[Highlight] Do you know how much semiconductor inventory there is right now? | Executive Director Park Se-ik & Dr. So Hyeon-cheol & Chesley Head of Learning [Byeoljubujeon / 26.08.01.Sat]

Summary

Dr. So Hyeon-cheol presents a 10-year analysis of SK hynix's inventory-to-sales ratio to time the memory cycle. With inventory now at only two weeks' worth of sales, he expects prices to hold until year-end but warns that the cycle will turn and advises partial profit-taking and monitoring the ratio for sell signals.

• Dr. So shows how historical inventory-to-sales spikes (e.g., 338% in 2023, 45% in 2018) preceded memory stock crashes
• Current inventory is extremely low, supporting near-term price resilience and a rally, with limited downside until year-end
• He recommends using the inventory-to-sales ratio as a leading indicator to time exits before the next downturn
• He cautions that memory is inherently cyclical and urges investors to take partial profits now rather than chase a perpetual supercycle
• Chairman Chey's purchase of SK hynix shares is noted as a confidence signal, but disciplined position sizing is stressed
• Park Se-ik adds a brief macro comment that Korea Electric Power's perennial low tariffs pose a structural risk to the economy