Selling into strength

The claim centers on a striking divergence: Korean semiconductor companies are delivering historically strong results, yet foreign investors have responded with heavy net selling rather than accumulation. The sell-off has pushed share prices down despite the robust fundamentals on display in the sector's earnings reports.

The pattern of relentless foreign selling — described in the claim as "거침없는" (relentless) — has weighed on the broader Korean market, where semiconductor heavyweights play an outsized role in index performance.

Record earnings, falling prices

The mismatch between earnings and share price performance is the core of the story. Chipmakers have reported results at or near record levels, yet the market reaction has been a sustained decline as foreign capital flows out of the sector.

The review drew on 10 primary sources. The overall picture supports the claim in substance: the foreign sell-off is real, and it has occurred against the backdrop of exceptional — historically so — semiconductor earnings. Some details of magnitude and causation remain open to interpretation, however, and the sources reviewed do not resolve every question about why foreign investors are selling into strength.

Verdict: Mostly True