엔비디아의 '뇌'와 두산의 '신체'가 만났지만, 시장은 왜 차갑게 식었나 > K-wave Trends

This partnership between Doosan Group and NVIDIA means more than a simple technological partnership. The strategy of combining NVIDIA's accelerated computing platform and Doosan's manufacturing capabilities to implement physical AI, robotics, and AI factories is likely to become a key driver of the future 4th industrial revolution. Doosan Energy's small modular nuclear power plant (SMR) and hydrogen fuel cells are attracting attention as core infrastructure that will supply the enormous power required by AI data centers, and Doosan Robotics is preparing to dominate the intelligent robot market through NVIDIA's agentic robot operating system. This is considered an ideal combination between NVIDIA, which is at the pinnacle of software technology, and Doosan, which has accumulated data from actual industrial sites, filling each other's gaps.

However, the stock market was more sensitive to immediate returns and profit-taking than to this mid- to long-term vision. Recently, Doosan Group stocks have received excessive attention from the market, with their stock prices soaring in a short period of time on the theme of cooperation with Nvidia. In the stock market, the time when good news is actually announced is often used as the turning point where the adage 'Sell the news' applies. The news of this cooperation was already largely reflected in the stock price, so the moment expectations became reality, investors rushed to realize profits and poured in sales. As a result, major affiliates, including Doosan Energy and Doosan Robotics, recorded significant declines and received a cold evaluation from the market.

The adjustment that nuclear power plants and power facility owners in general are experiencing is not just a problem for Doosan. Since the beginning of the year, the so-called 'Jobangwon' theme, represented by shipbuilding, defense industry, and nuclear power plants, has grown in size by being spotlighted as a beneficiary of infrastructure in the AI ​​era. However, recently, market funds are being focused on Samsung Electronics and SK Hynix, major semiconductor companies whose performance is improving noticeably. Experts analyze that investors are moving to sectors with strong fundamentals that demonstrate operating profits of tens of trillions of won per quarter rather than uncertain future expectations. There are many voices saying that for nuclear power stocks to rebound again, it must be supported by actual large-scale orders or visible performance growth, rather than simply relying on AI-related news.

The external macroeconomic environment also provided an excuse for this adjustment. In the U.S. stock market, technology stocks and the semiconductor sector showed significant declines, and the overall decline in investment sentiment was also reflected in the domestic stock market. In particular, stocks such as Doosan Energy have a higher PER (Price to Earnings Ratio) than the industry average, so they are prone to controversy over overvaluation whenever market volatility increases. As foreign investors' changes in supply and demand coincided with profit-taking sales, the psychological support line of 100,000 won collapsed, leading to a vicious cycle that caused individual investors to sell. Ultimately, the short-term adjustment pressure is maximized as global market trends and domestic supply and demand conditions intersect.

Nevertheless, the securities market believes that the fundamental competitiveness of these companies is still valid. The shipbuilding industry's super cycle, the solid flow of defense exports, and the long-term growth potential of nuclear power plants are not something that can be damaged by a temporary drop in stock prices. However, the current stock price adjustment should be viewed as a process in which stock prices, which had been too far ahead based on expectations, are returning to realistic values. When specific business results become visible, such as SMR projects in the U.S. or participation in Korean shipbuilding's warship construction, the market's evaluation is likely to turn positive again. Investors need the wisdom to use the current decline as an opportunity to reexamine the company's fundamentals and gauge the timing of entry from a long-term perspective.