This image symbolically represents the flow of AI funds spreading from semiconductors to power, energy, and supply chain industries by synthesizing images of a digital globe, semiconductor chips, power grids, and shipyards. [Photo: Combined by Hanmi Ilbo]

This week's trend is named "From Technology to Foundation."

Global capital did not simply move to reduce risky assets this week.

Despite the tensions in the Strait of Hormuz and the burden of rising oil prices, the market did not sell all assets in the same direction. Instead, capital chose where to go amidst the uncertainty.

The targets were AI infrastructure, semiconductors, power, energy, and shipbuilding supply chains.

The nature of capital movement has changed from simply being categorized as "tech stocks." The market has begun to look not only at companies creating AI but also at the foundational industries that enable AI.

This week's Capital Rotation Radar has one question:

Where did the capital move?

The answer lies in the foundational industries supporting AI.

In the past, the focus of the AI rally was on models and platforms. The key was who could create better services and who could secure more users.

However, this week, the market has delved a step further.

It has begun to reflect in prices the fact that AI requires chips to run, chips require power, and stable power supply necessitates energy and infrastructure.

Three structures were confirmed in this week's capital flow:

First, semiconductors remained at the center of capital circulation.

AI server demand is not just about computational chips. It involves high-bandwidth memory, storage, packaging, networking, and power management components. The expansion of capital expenditure by Big Tech directly translates into demand for semiconductors and memory. This is why Samsung Electronics and SK Hynix in the Korean market are seen not just as large-cap stocks but as core components of the AI supply chain.

Second, oil prices and electricity have begun to be linked on the same axis.

In the past, falling oil prices were considered a favorable variable for cyclical stocks like airlines, transportation, and chemicals. However, in the AI era, it's different. Data centers consume enormous amounts of electricity. Power prices and energy costs are directly tied to the cost structure of Big Tech. Oil and energy are no longer external variables to technology stocks but internal cost variables.

Third, shipbuilding and supply chains have re-emerged as strategic industries.

The discussion about restoring US shipbuilding capacity is giving a new interpretation to the Korean shipbuilding industry. Shipbuilding is not an industry that can be built in a short period. It requires the accumulation of design, equipment, skilled labor, inspection/certification, and delivery management. If the US is to reconsider its shipbuilding capabilities in terms of security and supply chain reorganization, the Korean shipbuilding industry could be re-evaluated not as a mere cyclical industry but as part of an allied supply chain.

Therefore, this week's trend is named "From Technology to Foundation."

The market has not just looked at AI as a technology. It has begun to look at the physical foundation that supports that technology. Chips, power, energy, shipbuilding, logistics, and data centers are being connected into a single investment map.

This week's market conclusion can be summarized as follows:

"AI began with the language of technology, but capital has started moving in the language of foundational industries."

Next week's checkpoints are threefold:

First, whether oil prices will once again shake capital circulation. If oil prices remain at high levels, energy stocks may hold up, but the cost burden for consumption and manufacturing may increase.

Second, whether AI infrastructure demand will spread to power and data center related stocks. We need to see if the capital that started with semiconductors will extend to power equipment, cooling systems, cables, and transformers.

Third, whether the re-evaluation of the shipbuilding industry will translate into actual orders and policy news. Expectations alone are not enough. The key is whether the US supply chain discussions will materialize into orders, collaborations, and institutional support.

※ This article is an article-style commentary on market trends, not investment advice. Actual stock prices and capital flows may vary depending on exchange rates, oil prices, geopolitical variables, corporate earnings, and policy changes.