23:10and, ultimately, build space-based data
23:13centers. In any case, that is
23:15definitely the main goal. So, in the
23:17end, it’s shifting over here, and
23:18these guys were extremely strong today
23:20as well. You understand the structure,
23:21right? The way it’s shifting over
23:22like this. They were pushed back in the
23:23morning, but most of them stayed strong
23:25until the market closed. So, it’s a
23:26situation where it’s inevitably
23:28connected like this. And since
23:31President Trump has the midterms coming
23:33up on November 3rd, there is constant
23:35talk that the end of the Russia-Ukraine
23:37war is imminent because he wants to end
23:39the war quickly. Actually, Ukraine has
23:42no intention of ending the war right
23:44now. Russia doesn't seem to have much
23:46interest either, but Trump is telling
23:47them to finish it quickly. So, the U.S.
23:49position and the Ukrainian position are
23:50a bit different. The U.S. says this. Do
23:53you know how much money the U.S. has
23:55sent to Ukraine, combining the weapons
23:57supported directly and the indirect
23:59support Trump provided? It's over 400
24:02trillion won. They’ve given them over
24:03350 billion dollars. But if the war
24:05drags on, aren't you just using my
24:07money? You won't be able to pay it back
24:08later anyway. Why? Ukraine’s economic
24:10power is quite low, and even before the
24:13war, it was the poorest country in
24:15Eastern Europe. They have no money.
24:16Them. It’s even so corrupt that if
24:19you look at the global corruption index
24:20, they are in the top tier. They are so
24:23corrupt, and since you have no
24:24intention of paying it back after the
24:26war and you have no money if the war
24:27drags on, we're footing the bill, so
24:29why keep dragging it out? The U.S. is
24:31right, too. That’s why they’re
24:32telling them to finish it quickly, and
24:34Ukraine’s position is this. Trump is
24:36trying to force an end to the war to
24:38stabilize oil prices since the election
24:40is not far off. Ukraine's stance isn't
24:42exactly wrong either. Anyway, that's
24:44the state of affairs for Ukraine. Trump
24:46appointed a special envoy to meet with
24:49officials in Ukraine and Russia to talk
24:52, and that envoy is Keith Kellogg, and
24:55there are reports today that he will
24:58meet with Putin. Before, they only met
25:01with working-level or high-ranking
25:02officials to discuss a general
25:04direction, but now there is talk that
25:05he might meet Putin to deliver a peace
25:07negotiation proposal. Trump is trying
25:10to force an end to the war before the
25:12election, which is why related stocks
25:14moved a bit today. As you know, if you
25:17look at the structure of the war,
25:18Russia has taken some of Ukraine's land
25:20as you see here. Russia is currently
25:23occupying about 20%of Ukraine's entire
25:25territory. So, what Russia wants is to
25:27keep this land, and from Ukraine's
25:29perspective, this was originally their
25:30land and they want it back, but from
25:32Russia's perspective, there is no
25:34reason to give it up. So, the European
25:36Union is currently proposing a way to
25:38mediate this, and it’s basically
25:39saying, "Hey Ukraine, honestly, you
25:41can't get this back, so just cleanly
25:43give it up, okay?""Then, whether you
25:45join NATO or not, let’s talk about
25:47that later.""It’s already deadlocked
25:49anyway, so Ukraine can’t break
25:50through and Russia isn't advancing
25:52either." So, the picture is moving
25:53toward just acknowledging this
25:54situation, but Ukraine can't bring
25:56itself to do it. Because if President
25:57Zelenskyy signs that deal, there’s a
25:59high possibility he’ll be branded a
26:00traitor who sold out his country. He is
26:02a politician, after all. Anyway, that's
26:03why these deals keep coming up. And the
26:06U.S. is currently pulling back a lot on
26:08helping Ukraine. Ukraine uses the U.S.
