Investors seek fresh clues on AI demand as concerns grow over sustainability of semiconductor upcycle Samsung Electronics (left) and SK hynix logos (Yonhap) After a volatile stretch, South Korea's stock market is bracing for two major chipmaker events that could determine its near-term direction: Samsung Electronics' preliminary second-quarter earnings and SK hynix's American depositary receipts listing in the US.Samsung Electronics is widely expected to post record-high earnings on Tuesday, buoyed by the artificial intelligence-driven chip boom.The market consensus calls for revenue of about 170 trillion won ($111 billion) and operating profit of around 86 trillion won, while some brokerage firms expect the figure to top 90 trillion won.Yet the earnings report comes at a time of heightened scrutiny for chipmakers, as the narrative of a prolonged semiconductor upcycle has come under pressure.Investors have begun to question whether major technology companies will maintain their aggressive AI-related spending, raising concerns that the industry's rapid growth may moderate.Pricing in such concerns, shares of Samsung Electronics and SK hynix each dipped 9.06 percent and 14.57 percent, respectively, on Thursday. Although the two chipmakers have partly rebounded in recent trading sessions, they have yet to recover to their previous highs."Samsung Electronics' preliminary earnings could set the tone for the Kospi," said Na Jeong-hwan, an analyst at NH Investment & Securities."If it reports operating profit that significantly beats the consensus estimate, it would signal continued strength in the memory chip market and could serve as a catalyst to shift investor sentiment from selling to holding, or even chasing the rally."However, if the chip giant's earnings fall short of market expectations, the chip rally could lose momentum."If Samsung Electronics fails to deliver a meaningful earnings surprise, investors may lock in profits as the stock's upward momentum fades," said Han Ji-young, an analyst at Kiwoom Securities.Another key event set to shape the Kospi's trajectory is SK hynix's upcoming US ADR listing. The company will trade on the Nasdaq under the ticker SKHY from Friday.Each American depositary share is expected to fetch about $166, although the final offering price will be determined based on the company's Thursday closing share price in Seoul.The US listing is expected to improve the company's accessibility among global investors, potentially narrowing its valuation discount to peer Micron Technology.Despite its leadership in high-bandwidth memory chips, SK hynix currently trades at about seven times forward 12-month earnings.The chip giant's US listing could prompt a rerating by allowing international investors to compare the two companies more directly.If the US listing draws strong overseas demand, investor appetite for semiconductor heavyweights is expected to strengthen in the local stock market as well, brokerages projected.The developments come as investors look for fresh catalysts after weeks of volatile trading. Together, Samsung Electronics and SK hynix account for more than half of the Kospi's market capitalization, making their performance critical to broader market sentiment."This week's market direction will largely hinge on events surrounding Samsung Electronics and SK hynix, which are expected to influence both market volatility and the pace of sector rotation," Han said.