South Korea's KOSPI Rebounds on July 22, Wall Street Signals Semiconductor Bottom with Memory Prices Up 146%

According to Morgan Stanley and JP Morgan on July 22, South Korea's KOSPI index rebounded, signaling a market bottom for semiconductor stocks. The index closed at 6,797.70, up 0.74% for the day, with analysts citing reduced downside risks and sustained artificial intelligence demand.

Memory prices surged 146% in July from late-June levels, driven by Middle East sovereign AI infrastructure purchases, according to Meritz Securities. Deutsche Bank projects memory supply-demand imbalance will peak in 2028 at 129%, extending the cycle beyond previous forecasts. Supermicro disclosed AI server order backlog exceeding $60 billion, supporting confidence in big tech capital expenditure continuity. Leveraged ETF liquidations across South Korea and U.S. markets have reached approximately 75% completion, removing downward pressure from forced selling.