26:11Patriot system for air defense; did you
26:12know the U.S. isn't providing them
26:14right now? They are trying not to give
26:16weapons to Ukraine at the moment.
26:17They’re really not giving them, and
26:18there was a lot of talk when they even
26:19restricted Starlink access before. So
26:21they are saying they won't or can't
26:23help anymore, and Ukraine has no choice
26:24. They can't fight the war without the
26:26U.S. So, in reality, the U.S. is the
26:28one in charge right now. And looking at
26:30it from our country’s perspective,
26:31President Yoon Suk-yeol said yesterday
26:32that the Korean stock market is very
26:34undervalued and that necessary measures
26:35will be taken soon. I feel like there
26:37needs to be some kind of structural
26:39reform at the government level. As I
26:41mentioned before, when there is extreme
26:43concentration in specific stocks,
26:45pouring gasoline on a burning house is
26:46what these KOSDAQ leverage or
26:48single-stock leverage products do, and
26:50the statistics came out today. Since
26:52the launch of the Samsung Electronics
26:54leverage ETF, there has been 6.3
26:55trillion won in losses over the last
26:56two and a half months. Realized losses
26:58are 2.3 trillion won. That means there
27:00are 4 trillion won in paper losses held
27:01by people who are just holding on. And
27:03in the case of SK Hynix, there’s a 2x
27:05leverage product, right? Do you know
27:07it’s down 89%from its peak? It’s 90
27:10%. 90. Samsung Electronics is better
27:12off; I think it’s down about 75%. So,
27:15in reality, no matter where you bought
27:16it, your money just melted away, and
27:18while the index did fall a lot, it is
27:20certainly becoming a problem. I don't
27:22know when the measures will be released
27:24, but since they said they would
27:26announce them once the relevant
27:27ministries determine a precise market
27:29assessment and a response strategy, we
27:32don't know the exact date. And
27:34yesterday and today, there has been a
27:36lot of talk about individual stocks,
27:37all about G2Power, so let me explain
27:38that to you. People were talking about
27:41this deal everywhere all day long, even
27:43this morning. G2Power is good, isn't it
27:44? So, what they originally do is this "
27:47Inno-Lamp" platform, and you can just
27:49think of it as a long-acting platform.
27:52It’s a concept that extends the
27:53duration, so instead of taking
27:54something daily, you take it once a
27:56week, or instead of weekly, once a
27:57month, making it a long-acting
27:58injection; they signed an evaluation
28:00agreement for the InnoLamp platform,
28:01which is a long-acting injectable drug
28:03platform, with a Chinese company called
28:05UBT. They entered into an evaluation
28:06agreement for the InnoLamp platform.
28:07The idea is that UBT will evaluate it,
28:09and if it looks good, they will buy it.
28:11To be precise, they haven’t bought it
28:13yet; they’re saying, "Your product
28:14seems really good, so let me verify it
28:16properly myself." It means, "If I check
28:18it and it's good, I’ll pay a large
28:19sum to buy it from you." They aren’t
28:21buying it yet. It is an evaluation
28:22agreement. Since evaluation results
28:25often lead to a main contract or a
28:26major deal, this itself can be seen as
28:28a significantly positive development.
28:30However, we need to think carefully
28:32about what kind of company this Chinese
28:34firm UBT is; they are a company that
28:36develops obesity treatment candidates.
28:38And they aren't as small a company as
28:39you might think. For instance, look at
28:41the drug called UBT-251. It is an
28:44obesity treatment candidate. It was
28:45sold to Novo Nordisk last March. For
28:48free, essentially. The top two players
28:49in the global obesity treatment market
28:51are definitely Eli Lilly and Novo
28:53Nordisk, and as you all know, Novo
28:55Nordisk sells Wegovy, while Eli Lilly
28:57sells Mounjaro. You have to compare
28:59them carefully. Right now, Eli
29:00Lilly’s stock price is hitting a new
29:02high, even compared to Novo Nordisk.
