Semiconductor's Metamorphosis' Conditions Will Be Like This

Summary

Park Jun-young, CEO of Hanbando Semiconductor, discusses the sharp sell-off in semiconductor stocks, particularly SK Hynix, attributing it to supply-demand dynamics rather than fundamental weakness. He argues that the memory upcycle will persist until 2028 driven by AI essentiality and supply tightness. He also suggests US chip equipment stocks may be worth watching after significant declines, and downplays the near-term threat from Chinese memory makers.

• SK Hynix's record-high earnings do not justify the heavy stock drop linked to panic and supply flows.
• Memory semiconductor boom (tight supply) expected to last until 2028, with AI making memory a necessity.
• Top-tier US semiconductor equipment makers (e.g., Applied Materials, Lam, KLA) have fallen sharply and are worth monitoring.
• Chinese memory competitors like CXMT still lag 3.5 years in technology and have poor yield, limiting near-term impact.
• Samsung's robotics vision could become a future catalyst but the stock currently lacks momentum.
• Memory companies need to prove structural change through long-term contracts to gain market re-rating.