Song Myung-suk

In 2026, Korean DRAM production growth will drop sharply to 10-13% as new capacity shifts to HBM production, which has lower effective conventional DRAM output and die penalty. Meanwhile, demand from big tech will still rise ~20%, keeping supply tight and extending the upcycle.

TSMC's sub-3nm capacity is tight, leading potential second-source business for Samsung from Apple, MediaTek, AMD. Additionally, Nvidia's upcoming 3D stacking of GPU and CPU in 2028 could be a transformative opportunity for Samsung's foundry to compete with TSMC, providing a potential upside catalyst for the stock.

Agentic AI increases control complexity, shifting CPU-to-GPU ratio from 4:1 toward 2:1 or 1:1, boosting CPU demand. This supports AMD and Intel, though TSMC's capacity bottleneck may limit supply.

Agentic AI increases control complexity, shifting CPU-to-GPU ratio from 4:1 toward 2:1 or 1:1, boosting CPU demand. This supports AMD and Intel, though TSMC's capacity bottleneck may limit supply.