29:03Novo Nordisk isn't able to catch up.
29:05Even though they are the top two, when
29:07you look at why Mounjaro is considered
29:09better than Wegovy, it's simple. Wegovy
29:11was set up as a single agonist from the
29:14start. And Mounjaro is a dual agonist.
29:17Losing weight is obviously good, but if
29:19you work on multiple mechanisms
29:21involved in weight loss at the same
29:23time, you’ll naturally lose more
29:26weight. So, if you look at the clinical
29:28data, Mounjaro actually results in more
29:30weight loss than Wegovy. Is there a
29:31huge price difference? There isn't much
29:33of a price difference. Then, from a
29:34consumer's perspective, they’re both
29:35taken once a week, so it's the same.
29:37Also, the ease of administration is
29:38almost similar. Since the most
29:40important thing is how much weight you
29:41actually lose, and Mounjaro works
29:43better, there's no reason to choose the
29:45other one. So the injectable market has
29:47shifted toward Mounjaro, and because
29:49Wegovy came out in pill form, which is
29:51currently being sold in the US. This
29:54one also sells well. It hasn't been
29:56approved in Korea yet, but ultimately,
29:57because one is a single agonist and the
29:59other is a dual agonist, the latter is
30:01bound to be better, and if so, isn't a
30:03triple agonist going to be even better
30:05than a dual agonist? So, are they
30:06making a triple agonist? Eli Lilly has
30:08something called Retatrutide, and a
30:10triple agonist will be out soon. From
30:12Novo's perspective, they've made a good
30:14product, but whenever they release
30:16something, Lilly's is always a bit
30:18better. They did release a good product
30:22, but since Lilly eventually captures
30:24the whole market over time, Novo's
30:26strategy now is to speed up their own
30:28triple agonist development. They have
30:31one in internal development. A triple
30:32agonist. They are taking a two-track
30:35approach to the triple agonist because
30:37the target differs depending on which
30:39part it acts on. They have a pipeline
30:42under internal development and one
30:44other triple agonist. The one Novo is
30:46making. Do you know what that is? It's
30:48UBT-251. They bought that. Ultimately,
30:52it's a triple agonist, and it's UBT-251
30:54, which Novo bought to catch up to Eli
30:57Lilly. How much did they pay for it?
31:00They bought it for $ 2 billion, and the
31:02upfront payment was a whopping $ 200
31:04million. You know the concept of a $
31:05200 million upfront payment, right? The
31:07deal size isn't the only thing that
31:08matters—though a big one is good—
31:10but how much they pay upfront is
31:11crucial, and they received $ 200
31:13million in cash just as an initial
31:14payment. That's a huge deal. They
31:17bought it. But the important thing is
31:19that UBT, which made it, took G 2 G's
31:21InnoLAMP platform to evaluate it. Of
31:24course, if you look at the disclosure
31:26of the contract, the detailed terms are
31:27private. But just think about it. UBT
31:29bought it. For them, the main thing is
31:32UBT-251. Obviously, it's the main one
31:33because it sold for the highest price.
31:35But if they attach the InnoLAMP
31:37platform to it to make it long-acting,
31:39it would be a massive success. Although
31:43they didn't specify which substance
31:44they would apply it to for evaluation
31:46when they bought it, common sense
31:47suggests they would attach it here. To
31:49251. And if the data is good after
31:51attaching it. Then the possibility of
31:54Novo buying G2G Bio's InnoLAMP directly
31:56becomes extremely high; since Novo is
31:58already pushing this two-track strategy
32:00by buying this, they are likely to buy
32:01it directly, and since they are
32:03platforms anyway, other pharmaceutical
32:05companies will see it and say, "That
32:06long-acting InnoLAMP looks good, I
32:08should buy it too," leading to a
32:09structure where it's sold to many
32:11places simultaneously—that's what's
32:13been discussed continuously over the
32:14past couple of days. That's why it
32:17soared today. Since this topic kept
32:19coming up, I gave a brief explanation.
