작성일 : 26-06-14 14:20
AI 반도체주 과열 경고등 켠 월가 …월가는 ‘삼전닉스’ 레버리지 베팅 제동 [마켓시그널]
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글로벌 투자은행(IB)들이 올해 급등한 삼성전자와 SK하이닉스에 대한 헤지펀드의 레버리지 투자를 잇달아 제한하고 나섰다. 인공지능(AI) 반도체 슈퍼사이클에 대한 기대는 여전하지만 특정 종목으로 투자금이 과도하게 몰리면서 위험 관리에 나선 것으로 풀이된다.

12일 블룸버그통신에 따르면 씨티그룹과 JP모건체이스, 골드만삭스 등 주요 투자은행들은 헤지펀드가 스와프(Swap)를 활용해 삼성전자와 SK하이닉스에 투자할 때 적용하는 금융 비용을 인상했다. 신규 거래 규모를 줄이고 거래 상대방 기준도 강화한 것으로 알려졌다.

일부 은행은 신규 스와프 거래를 건별 심사 방식으로 전환하거나 거래 자체를 거절하고 있다. 모건스탠리는 삼성전자와 SK하이닉스 관련 신규 스와프 거래를 원하는 일부 고객을 돌려보내고 있으며 일부 중소형 은행들도 최근 2주 동안 추가 주문 접수를 중단한 것으로 전해졌다.

이 같은 조치는 한국 반도체주에만 국한되지 않는다. 세계 최대 파운드리 기업인 TSMC에도 유사한 위험관리 조치가 적용되고 있는 것으로 알려졌다. 시장에서는 글로벌 투자은행들이 아시아 AI 반도체주 전반에 대한 익스포저를 재점검하는 신호로 해석하고 있다.

스와프는 실제 주식을 보유하지 않고도 레버리지를 활용해 특정 종목에 투자할 수 있는 대표적인 장외파생상품이다. 해외 헤지펀드들이 한국 주식시장에 투자할 때 주로 활용하는 수단으로 꼽힌다.


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월가가 경계 수위를 높이는 배경에는 올해 이어진 AI 반도체 랠리가 있다. 삼성전자와 SK하이닉스는 AI 서버 투자 확대와 고대역폭메모리(HBM) 수요 증가에 힘입어 가파른 상승세를 이어왔다. 12일 삼성전자는 전 거래일 대비 7.8% 오른 32만 원대에 거래를 마쳤고 SK하이닉스는 2%대 상승한 215만 원에 장을 마감했다.

다만 투자은행들은 주가 추가 상승 가능성과 별개로 레버리지 거래 규모가 지나치게 커졌다고 판단하고 있다. 스와프 거래를 체결한 은행들은 반대 포지션을 다른 투자자에게 넘기거나 자체적으로 헤지해야 하는데 현재와 같은 강세장에서는 주가 하락에 베팅하려는 수요가 제한적이기 때문이다. 이에 따라 은행들이 직접 대차대조표를 활용해 위험을 부담하는 사례가 늘고 있다는 설명이다.