The KOSPI fell for the fourth consecutive week,

(above) Opinions and inflection point views on the market

The KOSPI fell for the fourth consecutive week, with an adjustment of about 6% from its high.
Regarding today's #Stanford_AI_Index_Report 2024 article... I've summarized it. In fact, it's also true that every time something like this comes out, you lose strength. We're fighting on the front line of a battlefield without gunfire, and at the back... but it's still our #NaverCloud's job to overcome this and move forward

An article that there is no foundation model in Korea is based on the 2024 Stanford AI index report. Hyperclova was presented in the report in 2023, but looking at why this result came out..

1. The 2024 report utilizes the contents of the paper below written by the HAI Group, as opposed to 2023, which was directly surveyed.
Rishi Bommasani, Dilara Soylu, Thomas Liao, Kathleen A. Creel, and Percy Liang. 2023b. Ecosystem graphs: The social footprint of foundation models. ArXiv, abs/2303.15772. https://arxiv.org/abs/2303.15772
In this paper, many major foundation models around the world are omitted. In the case of HyperCLOVA, there are papers with close to 100 citations, and dozens of directly related papers are api, but they are omitted from this paper. This is clearly insufficient as a survey paper.

2. He wrote that some models of Korea and China may not have been reflected in the report graph. For now, I think I can laugh in China 20..

3. Without considering this phrase, an article with a stimulating title without a foundation model appears

4. Additionally, some articles that are based on articles and have not even been confirmed have appeared (fortunately, many reporters fact check)

5. Descriptive materials provided by the Ministry of Science and ICT to the press.

Lesson..
1. Can it be said that it is a credible report that contains the contents compiled by Survey using poor papers.
2. Should the country be swayed by overseas university reports?
3. I want to check it in more detail and get an article out
4. As AI sovereignty is really important for national competition, companies should invest more strongly to secure more competitive AI and raise global recognition (paper, academic societies, open sources, commercialization), and the government should also support much stronger fostering measures than regulations..
As of yesterday, exactly 50% of this year's increase was vomited (high 2,779 / low 2,429)

Expectations for a U.S. interest rate cut have been too excessive, so it was a necessary adjustment. This is also a phenomenon caused by the good global economy.

I see the FOMC on May 1st as an important tipping point. I look forward to seeing if it mentions 'QT tapering' that can curb the surge in long-term bond interest rates.

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1) KOSPI Valuation

- Approximately 6% adjustment from the previous day's closing high. Accurately throwing up 50% of this year's gains (2,779 high - 2,429)

- Trailing PBR 1x 2,660: Current level is 1x below even by Trailing criteria, so valuation merit

2) the new normal in the foreign exchange market

- However, the exchange rate seems to be a new normal in the range of 1,350 won to 1,400 won

- Fortunately, unlike 2022, the trade surplus continues: 10 consecutive months of trade surplus through March. The surplus itself is not large, but the accumulated $9.04 billion surplus through March

- In fact, KRW/USD spot swap basis is also stable: Compared to the case, which expanded slightly ahead of the reverse remittance of foreign dividends, but expanded to around -200 basis points at the time in 2022, it is virtually free of foreign exchange market stress (see chart above)

- However, the fact that the won-dollar exchange rate has soared to this point amid the continued trade surplus means that the recent rise in the exchange rate is due to the retreat of the U.S. interest rate cut prospects (foreign interest rate difference)

- In addition, in the past, when stress in the foreign exchange market is relieved, the exchange rate has shown a pattern of rapidly falling and stabilizing again, but it needs to be interpreted as meaning that the exchange rate between 1,350 and 1,400 won is likely to be fixed as it is not currently in that situation

- Once the reverse remittance of foreign dividends is completed, the exchange rate can be flattened from May: According to the International Financial Center, dividends for foreigners' April settlement in 2023 amounted to 27.6 trillion won. Even if there is a current trade surplus, the impact of the reverse remittance of dividends is sufficiently offset

- The stock market needs a corporate-centered approach that can benefit from the weak won, with financial stocks and dollar exposure considering the current high-interest rate and high exchange rates