Samsung Electronics, SK Hynix Second Rally Starts 'Now'! Why Are the Chuseok Holidays a Turning Point and December the Peak?

Summary

Aurora Investment Advisory CEO Lee Ji-hwan discusses Samsung Electronics and SK hynix, arguing that semiconductor tariff fears are overblown and that the next visible rally should begin around late September/Chuseok or October, with a likely December peak. He cites memory supply shortages, long-term contract valuation support, buyback/cancellation returns, and the HBM4/Vera Rubin transition. He also says AI is still early-stage rather than a bubble and suggests keeping semiconductor exposure at about 40-50%.

• Lee expects Samsung Electronics and SK hynix to start a visible rally around late September/Chuseok or October and peak in December.
• He views US semiconductor tariff threats as mostly psychological, with actual broad tariffs unlikely.
• Memory supply shortages and continued price gains support memory semiconductors into the first half of 2026.
• Buyback cancellation and shareholder return frameworks should add support for Samsung and SK hynix.
• Nomura's severe undervaluation call and 40%+ long-term contracts support a semiconductor re-rating.
• AI is still early-stage and productivity-oriented, not a bubble; semiconductor allocation should be about 40-50%.
• The HBM4/Vera Rubin transition favors Samsung and SK hynix over Micron into December.