Ideas
Rotate from SK hynix into Samsung Electronics.
Lee advises investors with large SK hynix gains to trim SK hynix and rotate into Samsung Electronics, moving toward a 60:40 to 70:30 Samsung-to-SK hynix mix. SK hynix is still strong in DRAM and HBM3, with very high margins and upside above 1,000,000 won, but HBM4 introduces risk: MR-MUF may struggle, hybrid bonding is not complete, Micron capacity and yields could catch up, and growth may slow after 1Q, so he says this is the time to reduce SK hynix weight. Samsung is more attractive for HBM4 because its 1c DRAM process was completed quickly with roughly 50% yield, its 4nm foundry base die improves performance, it has capacity and can package memory plus foundry, and it has more room as the number-two player; the main Samsung risk is HBM4 yields below 50%.
Rotate from SK hynix into Samsung Electronics.
Lee advises investors with large SK hynix gains to trim SK hynix and rotate into Samsung Electronics, moving toward a 60:40 to 70:30 Samsung-to-SK hynix mix. SK hynix is still strong in DRAM and HBM3, with very high margins and upside above 1,000,000 won, but HBM4 introduces risk: MR-MUF may struggle, hybrid bonding is not complete, Micron capacity and yields could catch up, and growth may slow after 1Q, so he says this is the time to reduce SK hynix weight. Samsung is more attractive for HBM4 because its 1c DRAM process was completed quickly with roughly 50% yield, its 4nm foundry base die improves performance, it has capacity and can package memory plus foundry, and it has more room as the number-two player; the main Samsung risk is HBM4 yields below 50%.
Memory prices rise; suppliers have pricing power.
Lee argues memory is in a seller's market: DRAM and HBM demand is strong, DDR4/DDR5 spot prices are rising weekly, supply cannot increase quickly, HBM yields and margins are high, and memory makers can set prices more like Nvidia. Major customers receive long-term supply contracts while smaller customers pay up for short-term supply, and Chinese demand for HBM from Huawei-style AI chips adds pressure. Both Samsung Electronics and SK hynix benefit as long as legacy memory spot prices do not break.
NAND demand grows for AI data centers.
Lee calls NAND a plus-alpha opportunity within memory. He says Jensen Huang/Nvidia wants to use more NAND because AI data centers are placing SSD/NAND storage close to compute racks to retrieve basic facts, history, and common-sense data quickly, reducing the need to fetch that data over the network. This should support incremental NAND demand.
Memory costs squeeze display/camera suppliers' margins.
Lee says rising memory prices are squeezing Apple's component suppliers because Apple is unwilling to raise phone prices. To absorb higher memory costs, Apple is cutting prices or margins for displays, camera modules, batteries, and other modules. He cites LG Innotek's decline as an example. This makes display and camera module suppliers vulnerable, with LG Innotek specifically under pressure.
Korean bonds pressured by semiconductor-led growth.
Lee says the semiconductor boom is making Korea's economy look too strong, which has pushed Korean government bond yields up to around 3%. He frames the bond market as collateral damage of the memory upcycle, meaning Korean government bonds are under pressure from stronger growth and higher rates.
Stay in semiconductors despite short-term noise.
Lee advises staying in semiconductors rather than jumping out on daily noise. He says the market is being led by Samsung Electronics and SK hynix, memory supply is tight, and investors should focus on the flow rather than precise index or target-price levels. Any HBM4 noise should be handled after it appears.
KOSDAQ momentum may extend further.
Lee briefly says KOSDAQ has momentum and could go further than expected, although he plans to discuss it separately. He treats it as a momentum setup rather than a fully detailed call.
This 815 Money Talk (815머니톡) video, published January 30, 2026,
features Lee Kwon-hee
discussing 005930.KS, 000660.KS, DRAM, NAND flash memory, Display and camera module suppliers, 011070.KS, Korean government bonds, Korean semiconductor sector, KOSDAQ.
8 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Lee Kwon-hee
· Tickers:
005930.KS,
000660.KS,
DRAM,
NAND flash memory,
Display and camera module suppliers,
011070.KS,
Korean government bonds,
Korean semiconductor sector,
KOSDAQ
