Samsung Electronics and SK hynix's Fateful Week: Semiconductor Industry Check Ahead of January 29 Earnings | Ahn Ki-hyun, Executive Director of the Korea Semiconductor Industry Association

삼성전자·SK하이닉스 운명의 한 주, 1월 29일 실적발표 대비 업황 점검 | 안기현 한국반도체산업협회 전무 [심층인터뷰]
Watch on YouTube ↗  |  January 27, 2026 at 10:48  |  57:30  |  3PRO TV (삼프로TV)
Speakers
Ahn Ki-hyun — Executive Director, Korea Semiconductor Industry Association

Summary

Ahn Ki-hyun of the Korea Semiconductor Industry Association discusses the AI-driven semiconductor upcycle, arguing the AI chip cycle is not a bubble and may last longer than past cycles, with strong demand through 2027. He sees memory prices and HBM demand driving Samsung Electronics and SK hynix, with spillover to Korean equipment and materials suppliers. He also highlights risks from Chinese catch-up, US tariffs, and subsidy uncertainty, while downplaying a shortage-driven rally in legacy automotive chips and warning that Nvidia and US AI big tech may face corrections.

  • AI semiconductors are in a supply-led upcycle likely lasting beyond the usual two to three years, at least through 2027.
  • Memory prices are surging across HBM, DRAM, and NAND; 2026 supply is largely contracted and suppliers have pricing power.
  • Samsung Electronics is entering HBM while SK hynix remains the HBM leader and expands customers.
  • The upcycle is spreading to Korean semiconductor equipment, materials, and parts suppliers as Samsung and SK hynix build domestic fabs.
  • Nvidia may face correction as Broadcom, Google TPU, and other AI chip alternatives emerge.
  • US AI big tech may see adjustments because AI investments have not yet produced clear profits.
  • Legacy and automotive semiconductors are balanced and unlikely to benefit directly from the memory shortage.
  • China's rapid semiconductor catch-up, US tariffs, and subsidy uncertainty are key medium-term risks.
Ideas
Ahn Ki-hyun Executive Director, Korea Semiconductor Industry Association 1:36
AI chip supercycle is not a bubble
The semiconductor upturn that began in 2023 is driven by AI and is not a bubble. Big tech must keep investing in AI chips to preserve leadership, demand is broadening globally beyond the US, and new AI accelerators from Broadcom and Google TPU expand HBM and AI chip demand. Because buyers are big tech competing on capability rather than cyclical consumers, this supply-led cycle should last longer than the usual two to three years, at least through 2027.
SMH HIGH
Ahn Ki-hyun Executive Director, Korea Semiconductor Industry Association 3:44
Memory shortage drives DRAM and NAND prices
Since late 2025, memory prices have risen across HBM and legacy DRAM and NAND due to supply shortage. 2026 supply is already contracted, suppliers have strong pricing power, DRAM contract prices are above $10 versus $3 to $4 cost and spot prices have exceeded $20 to $30, and NAND is also up sharply. The shortage supports memory prices and makers through 2027.
DRAM NAND HBM HIGH
Ahn Ki-hyun Executive Director, Korea Semiconductor Industry Association 4:40
Samsung gains from memory and HBM entry
Samsung is entering HBM in earnest by supplying Nvidia and AMD, breaking SK hynix's prior monopoly. It also benefits from legacy DRAM and NAND price increases, 2026 supply contracts, and potential operating profit above 100 trillion won as the memory upcycle broadens.
005930.KS HIGH
Ahn Ki-hyun Executive Director, Korea Semiconductor Industry Association 4:40
SK hynix leads HBM with sold-out supply
SK hynix is the HBM leader with 2026 supply sold out and strong pricing power. It is expanding HBM customers beyond Nvidia, including Microsoft's custom AI chip, and should benefit as HBM demand expands across new AI accelerators such as Broadcom and Google TPU.
000660.KS HIGH
Ahn Ki-hyun Executive Director, Korea Semiconductor Industry Association 8:41
US AI big tech faces profit doubts
US AI big tech companies have already rallied and may face adjustment because their massive AI investments have not yet produced clear profits. However, they will likely keep investing in AI semiconductors to preserve competitive position.
AI-SECTOR MED
Ahn Ki-hyun Executive Director, Korea Semiconductor Industry Association 10:16
Nvidia may correct as rivals emerge
Nvidia has already risen sharply and faces emerging alternative AI chip competitors such as Broadcom and Google TPU. While the overall AI semiconductor market grows, Nvidia's stock could undergo a correction as new players capture part of the opportunity.
NVDA MED
Ahn Ki-hyun Executive Director, Korea Semiconductor Industry Association 27:55
Korean chip equipment and materials benefit
The memory upcycle is spreading to equipment, materials, and parts suppliers. Samsung and SK hynix are building and operating Korean fabs such as Yongin, order backlogs are strong, and suppliers benefit whenever memory makers have cash and must keep investing. Labor shortages exist but orders are very strong.
Korean semiconductor equipment/materials suppliers HIGH
Ahn Ki-hyun Executive Director, Korea Semiconductor Industry Association 34:53
Legacy auto chips lag AI cycle
Legacy and automotive semiconductors are balanced and use different fabs and processes from AI memory, so the memory shortage is unlikely to cause an automotive chip shortage. They depend on a weak physical economy and are less attractive than AI semiconductors, although the absence of new legacy fabs limits downside.
Legacy/automotive semiconductors HIGH
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This 3PRO TV (삼프로TV) video, published January 27, 2026, features Ahn Ki-hyun discussing SMH, DRAM, NAND, HBM, 005930.KS, 000660.KS, AI-SECTOR, NVDA, Korean semiconductor equipment/materials suppliers, Legacy/automotive semiconductors. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ahn Ki-hyun  · Tickers: SMH, DRAM, NAND, HBM, 005930.KS, 000660.KS, AI-SECTOR, NVDA, Korean semiconductor equipment/materials suppliers, Legacy/automotive semiconductors