삼전닉스 고점 논란에도 반도체를 계속 보는 이유… AI 수요 폭증과 메모리 쇼티지는 이제부터 시작이다ㅣ김장열 유니스토리자산운용 본부장 [여의도 인사이트]

Summary

Kim Jang-yeol discusses the continued bull case for memory semiconductors despite high-price debates. He argues AI demand, especially from agent AI and model scaling, will keep memory shortages through 2026, making SK hynix and Samsung Electronics still cheap on forward earnings. He also highlights long-term contracts and customer financing as signs of structural demand.

• SK hynix and Samsung Electronics are both trading near 7x P/E, still below historical cycle peaks.
• AI memory demand from HBM and DRAM is exploding due to scaling of models and agent AI.
• Supply remains tight; memory shortage expected to persist through at least 2026.
• Long-term contracts with prepayments and customer financing confirm sustained demand.
• Samsung Electronics is undervalued relative to SK hynix due to temporary labor and foundry issues.
• Micron trading at 8x P/E could re-rate to 10x, providing upside for the sector.
• Speaker believes the AI investment cycle is early (around 3rd inning), with years of growth ahead.
• Market showed strong buying on dips, indicating robust liquidity and investor conviction.