Samsung Electronics and SK Hynix: Not Over Yet — Why the Semiconductor Supercycle Is Lengthening / Batteries: The Real Reason Global Demand Is Exploding | Director Lee Joo-yeon

Summary

Lee Joo-yeon, Director discusses the ongoing AI semiconductor supercycle supported by Big Tech capex and memory shortages, highlighting Samsung Electronics and SK hynix as beneficiaries. She also covers the lithium/battery materials turnaround, citing UBS upgrades and strong earnings from Ganfeng and Korean names like L&F, POSCO Future M, and LG Energy Solution. Finally, she reviews Hyundai Motor's gradual SDV transformation as a long-term positive but slow-moving opportunity.

• Big Tech capex is being revalued as core capital, driving sustained demand for semiconductors.
• Memory supply remains tight with HBM demand structural, confirmed by Alphabet and Samsung's LTA contracts.
• UBS raised lithium price forecasts by 47%, citing demand explosion and supply constraints.
• Ganfeng Lithium and Korean battery materials companies delivered earnings beats, signaling a recovery.
• L&F, POSCO Future M, and LG Energy Solution are top picks in the battery value chain.
• Hyundai Motor's SDV platform (Pleos Connect) marks a shift toward software revenue but progress is slow.
• The semiconductor and battery themes are seen as multi-year cycles, not short-term events.
• Korean battery stocks are favored on pullbacks given improving fundamental momentum.