Semiconductor Investing: Complete Guide to Samsung Electronics and SK Hynix with Noh Geun-chang (Full Version)

Summary

Noh Geun-chang explains the disconnect between record memory earnings and stock price declines, attributing it to technical supply/demand factors like SK Hynix ADR listing and foreign brokerage reports. He argues that the memory cycle is structurally different now due to AI data center demand and long-term contracts, supporting sustained growth and attractive valuations. He recommends buying the dips in Samsung Electronics and SK Hynix as the sector offers the best investment conditions in Korea.

• Record earnings for Samsung and SK Hynix were overshadowed by price drops driven by ADR-related selling and foreign brokerage downgrades.
• Memory semiconductor demand is structurally supported by AI data center expansions, with tight supply due to equipment shortages and long-term contracts reducing cycle risks.
• DRAM bit growth and ASP increases are projected through 2028, with HBM4 launch in the second half of 2026 as a key catalyst.
• Samsung's foundry business remains challenged but will improve slowly; not a major driver yet.
• SK Hynix retains strong product leadership in HBM, mobile DRAM, and has strategic assets like Solidigm and Kioxia stake.
• Valuation support levels: SK Hynix around 198,000 KRW based on P/B 2x, Samsung around 230,000 KRW based on 1.5x P/B; current prices offer good entry.
• Big tech's aggressive debt-funded data center investment is seen as competitive necessity, ensuring sustained memory demand.
• The speaker advises long-term patience, seeing the current correction as a buying opportunity in the Korean memory sector.