South Korean investors are reducing their concentration in Samsung Electronics and SK Hynix as semiconductor shares enter a range-bound phase, despite strong AI-related memory demand and large corporate shareholder-return plans. From September 1 through 11, retail investors net sold ₩5.212 trillion of Samsung Electronics and ₩7.818 trillion of SK Hynix, while foreign investors sold ₩1.96 trillion of each. Corporate entities bought ₩4.658 trillion of Samsung Electronics and ₩9.89 trillion of SK Hynix. Retail ETF flows also shifted toward gold and other sectors: ACE KRX Gold Spot led domestic sector-focused equity ETF purchases with ₩21.7 billion, followed by TIGER KRX Gold Spot at ₩11.7 billion, while semiconductor-linked products dominated selling. Analysts characterize the move as profit-taking and portfolio rotation rather than a rejection of semiconductor fundamentals, but cite slowing earnings momentum, a stronger won, capacity expansion, leverage regulation and uncertainty over whether AI investment will generate sufficient revenue and cash flow. They expect diversified flows to persist while recommending continued semiconductor exposure alongside defense, financials, cosmetics, entertainment, biotech and secondary batteries.