Samsung Electronics, SK Hynix, The Game Has Completely Changed: The Real Protagonist of the AI War Was Ultimately Memory

Summary

Lee Juyeon argues that memory semiconductors have moved from cyclical to structural growth due to AI demand. He points to Nomura's target price hikes, persistent supply shortages, and a valuation paradigm shift from PBR to PER for Samsung Electronics and SK Hynix. The data shows memory net profit growth far outstrips AI chips, making memory the key AI beneficiary.

• Court ruling limits strike impact on Samsung production.
• Nomura raised target prices on Samsung and SK Hynix citing a new normal.
• Memory semiconductors are shifting from cyclical to structural growth.
• AI demand is expanding beyond HBM to server DRAM and SSDs.
• Memory net profit growth is 453%, far exceeding AI chips at 98%.
• Supply shortage expected to persist through next year and beyond.
• Valuation methodology for memory should move from PBR to PER.
• AI adoption is increasing productivity and driving demand for memory.