AI Semiconductor Supercycle Not Over Yet…2nd Rally Begins?! | Kim Jang-yeol, Head of Unistory Asset Management [Global Interview]

Watch on YouTube ↗  |  May 20, 2026 at 23:11  |  36:59  |  3PRO TV (삼프로TV)
Speakers
Kim Jang-yeol — Reporter, The Bell

Summary

Kim Jang-yeol discusses NVIDIA's latest earnings and the AI semiconductor supercycle, emphasizing that DRAM prices are rising faster than expected due to the Vera Rubin platform. He argues Samsung Electronics is deeply undervalued at 6x P/E and that the valuation gap vs. SK Hynix should close. He also highlights Micron as cheap at 7-8x P/E.

  • NVIDIA earnings beat by 3-5% but considered normal; Vera Rubin remains on track for Q3.
  • Samsung Electronics and SK Hynix benefit from DRAM price increases driven by AI demand.
  • Samsung's labor strike resolution removes a key overhang; valuation gap with Hynix should narrow.
  • Kim recommends Samsung Electronics (005930.KS) as cheap on a minimum earnings floor.
  • SK Hynix (000660.KS) also attractively valued with HBM leadership.
  • Micron (MU) trades at 7-8x P/E, much cheaper than peers.
  • Seagate and Sandisk are less compelling at current valuations.
  • Korean power transformer stocks are down significantly and could be AI-related recovery plays.
Trade Ideas
Kim Jang-yeol Reporter, The Bell 22:06
Samsung Electronics P/E of 6x is too low.
Samsung Electronics has a minimum earnings floor of 200 trillion won over 10 years, implying a forward P/E of at least 10x, while current P/E is only about 6x. Additionally, the stock has underperformed SK Hynix by 20-30 percentage points in the past month partly due to the labor strike, and the valuation gap should close as the strike is resolved and earnings continue to rise toward 350-500 trillion won. The recent labor agreement removes a key overhang.
005930.KS HIGH
Kim Jang-yeol Reporter, The Bell 26:00
SK Hynix cheap on forward earnings.
SK Hynix remains attractively valued (P/E around 6-7x) and is the leader in HBM for NVIDIA's upcoming Vera Rubin platform, which is on track for Q3 production. DRAM pricing is rising more than expected in Q2 and Q3 due to increased LPDDR demand from the Vera Rubin CPU, supporting strong earnings. The stock has already rallied but still cheap vs. future earnings.
000660.KS MED
Kim Jang-yeol Reporter, The Bell 28:42
Micron's 7-8x P/E is too cheap.
Micron Technology trades at only 7-8x forward P/E, which is much cheaper than peers (e.g., Sandisk at ~11x, Samsung/Hynix at 6-7x after adjusting for special bonuses). The company is benefiting from the same DRAM upcycle driven by AI server demand and limited supply, and its earnings are expected to grow substantially. The low multiple provides a margin of safety.
MU MED
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This 3PRO TV (삼프로TV) video, published May 20, 2026, features Kim Jang-yeol discussing 005930.KS, 000660.KS, MU. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kim Jang-yeol  · Tickers: 005930.KS, 000660.KS, MU