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Korean retail investors’ holdings of U.S. equities have hit an all-time high, underscoring strong confidence in the American market and the appeal of growth names. At home, individual investors have been taking profits for 10 consecutive sessions even as the Kospi powers to record highs.

As of September 11, domestic investors held $142.1 billion (about ₩198 trillion) in U.S. shares, the highest on record, according to the Korea Securities Depository. Since the start of this month, the balance has climbed day after day—from $133.6 billion on September 2–3 to $134.6 billion on the 4th, $136.0 billion on the 5th, $136.4 billion on the 8th, $137.8 billion on the 9th and $138.9 billion on the 10th.

Top holdings are concentrated in AI and tech: Tesla ($23.4 billion), Nvidia ($15.5 billion), Palantir ($5.7 billion) and Apple ($430,000). Over the past week, net buys also clustered in growth themes, led by Palantir ($92.94 million), Synopsys ($73.61 million), Nvidia ($67.70 million), NuScale Power ($67.03 million) and Bit Digital ($56.75 million).

“The tilt toward U.S. markets reflects faith in their long-term uptrend and the fact that most core growth names are listed there,” said Kim Young-hwan, an analyst at NH Investment & Securities. “Investors are naturally choosing the U.S. to chase opportunities in growth stocks.”

By contrast, individuals have been net sellers in Korea for 10 straight sessions. From September 2 through September 15, their cumulative net sales reached ₩7.8437 trillion, Korea Exchange data show. The most heavily sold stocks were Samsung Electronics (₩4.9271 trillion), HJ Heavy Industries (₩4.0929 trillion), SK hynix (₩3.6118 trillion) and Doosan Enerbility (₩1.6297 trillion).

The Kospi has set fresh records for four straight sessions, extending a rally that began on September 10 when it closed at 3,314.53—surpassing the July 6, 2021 peak of 3,305.21. The benchmark then rose to 3,344.20 on September 11, 3,395.54 on September 12 and 3,407.78 on September 15, helped by policy signals, a global semiconductor upswing and foreign buying.

“The finance minister’s confirmation that the major-shareholder capital gains tax threshold will remain at ₩5 billion, alongside expectations for lower separate taxation on dividend income and the chip rally, helped push the index above 3,400,” said Lee Jae-won of Shinhan Investment & Securities. “Still, profit-taking, tariff-talk uncertainty and technically overbought conditions remain caution flags.”