[비즈한국] On the 23rd of last month (local time), U.S. President Donald Trump announced the "AI Action Plan" to secure U.S. leadership in the global artificial intelligence (AI) technology hegemony race. This plan aims to secure global AI leadership through infrastructure investments, such as data center construction, and deregulation for AI development.
Kim Rok-ho, an analyst at Hana Securities, forecasted, "The demand outlook for AI is certainly positive," adding, "Especially since the plan mentions over 40 federal agencies and committees, the nation’s execution capacity will be noteworthy." He further added, "If AI investment plans from various countries are announced and implemented starting with the U.S., the government AI investments that semiconductor companies have consistently mentioned could become a key pillar of actual demand."
Amidst this trend, investors believe that tech stocks will ultimately seize the early lead in the AI revolution. Experts analyze that such movements are already unfolding, centered on big tech leaders like Nvidia, Microsoft, Palantir Technologies, Meta, Alphabet, and Amazon. Analyst Kim stated, "Tech stocks, which maintained a solid trend over the past few months despite tariffs and geopolitical uncertainties, are preparing for another strong rebound in the second half of this year," adding, "A rally led by blue-chip tech stocks driving the so-called 'golden age of tech stocks' is expected."
As expectations for early leadership in the AI revolution grow, Tesla and Palantir have become important stocks in the investment portfolios of Korean individual overseas investors. According to the Korea Securities Depository, as of the 31st of last month, the balance of overseas stocks held by domestic investors was led by Tesla ($20.10077 billion), followed by Nvidia ($15.23331 billion) and Palantir ($5.40066 billion).
Under the leadership of CEO Elon Musk, Tesla has established itself as a global tech firm in future technology fields such as electric vehicles (EVs), autonomous driving, and robot technology. It is highly anticipated for its growth potential, not only for innovating the EV market but also for presenting a future vision including robotaxis. However, with a price-to-earnings ratio (PER) reaching 175x, it is in a state of high valuation where the future vision and the CEO's popularity have a greater impact on the stock price than its actual performance.
Palantir continues to grow based on stable performance by providing core solutions to the government and private enterprises utilizing AI and data analysis. Its second-quarter revenue exceeded $1 billion, a 48% growth compared to the same period last year, surpassing market expectations. While its stock price is also soaring, it is not free from high-valuation controversy, with a PER reaching 273x.
Ultimately, while Tesla’s stock price has surged due to its future vision and the CEO’s brand, it remains highly overvalued based on earnings. Conversely, while Palantir continues its stock price rally due to its AI technology and stable profit model, some evaluate that it lacks the justification for long-term growth from a valuation perspective.
Im Eun-young, a team leader at Samsung Securities, said of Tesla, "Among AI companies, it has the longest investment horizon, so it is currently going through a dull period," adding, "The point at which the robotaxi experience translates into new car sales is expected to be next year."
Yoo Joong-ho, an analyst at KB Securities, stated regarding Palantir, "There is room for stock price upside due to AI momentum and supply-demand factors, but from a valuation perspective, long-term growth expectations are insufficient to support the stock price, so I maintain a 'reduce exposure' stance." On the other hand, Lee Dong-yeon, an analyst at Korea Investment & Securities, forecasted, "Although the 12-month forward PER (12MF PER) is very high at 239.4x, the improvement in the 'Rule of 40' indicator proves its AI capabilities, so the improvement in investment sentiment is expected to continue in the short term."
Therefore, when setting an investment strategy, one must balance current performance with future possibilities. Investors need to deliberate on whether to accept the high-valuation controversy and invest based on future vision, or prioritize stable growth based on performance and choose more undervalued companies. While Tesla and Palantir are still considered attractive investment targets among companies likely to lead the AI revolution, investors must fully recognize their high-valuation status and prepare strategies based on risk management.