J.P. Morgan pointed out that considering the investor position structure and profit growth, the Korean stock market's pullback after the AI/memory recovery in July may be more orderly than the previous AI rebound cycle. Analysts, including Tony Lee, wrote in a report that the current trend “appears to be more controlled than explosive” and cites an “improved Gamma background” to reduce the risk of mechanical amplification fluctuations and earnings per share revisions. Although Korea's domestic savings fundamentals have improved, it is still lagging behind after the AI/memory recovery in July, and there is still room to catch up, especially as macroeconomic factors such as high yields, oil prices, and declining risk appetite in the Asian market stabilize. South Korea's volatile environment improved in September, bringing traders long Gamma positions in stocks to about US$430 million, the longest Gamma position in the past year. “Due to the high price of the bullish option side, we think it is most appropriate to hold KOSPI2 bullish exposure through structured products with rich convex characteristics.” Prior to the release of Samsung and SK Hynix's third-quarter earnings reports, analysts believed that “HBM demand, pricing and product portfolio, exchange rate and capital expenditure control and shareholder return updates are key catalysts, and there is a possibility of significant market fluctuations.”

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