Samsung Electronics HBM4 Counterattack Begins... Why SK Hynix Also Smiles as Market Share Soars / Don't Be Fooled by Exaggerated China Semiconductor Fear | Semicon Research Lab CEO Noh Geun-chang

Summary

Semicon Research Lab CEO Noh Geun-chang argues that foreign selling in Samsung Electronics and SK Hynix is mostly done and that long-term emerging-market funds will keep Korea memory exposure. He expects Samsung HBM4 to recover credibility, the HBM market to double by 2030, and SK Hynix to remain a leader as non-Nvidia AI accelerator demand expands. He downplays China memory capacity fears due to equipment bottlenecks and says yen carry-trade fears are noise while US AI exposure remains essential.

• Foreign selling in Samsung Electronics and SK Hynix is viewed as largely exhausted, with long-term EM funds retaining Korea memory positions.
• Korean battery, refining and K-beauty sectors are highlighted as additional domestic bright spots.
• Noh expects oil prices to fall after roughly six months of adaptation to wartime energy conditions.
• Samsung HBM4 is described as regaining quality, yield and customer support, including Nvidia and AMD-related demand.
• The HBM market is forecast to double from about 70 billion dollars this year to 140 billion dollars by 2030.
• SK Hynix is seen as still benefiting because total HBM demand is expanding beyond Nvidia into Google, Amazon, Microsoft, Meta, OpenAI, Broadcom and Anthropic accelerators.
• China memory capacity targets are treated as largely vision rather than near-term reality due to US-controlled data-center demand and semiconductor equipment shortages.
• Yen carry-trade liquidation fears are dismissed as mostly noise, while US AI exposure is considered a position investors cannot meaningfully abandon.