Park Jun-young

The traditional semiconductor cycle is broken or has become an ultra-long cycle because AI has turned memory into a performance necessity, not an optional component. Big tech demand is structural, supply takes 22+ months to increase, and memory now accounts for 30% of GPU cost (up from 15%). This structural shift supports sustained earnings and higher valuations. Korean memory makers Samsung Electronics and SK Hynix are direct beneficiaries.

The traditional semiconductor cycle is broken or has become an ultra-long cycle because AI has turned memory into a performance necessity, not an optional component. Big tech demand is structural, supply takes 22+ months to increase, and memory now accounts for 30% of GPU cost (up from 15%). This structural shift supports sustained earnings and higher valuations. Korean memory makers Samsung Electronics and SK Hynix are direct beneficiaries.