Semiconductors, Everything Is Ready. When Will They Rise? | Lee Hyung-soo, HSL Partners CEO

Summary

HSL Partners CEO Lee Hyung-soo discusses semiconductor conditions after Nvidia's results. He says Nvidia's quarter, 70% growth guidance, and memory pricing are positive, while near-term Jackson Hole caution is noise. He argues Korean memory and foundry names are set up for renewed strength into year-end and the first half of next year, favoring SK hynix 60% and Samsung Electronics 40%. He also highlights Samsung Electro-Mechanics and domestic OSAT names as spillover beneficiaries.

• Nvidia reported strong results with about 70% growth guidance versus 40-45% consensus and solid margins.
• The pre-booked semiconductor supply increase is mostly memory, and AI server price rises were driven by memory prices.
• Lee views semiconductor tariff reports as short-term noise and potentially medium-term positive for Korean firms with US capacity.
• Samsung Foundry's 4nm process is full and Grok 3 LPU/LPX ramps, but 2nm remains weak.
• Samsung Electro-Mechanics is receiving FCBGA substrate orders for Grok LPU.
• Domestic OSAT names such as Hana Micron and Nepes may offer high-beta exposure to Samsung Foundry utilization.
• Lee would accumulate Samsung Electronics and SK hynix, expecting prior highs by year-end or first-half next year.
• China memory is seen as a next-cycle threat, not this cycle in AI infrastructure.