AI와 수소로 재편되는 산업 지도: 한국 경제의 대전환과 도전 > K-wave Trends

Nvidia CEO Jensen Hwang's consecutive visits to Korea convey his strong will to make Korea a key base for 'physical AI'. Through the so-called 'Samso (pork belly, soju) meeting' with the heads of major domestic groups such as SK, LG, and Naver, he sought to build an industrial ecosystem that goes beyond simple semiconductor supply chain cooperation and leads to robots, autonomous driving, and AI factories. This is because the infrastructure and data of Korea, a manufacturing powerhouse, are essential to move beyond the era of generative AI and into the era of physical AI that controls the physical world. Just as the 'Kanbu Alliance' with Samsung and Hyundai Motor Company led to substantial investment and the establishment of a technology center in the past, this meeting is also highly likely to evolve into a visible large-scale cooperation project.

Financing methods for building AI infrastructure are also rapidly changing, led by global big tech companies. Giant technology companies such as Google and Meta are considering aggressive financing measures such as paid-in capital increase or issuance of mandatory convertible preferred stock to cover rapidly increasing data center investment costs. This means that the AI ​​industry is no longer limited to software development, but has changed its character into a 'mid-scale' infrastructure business that requires enormous capital and power investment. The fact that financial institutions such as Goldman Sachs have significantly raised their AI infrastructure investment forecasts for the next few years reflects the market's harsh assessment that companies that fall out of this competition will lose their industry leadership for the next 10 years.

The domestic stock market is also being reorganized to reflect these tectonic changes in the industry. AI-related semiconductors and Samsung Group stocks, whose share value has been revalued, are filling the space where the secondary battery and shipbuilding industries that led the market in the past have lost their share. In particular, companies that supply key components such as MLCC (multilayer ceramic capacitor) for AI are rapidly emerging and capturing the attention of investors. Temporary profit-taking listings are being put on the market, but this is interpreted as a natural adjustment process in the market due to heightened expectations rather than a slowdown in demand. Now is the time for investors to not simply pursue growth, but to pay attention to 'circular selling' to companies that have secured a solid position within the actual AI value chain.

In the energy sector, the hydrogen economy is gaining importance as a power source for the AI ​​industry. The Minister of Land, Infrastructure and Transport's personal visit to China's hydrogen value chain and inspection of the site shows the government's strong will to quickly implement the 9 trillion won Saemangeum hydrogen and AI project led by Hyundai Motor Group. China is already the world's largest hydrogen producer and consumer, and is proactively building a green hydrogen supply chain linking water electrolysis facilities and renewable energy. By benchmarking these advanced examples, our government plans to transform Saemangeum into a futuristic, high-tech city that combines AI technology and hydrogen energy, beyond simply using it as a factory site.

Meanwhile, the Korean economy's foreign exchange market is suffering from the 'paradox of a high exchange rate' in which the won continues to be weak despite record-high export performance. As foreign investors sold a large number of domestic stocks and recovered funds, demand for dollars exploded, and companies also became more inclined to directly manage dollars rather than bring them into the country for local investment in the United States and payment for raw materials. Coupled with geopolitical risks, exchange rate volatility has reached its highest level since the 1998 foreign exchange crisis. Although the foreign exchange authorities are considering market stabilization measures, they fundamentally face the difficult task of seeking an exchange rate stabilization policy amidst the macro trends of structural changes in the domestic economy and the expansion of direct investment in the United States.