32:21Also, this is a report that came out;
32:22it must have been in the JoongAng Ilbo
32:24this morning. "New recruits who never
32:25leave work are coming." Samsung's "24-
32:27Hour" robot will be released soon. It
32:28seems it will be announced at next
32:30year's CES. For reference, at the start
32:33of this year at CES 2024, the
32:35undisputed leader was physical AI, and
32:37since robots are the leaders in
32:39physical AI, related stocks skyrocketed
32:41as much as fivefold starting from last
32:44summer and autumn. So, with CES 2025
32:46coming up next January, what will the
32:48key keyword be then? Naturally, it's
32:50physical AI. And it's robots again. So,
32:51Samsung Electronics is planning to go
32:54there and showcase this "24-Hour" robot
32:56. As I've mentioned before, the problem
32:58with robots right now is that because
33:00their bodies are small, they can't fit
33:01large batteries, so the battery life
33:02doesn't last very long. That's why they
33:04are trying to use solid-state batteries
33:06to extend it. They're trying to keep
33:08putting them in, and among existing
33:10lithium batteries, ternary batteries
33:12are being used a lot because they have
33:14high energy density; let’s talk about
33:16Hyundai Motor Group as an example.
33:18Hyundai’s humanoid robot is currently
33:20Atlas. If you put this on an automobile
33:23factory line, how many hours does it
33:25take to go from 100%full charge to 0%?
33:27It can't even last four hours right now
33:28. But, remember, I mentioned this
33:29before. Package loading and unloading
33:31is the most physically demanding labor,
33:33and if you use it for that, it consumes
33:35more electricity when lifting heavy
33:37objects, so it can't even last two
33:39hours. Then how can you use this to
33:40replace humans? That’s why the
33:42discussion now is to switch to a
33:44swappable battery system. I mean, you
33:46can't replace phone batteries these
33:48days, but you could in the past, right?
33:51So, just like charging them separately
33:53and swapping them out before starting
33:54work when they run low, since humanoids
33:56move on their own anyway, there will be
33:58battery stations. Then, if the battery
34:01runs low there. The humanoid will
34:03trudge over, lean its back against the
34:05station, and it will remove the old
34:07battery and insert a fully charged one.
34:09So, how many minutes does this battery
34:11swap take? It takes three minutes. The
34:13plan is to run them 24 hours by
34:14swapping every four hours for three
34:15minutes. That's why this talk is
34:17emerging; Samsung is trying to go with
34:19this structure, and both Atlas and
34:21Optimus are moving toward that kind of
34:22design now. That's what came out. So as
34:25soon as this report hit in the morning,
34:27these stocks surged, but as expected,
34:28when the index crashed, they just
34:30melted away. So, when the composite
34:32index drops by 4%or 5%, all stocks just
34:35get crushed. But it can't be helped.
34:37The important thing is that when stocks
34:39that reacted to certain news before the
34:40index crashed start to rise, that news
34:42suddenly becomes a focus again. For
34:44example, G2 Power or other individual
34:46stocks in the past; on the day the news
34:48came out, they fell due to the index
34:49crash, but then suddenly took off two
34:51or three days later. There might be no
34:53news for two or three days, and when
34:55you check why they are rising, it's
34:56because the news from two days ago is
34:58being highlighted again; that kind of
34:59pattern is likely to happen again. So
35:01please keep that in mind. As for the
35:02sectors today, the market basically
35:04melted yesterday, so aside from a few
35:05hair loss-related stocks, there wasn't
35:06much. The ones that are doing well
35:08today are semiconductors, power
35:09equipment, the space and aerospace
35:10stocks I mentioned earlier, the bio
35:12sector I just talked about, and solar
35:13power—though for that sector, only AI
35:15data center-related stocks went up.
