Samsung Electronics and SK Hynix Plunge on AI Speed Control Theory... But Memory Is Actually Being Used More / Now Is the Bottom for Samsung Electronics, a 'Buying Opportunity' | SemiCon Research Lab CEO Noh Geun-chang

[#Global Insight] Samsung Electronics and SK Hynix Plunge on AI Speed Control Theory… But Memory Is Actually Being Used More / Now Is the Bottom for Samsung Electronics, a "Buying Opportunity" | SemiCon Research Lab CEO Noh Geun-chang
Watch on YouTube ↗  |  September 15, 2026 at 05:15  |  33:34  |  815 Money Talk (815머니톡)
Speakers
Noh Geun-chang — Center Head, Hyundai Motor Securities Research Center

Summary

Noh Geun-chang, CEO of SemiCon Research Lab, discusses the sharp selloff in semiconductor suppliers after AI speed-control and safety concerns. He argues the market misinterpreted the news: stronger AI safety, security, and verification requirements should increase chip complexity, memory content, and ASPs. He sees Samsung Electronics and SK Hynix at attractive box-range lows and says the semiconductor decline is more supply/demand and sentiment than fundamentals. He also highlights Meta's on-device AI push and AI glasses as new demand drivers.

  • Semiconductor suppliers sold off while demand-side AI names like Meta and Alphabet held up.
  • Guest attributes the drop to AI speed-control fears, positioning, and weak Korean-market links rather than fundamentals.
  • AI safety and security regulation is argued to require more semiconductor content, including DDR5, HBM, foundry complexity, and testing.
  • Samsung Electronics is called cheap on PBR with a high special-dividend yield.
  • SK Hynix is seen supported by book value and cycle, though its dividend yield is lower than Samsung's.
  • TSMC and Advantest are noted as relative beneficiaries of more complex logic and testing.
  • Meta's Muse Spark and AI glasses are discussed as drivers of on-device AI and new data demand.
  • The guest concludes investors should not panic on semiconductor weakness and may view further declines as buying opportunities.
Ideas
Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 5:12
Samsung is cheap, high-dividend buy.
Samsung Electronics has fallen to the lower end of its box range. With next-year book value estimated at KRW 180,000 and PBR 1.5x implying KRW 270,000, the current KRW 240,000 area is cheap. A special dividend of about KRW 14,000 per share could produce a yield above 6% if the stock falls slightly, and earnings remain acceptable, making this an attractive staged-buying level.
005930.KS HIGH
Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 7:07
SK Hynix box bottom, cycle intact.
SK Hynix is at the lower end of its box range with limited downside. The memory cycle remains valid, next-year book value is seen at KRW 1,000,000 and 2028 book value at KRW 1,500,000, implying PBR 1.5x and 1.0x respectively. Its dividend yield is less attractive than Samsung's, but Micron's smaller decline suggests Hynix has already pre-reflected much of the bad news.
000660.KS HIGH
Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 9:39
TSMC benefits from security-driven foundry complexity.
TSMC is a relative beneficiary because AI security and verification features require more codecs and complex logic, increasing foundry design complexity and pricing power. Its Taiwan-listed shares fell only about 1.2% during the supplier selloff, consistent with this stronger structural position.
TSM MED
Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 10:16
Advantest gains from complex-chip testing demand.
Advantest is a relative beneficiary because more complex TSMC chips require precise testing. As the world's leading tester company, Advantest should see higher test demand, and it fell only about 2% in the selloff.
6857.T MED
Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 13:03
AI safety boosts semiconductor specs, not demand.
The AI speed-control scare is misinterpreted: stronger AI safety, security, and verification requirements should increase semiconductor complexity, DDR5/HBM memory content, testing, and foundry value. This supports higher blended ASPs for chip suppliers, so the recent supply-side selloff is a buying opportunity rather than a fundamental breakdown.
SMH HIGH
Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 25:21
Meta's on-device AI expands ecosystem.
Meta's Muse Spark lightweight on-device AI is more engaging and is expanding Meta's AI ecosystem, while AI glasses can continuously collect real-world data for personalized on-device AI. These new demand drivers help explain the roughly 7% two-day rally in Meta shares.
META MED
Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 29:29
AI glasses, self-driving beat humanoids.
AI glasses and autonomous driving are earlier commercialization opportunities than humanoid robots because they build on existing form factors and hardware. AI glasses are particularly promising as a continuous real-world data collection device for on-device AI, requiring more chips, camera modules, image sensors, and displays, while humanoid robots need redesigned limbs and better batteries.
AI glasses Autonomous driving MED
Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 29:29
AI glasses, self-driving beat humanoids.
AI glasses and autonomous driving are earlier commercialization opportunities than humanoid robots because they build on existing form factors and hardware. AI glasses are particularly promising as a continuous real-world data collection device for on-device AI, requiring more chips, camera modules, image sensors, and displays, while humanoid robots need redesigned limbs and better batteries.
Humanoid robots MED
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This 815 Money Talk (815머니톡) video, published September 15, 2026, features Noh Geun-chang discussing 005930.KS, 000660.KS, TSM, 6857.T, SMH, META, AI glasses, Autonomous driving, Humanoid robots. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Noh Geun-chang  · Tickers: 005930.KS, 000660.KS, TSM, 6857.T, SMH, META, AI glasses, Autonomous driving, Humanoid robots