Analysts say investors may rotate out of Samsung Electronics, SK hynix to fund high-profile listings, though AI demand remains long-term tailwind SpaceX headquarters on Jan. 28, 2021 in Hawthorne, California. (AFP-Yonhap) The blockbuster IPOs of SpaceX, OpenAI and Anthropic could trigger a bout of profit-taking in South Korea's soaring chip stocks, as investors rotate capital into some of Wall Street's most anticipated listings.Elon Musk's rocket and satellite maker SpaceX aims to list its shares as early as June 12, in what could become the biggest initial public offering of all time. Anthropic, developer of the Claude AI model, has also recently filed to go public, setting the stage for a closely watched IPO race with ChatGPT creator OpenAI, which is also expected to debut on the stock market this year.Collectively, the trio is expected to raise around $200 billion and add roughly $4 trillion in market capitalization to the US equity market.The wave of mega-cap tech IPOs could prompt investors to reassess valuations and rotate capital, and the impact may be particularly pronounced in Korea, where the benchmark Kospi has significantly outperformed other major equity markets this year.The benchmark's biggest winners, chipmakers Samsung Electronics and SK hynix, could be the most exposed to any near-term portfolio rebalancing.Tianchen Peng, global macro strategist at Oxford Economics, agreed: "Samsung and SK hynix are particularly exposed to profit-taking" in retail investors' capital relocation for the high-profile IPOs.The Kospi had risen 108.85 percent year-to-date as of Wednesday, sharply outperforming the S&P 500's 11.16 percent and Nasdaq's 16.57 percent gains in the same time frame.The rally was led by Samsung Electronics and SK hynix, which surged 200.67 percent and 262.52 percent, respectively, far outpacing gains recorded by any other major global technology stocks.With SpaceX expected to draw sharp investor demand, "the natural funding source is likely to be the year's biggest winners, and Korean memory sits at the top of that list," Peng said.The potential reallocation is not limited to retail investors. Institutional investors, too, could trim positions in Korean memory stocks to make room for the high-profile listings.With Samsung, SK hynix, and TSMC accounting for over 28 percent of the MSCI Emerging Markets index, the EM asset class has effectively become a concentrated bet on the semiconductor giants."Should profit-taking run harder than expected, allocators trimming EM exposure would mechanically de-weight exactly these stocks, risking a second-round sell-off," Peng said.Local analysts echoed the view."Semiconductor stocks, which have been among the biggest beneficiaries of the AI boom, may see investor demand cool as high-profile growth alternatives such as SpaceX come to market," KB Securities analyst Kim Il-hyuk said.Yet any outflow of capital from the chipmakers would likely prove temporary. While investors may reallocate funds in the near term, the sector's AI fundamentals remain firmly intact."Investors may rotate some capital into these high-profile IPOs, but we view that as a temporary phenomenon rather than a fundamental shift for semiconductor stocks," Yi Jun-seo, professor of economics at Dongguk University, said.Peng said the mega listings could rather reinforce investor confidence in Korean chipmakers by spotlighting their role as key suppliers to the AI industry in the longer time frame."Whether it is SpaceX, which the market is pricing as next-generation AI and communications infrastructure, or OpenAI and Anthropic, all of these names sit within the AI value chain," Peng said."Their success raises the likelihood of even larger AI capex, which can only tighten the supply-demand balance in memory, a clear positive for Samsung and SK hynix."