35:16Actually, it's hard to say that solar
35:17power has gone up. Space, AI, data
35:19centers, oil stocks, or the Ukraine
35:21reconstruction themes I mentioned
35:23earlier; that's about it. Since the
35:25explanation is over now, let's look at
35:27the charts of individual stocks and see
35:30how they are moving. First, let me show
35:31you the US healthcare stocks for a
35:33moment. It's good to start by looking
35:35at them first. Because you need to see
35:36it with your own eyes. Looking at
35:38representative US healthcare stocks
35:40like Eli Lilly, or Merck, a famous name
35:42in cancer drugs. And if you look at
35:44companies like Johnson&Johnson or
35:46Moderna, pay close attention to Moderna
35:47. Looking at the recent stock price,
35:50Moderna is at a record high. AbbVie is
35:52at a record high. Eli Lilly is at a
35:54record high. And while Merck isn't at a
35:56record high yet, it's already near one.
35:58It's almost there. If two bullish
35:59candles appear, it'll reach a new high.
36:00So US healthcare has a lot of big-cap
36:03companies like those. That's why when
36:05US AI stocks and semiconductors were
36:06falling, healthcare went up on its own,
36:08which is why people are saying money is
36:10moving in that direction. And if you
36:12look at the S&P 500 healthcare ETF, it
36:13hit a record high yesterday too. Also,
36:16representative stocks like IBB or XBI
36:18have moved up to this point; they
36:20aren't at record highs, but the trend
36:22is very strong anyway. It's
36:24incomparable to semiconductors, so you
36:26can see a picture where a lot of funds
36:27are already moving over there. And what
36:30I’ve been saying about Korea since
36:31last week is not necessarily that we
36:33should buy Celltrion, but that we need
36:35to keep watching the "Cell-Tri-Ban"
36:37group; they are still holding their
36:38trend well and looking strong. This
36:40time, we need to see a record high. And
36:42as I mentioned earlier, there was that
36:44individual news for G2 Power. So it's
36:46in a position where it's rising well as
36:48the trading volume explodes. The
36:50possibility of additional strong
36:51momentum is quite high. And besides
36:53them, Alteogen was rising today but it
36:56was a bit disappointing, though it
36:57still has its head up now. Stocks like
36:59those need to rise significantly.
37:02Otherwise, Boronoi, OliX, they were
37:03decent, and OscoTec, DPHARMATECH, and
37:05others like them move in almost the
37:07same way in the big picture, so you can
37:09refer to that part, and earlier I
37:11mentioned SpaceX, so you should look at
37:13aerospace and space data centers. Then
37:16for aerospace, Almac, Almac has been
37:18quite decent recently. Sphere, HVM. HVM
37:23, Kencoa Aerospace, Nara Space, you
37:24know all of them, right? The stocks are
37:27all similar. The lightest one is
37:29originally Nara Space, but its market
37:30cap is actually too small, so it's hard
37:32to buy, and in terms of fundamentals,
37:34the ones above are much better. And
37:36moving on to space data centers,
37:38naturally, you have Daejoo Electronic
37:40Materials, OCI Holdings, and if you add
37:42Sunic System, those are the ones. They
37:45are also repeating the pattern of
37:46jumping up strongly, then dying the
37:48next day, jumping up again, and dying
37:49again, but once this box opens up, they
37:51will likely take off from then on. You
37:53can just look at them to that extent,
37:55and if you look at the Ukraine
37:57reconstruction theme, there are
37:58familiar stocks. Jeonjin Construction
38:02Robot, or Haein, or HD Hyundai
38:03Construction Equipment, and such; Haein
38:05had individual news today, and Haein
38:06hit the daily upper limit today. It is
38:09also a Ukraine reconstruction theme.
