Another major tailwind for Samsung Electronics and SK Hynix… TSMC's record-high revenue, NVIDIA targeting 7 million base stations / Is Oracle's bankruptcy risk real? | Semicon Research Lab CEO Noh Geun-chang

[#Global Insight] Another major tailwind for Samsung Electronics and SK Hynix… TSMC's record-high revenue, NVIDIA targeting 7 million base stations / Is Oracle's bankruptcy risk real? | Semicon Research Lab CEO Noh Geun-chang

Watch on YouTube ↗ | September 11, 2026 at 10:00 | 36:04 | 815 Money Talk (815머니톡)

Speakers

Noh Geun-chang — Center Head, Hyundai Motor Securities Research Center

Summary

Noh Geun-chang, CEO of Semicon Research Lab, reviews global semiconductor and telecom themes. He argues Oracle is an oversold StarGate laggard, TSMC's record August revenue confirms strong AI chip demand, and NVIDIA plus Korean memory names should benefit. He also outlines Korean power infrastructure and the long-dated 6G/AI-RAN opportunity involving NVIDIA, Nokia, and SK Telecom, while noting macro risks from high oil and rates.

Noh Geun-chang discusses macro conditions, Oracle, StarGate, TSMC, NVIDIA, Korean memory, and 6G/AI-RAN.
Oracle is presented as undervalued versus StarGate/neo-cloud peers despite capex and RPO concerns.
TSMC's record August revenue and strong July-August run rate suggest a 3Q earnings surprise and a healthy AI semiconductor cycle.
TSMC's HPC data-center revenue correlation implies NVIDIA results should also be strong.
Recent Korean memory weakness is attributed to vague demand fears despite solid supplier data, supporting Samsung Electronics and SK hynix.
Large AI data-center projects may increase order opportunities for Korean power infrastructure companies.
6G/AI-RAN is framed as a long-dated opportunity where NVIDIA may build a new GPU base-station market with partners such as Nokia and SK Telecom.
Macro risks remain high oil and high rates, though US-China summit talk and data-center demand are key variables.

Ideas

Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 1:30

Oracle is an oversold StarGate laggard.

Oracle has significantly lagged other StarGate and neo-cloud names even though its credit-risk signal is better than CoreWeave's, its cloud business is larger and more stable, recent results were solid, and the main OpenAI/RPO worries are easing as OpenAI and xAI data-center plans progress. Capex and free-cash-flow pressure are known and largely priced in; if OpenAI concerns keep fading, Oracle should be one of the first StarGate-related names to re-rate.

Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 8:34

AI data centers lift Korean power orders.

Very large AI data-center projects such as StarGate require much more electricity and grid investment, so Korean power-related companies could see project order sizes expand versus the past. The speaker views this as a theme that must be continually monitored.

Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 19:24

TSMC record sales signal AI chip strength

TSMC's August revenue was a record, and July-August average monthly revenue is up about 16% versus the 2Q monthly average, already above the 3Q guidance for +12.4% QoQ. September should be supported by 2nm chip demand for new iPhone models, making a 3Q earnings surprise likely; full-year revenue growth of 40% y/y looks achievable and confirms the AI semiconductor cycle is still strong.

Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 21:28

Korean memory demand fears are overdone.

Recent weakness in Korean memory names was driven by vague concerns about end demand, but supplier checks and TSMC's strong monthly revenue indicate AI/data-center demand remains solid. The speaker expects Samsung Electronics and SK hynix to report similarly strong results, with October earnings a likely positive catalyst.

Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 21:56

TSMC strength predicts strong NVIDIA results.

6G will focus on ultra-low latency and hyperconnectivity rather than just speed, requiring NTN/satellite integration and GPU-equipped base stations. NVIDIA is targeting a global base-station market of 6.5-7 million units; if AI-RAN GPUs are deployed broadly, the unit opportunity is comparable to NVIDIA's current annual data-center GPU shipments, creating a large medium/long-term GPU TAM. NVIDIA is seeding the ecosystem with equity investments and products such as Aerial and Arc.

Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 26:24

Nokia gains NVIDIA AI-RAN partnership.

NVIDIA invested $1 billion in Nokia, and Nokia will support NVIDIA software on its 5G/6G telecom equipment. With Huawei effectively excluded from many markets, Nokia is one of the few viable global telecom-equipment alternatives, giving it a potential AI-RAN growth vector, though revenue timing is long-dated.

Noh Geun-chang Center Head, Hyundai Motor Securities Research Center 33:11

SK Telecom may attract NVIDIA AI-RAN investment.

SK Telecom initially showed little interest in AI-RAN but now says it wants to be the world's first. If it proceeds, NVIDIA could make an equity investment in SK Telecom or similar telcos like KDDI as part of its AI-RAN ecosystem expansion; SK's ties to NVIDIA through SK hynix and CEO relationships support the setup.

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This 815 Money Talk (815머니톡) video, published September 11, 2026, features Noh Geun-chang discussing ORCL, Korean power infrastructure companies, TSM, 000660.KS, 005930.KS, NVDA, NOK, 017670.KS. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Noh Geun-chang · Tickers: ORCL, Korean power infrastructure companies, TSM, 000660.KS, 005930.KS, NVDA, NOK, 017670.KS