They said semiconductors were peaking out... The real variable the market missed, the HBM cycle isn't over yet | Kim Jang-yeol, Unistory Asset Management Research Center Head [Today's Stock Focus]

Summary

Kim Jang-yeol, Head of Unistory Asset Management Research Center, discusses the recent SoCAM-related selloff in memory stocks, arguing it is a misinterpretation and presents a buying opportunity for Samsung Electronics and SK hynix. He explains why the semiconductor cycle is not peaking early, citing AI data center demand, long-term contracts, and HBM die penalty. He also recommends buying Alphabet and Broadcom as core AI infrastructure plays, while cautioning about AMD's high valuation.

• SoCAM news about LPDDR reduction was misinterpreted; actual driver is CPU shortage and strong demand.
• AI data center demand accounts for ~60% of DRAM, making the cycle less price-sensitive than past consumer-driven cycles.
• HBM production creates die penalty, constraining general DRAM supply and further supporting prices.
• Alphabet's capital raise signals aggressive AI investment; Kim recommends buying Google.
• Broadcom is a second AI infrastructure pick worth buying below $400.
• AMD's high P/E warrants caution despite strong growth.
• Market is not at bubble extremes yet, but turbulence and selectivity are advised.
• FOMC meeting on June 18 and Micron earnings on June 25 are key near-term catalysts.