Conditions for Breaking Through the Previous High: Why It Will Keep Rising? | Park Sung-moon, CEO of Muni Insight [Double Up]

Summary

Park Sung-moon, CEO of Muni Insight, analyzes big tech earnings and the AI-driven semiconductor boom. He argues that the AI infrastructure capex super-cycle is still in its early innings, supported by a historic $1 trillion investment from M7 companies. He remains bullish on Korean memory stocks, especially SK Hynix due to its HBM pricing power and strategic AIDC links with NVIDIA, while also seeing upside in Samsung Electronics. He flags the neo cloud market and potential GPU supply deals for Naver and SK Telecom as a developing catalyst. Despite near-term volatility and leverage risks, he advises investors to stay invested in AI hardware if they believe in the long-term productivity shift.

• Google's earnings showed conservative capex guidance but overall AI investment trend remains intact.
• HBM premium and DRAM shortage (17% gap) drive a strong bull case for SK Hynix and Samsung Electronics.
• SK Hynix's aggressive LTA contract structure and group-wide AIDC focus create a unique competitive edge.
• Hardware lead times of 3+ years protect pricing power against easily replicated software.
• Naver and SK Telecom are worth watching for potential GPU supply deals following the Jensen Huang meeting.
• Foundry equipment depreciation cycle points to a margin peak in 2027-2028, favoring the medium-term outlook.
• Investors are advised to reduce leverage and maintain cash, but to stay long if they believe in AI's future.