Semiconductor Infinite Run: You Must Be Careful 'At This Time' | Song Myung-suk feat. Kim Jang-yeol [Chipssul]

Semiconductor Infinite Run: You Must Be Careful 'At This Time' | Song Myung-sup feat. Kim Jang-yeol [Chipssul]
Watch on YouTube ↗  |  June 13, 2026 at 02:00  |  1:02:49  |  3PRO TV (삼프로TV)
Speakers
Song Myung-suk — Senior Analyst, IM Securities

Summary

In this episode, semiconductor analyst Song Myung-suk joins Kim Jang-yeol to discuss the DRAM upcycle, server-driven demand, supply dynamics, and valuation frameworks. He projects strong demand growth and tight supply keeping memory prices elevated through 2026, but warns of potential oversupply risk by 2028. He also covers CPU demand from agentic AI, TSMC foundry bottleneck, and optical networking themes, with specific valuation targets for Samsung and SK hynix.

  • DRAM demand growth 2025E ~29% vs supply ~25%, driven by server, supporting memory stocks.
  • Samsung target PBR 4.2-4.5x based on ROE 45-48%; SK hynix target at least 7x PBR relative to Micron.
  • Korean DRAM production growth to drop sharply in 2026 due to HBM transition, extending the upcycle.
  • Agentic AI will boost CPU-to-GPU ratio, positive for AMD and Intel, but TSMC capacity limits supply.
  • Samsung's foundry may benefit from TSMC shortage and 2028 Nvidia 3D stacking opportunity.
  • Optical networking and CXL DRAM are long-term growth themes.
  • Tactical: buy memory stocks on June dips; uptrend resumes after July on liquidity and earnings.
  • Risk: massive capacity in 2028 may trigger peak and stock weakness from H2 2025.
Ideas
Song Myung-suk Senior Analyst, IM Securities 3:10
DRAM demand growth outpaces supply.
In 2026, Korean DRAM production growth will drop sharply to 10-13% as new capacity shifts to HBM production, which has lower effective conventional DRAM output and die penalty. Meanwhile, demand from big tech will still rise ~20%, keeping supply tight and extending the upcycle.
000660.KS HIGH
Song Myung-suk Senior Analyst, IM Securities 3:10
DRAM demand growth outpaces supply.
TSMC's sub-3nm capacity is tight, leading potential second-source business for Samsung from Apple, MediaTek, AMD. Additionally, Nvidia's upcoming 3D stacking of GPU and CPU in 2028 could be a transformative opportunity for Samsung's foundry to compete with TSMC, providing a potential upside catalyst for the stock.
005930.KS HIGH
Song Myung-suk Senior Analyst, IM Securities 37:50
Agentic AI boosts CPU demand.
Agentic AI increases control complexity, shifting CPU-to-GPU ratio from 4:1 toward 2:1 or 1:1, boosting CPU demand. This supports AMD and Intel, though TSMC's capacity bottleneck may limit supply.
AMD INTC MED
Song Myung-suk Senior Analyst, IM Securities 49:39
Optical and CXL stocks long-term winners.
Optical networking will alleviate data center bottlenecks, enabling CXL memory pooling and higher GPU utilization, which will drive long-term growth in optical interconnect and CXL DRAM demand, benefiting related Korean stocks.
Korean optical network related stocks CXL DRAM related stocks MED
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This 3PRO TV (삼프로TV) video, published June 13, 2026, features Song Myung-suk discussing 000660.KS, 005930.KS, AMD, INTC, Korean optical network related stocks, CXL DRAM related stocks. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Song Myung-suk  · Tickers: 000660.KS, 005930.KS, AMD, INTC, Korean optical network related stocks, CXL DRAM related stocks