엔비디아의 ‘잠실 시구’가 쏘아 올린 두산의 화려한 동행과 냉혹한 시장의 셈법 > K-wave Trends

The core of this collaboration lies in combining Nvidia’s accelerated computing technology with Doosan’s robust manufacturing capabilities to establish a new industrial standard: the "AI Factory." Doosan Enerbility is optimizing the power supply infrastructure essential for AI data center operations through gas turbines and Small Modular Reactors (SMRs), while Doosan Electronics BG is supporting the ecosystem for Nvidia’s next-generation "Vera Rubin" chips through Copper Clad Laminates (CCL), a key material that determines AI accelerator performance. This union is evolving beyond a simple supplier relationship into a partnership that designs and builds the infrastructure of the AI era. It has sparked expectations that Doosan’s energy solutions, combined with Nvidia’s DSX platform, will lead to tangible results in maximizing power efficiency and enhancing smart factory operational efficiency.

The two companies are also deepening their collaboration in the field of robotics. Doosan Robotics is accelerating the development of an "Agentic Robot" operating system that allows robots to perceive and judge their work environments by utilizing Nvidia’s open libraries and edge device technology. In particular, if Nvidia’s Physical AI technology is integrated into the vast construction and agricultural equipment sites managed by Doosan Bobcat, it is expected to enable an innovation in autonomous work processes that goes far beyond simple, repetitive tasks. This appears to be a major turning point for Doosan, as it transitions from a company that merely manufactures hardware in the robotics and machinery industry to an AI-based intelligent solutions provider.

However, the market reacted with extreme sensitivity, oscillating between the extremes of hope and concern. While the "Jensen Huang effect" was clearly visible immediately after the announcement, with related stocks surging to record highs, the trend quickly reversed into a sharp decline as profit-taking sell-offs poured in. While investors welcomed this comprehensive cooperation as a new growth engine, they also began to fear the "sell the news" phenomenon, where expectations already priced into the market reach their limit. Notably, stock performance diverged even within the same sector, suggesting that investor sentiment is gradually shifting from theme-based issues to a more practical evaluation of corporate value.

Behind the stock price plunge lay the realistic variable of large-scale capital withdrawal by financial institutions. Seven financial institutions that had entered into Price Return Swap (PRS) contracts collateralized by Doosan Robotics shares last year completed their exit by selling their remaining 2.1 million shares through a block deal. Bolstered by the stock price rise, they realized a significant profit of approximately 35% over their initial investment, and this sale effectively cleared all remaining PRS volume from the market. This massive influx of supply created concerns about oversupply in the market, ultimately acting as a downward pressure that offset the positive momentum of the Nvidia partnership.

Ultimately, Doosan Group’s recent moves will serve as a textbook case of the strategies traditional manufacturing firms must adopt to survive in the AI era. The technical cooperation with Nvidia is a clear achievement, signifying Doosan’s entry into the core supply chain of future industries. However, as revealed by the financial institutions' exit process, a company’s growth value and the short-term supply-demand logic of the capital market are factors that can always collide. For investors, this is a time that requires a dual perspective: trusting in the company’s long-term vision and technological achievements while cool-headedly analyzing technical market factors such as large-scale equity changes and supply-demand issues.