38:11These stocks were stuck at the bottom
38:14and are now rising, and if you look at
38:16robotics, I mentioned CES earlier, like
38:19Rainbow Robotics, and if you buy SPG,
38:22Everybot, or Hyundai Mus, or Halla Cast
38:25, there are quite a few good ones. But
38:29personally, no matter how much I study
38:32robots in my head, while there are many
38:34good ones, I can't buy them all, so I
38:37only see three that are the best. There
38:40are the top three I always sing praises
38:42about, and I hold all of those top
38:43three. There are exactly three, and
38:44those are my top three. They look the
38:46best to me, so I even sold other things
38:48yesterday to buy more. Anyway, the ones
38:51here are decent stocks, some are
38:52included here and some are not, but
38:54won't robotics continue to be good? No
38:57matter how I look at it, robots are
38:59truly great, and at the current price,
39:01I see almost no risk, and since there
39:03is no risk, it would be meaningless if
39:05they don't rise. But there are also
39:07many catalysts laid out for them to
39:09rise. And if you look at the past, the
39:10CES mention from earlier was about this
39:12spot here. You can see that they all
39:14had huge price surges in January of
39:16this year, right? The ones that didn't
39:18rise as much are up three or four times
39:19, and there are many that went up ten
39:20times. Ultimately, the time it rose was
39:22when Physical AI became the leader at
39:24CES 2024, and the one that received a
39:25lot of attention from foreign media
39:27here was, as I mentioned earlier,
39:28Hyundai Motor Group's Atlas. I'm not
39:31sure if you remember, but this was
39:33where Atlas did a backflip. So, from
39:35then on, people said, "Oh, this
39:36humanoid is better than Tesla's," and
39:38as it gained a lot of attention from
39:39foreign media, Hyundai Motor Group and
39:41even LG Electronics went up. Then it
39:43started to slip, but if you look here
39:45in the middle, around May or June. It
39:47rose once more around this time this
39:48year, and this was when our
39:49automotive-related stocks, since Boston
39:51Dynamics belongs to Hyundai Motor Group
39:53, and companies like LG Electronics
39:54went up. This was the final market
39:57rally, and what happened during this
39:58time was Jensen Huang's chicken dinner
40:00meetings; he kept coming to Korea,
40:01meeting Chairman Euisun Chung and Naver
40:03Chairman Yijeong Lee, singing the
40:04praises of Physical AI, and this was
40:06when that happened. Since then, it has
40:08been plummeting for four months. Right?
40:10You understand, right? And since next
40:13year's CES is in January, you can
40:14consider that there are only about
40:15three months left. Then, based on last
40:18year, the rise started from the fall.
40:21The full-scale rally began around
40:23October. And compared to last year's—
40:25I mean, this year's CES—there is a
40:27high possibility that more visible
40:29prototypes or mass-produced models
40:31related to Physical AI will appear at
40:33next year's CES. Technological progress
40:35has been immense over the past year.
40:37Originally, as of the first half of
40:39this year, over 90%of the world's
40:41humanoid robot production was in China,
40:43but now, a huge number of latecomer
40:45players are entering in terms of mass
40:47production. So, there are stocks where
40:50the number of actuators has already
40:52started to explode because they are
40:53supplying a lot to these companies, and
40:55ultimately, it's just the beginning. It
40:57used to be just based on anticipation,
40:59like "I guess robots are the future."
41:00If it used to rise because "This
41:01company makes robots" or "They have
41:02good technology," now it's, "Hey, they
41:03say they're going to churn out 30,000
41:05robots a year starting next year, and
41:06this company supplies all the parts for
41:07them." That's the kind of thing that's
41:08going up now. So, you can think of
41:10those companies as having already moved
41:11far beyond just expectations and are
41:13now seeing actual numbers being
41:14recorded. So, if I cover this much
41:16today, the explanation is finished.
41:18Everything that came out today and
41:20yesterday has been fully explained. You
41:21worked hard again today. I will see you
41:24on the day after tomorrow's broadcast.
41:27I will see our premium members tomorrow
41:29morning. You've worked very hard. Thank
41:31you for your efforts.

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