Name: The market that only saw GPUs is changing... Why expanding CPU investment is a new demand for Samjeonnix | Kim Jang-yeol, Head of Unistory Asset Management [Today's Focus Stock]
Uploaded: 2026-05-22T10:30:26+00:00
Duration: 2291 s

Speakers

Kim Jang-yeol — Reporter, The Bell

Summary

Kim Jang-yeol analyzes the Vera Rubin system and identifies CPU market expansion as the next major theme, favoring ARM. He calculates strong LPDDR demand from standalone Vera CPU sales, benefiting memory makers Samsung, SK hynix, and Micron. He also argues Samsung Electronics is undervalued with a 10-15x P/E target, and notes rising GPU rental prices from Nebius as a sign of tight supply.

NVIDIA's Vera Rubin GPU system cost nearly doubles, but memory content rises 5.3x.
CPU market forecast of $200B by NVIDIA boosts ARM stock 45% in a month.
Standalone Vera CPU could generate $20B revenue, driving LPDDR demand 30-100% higher than expected.
Samsung Electronics' minimum revenue of 200T KRW supports a P/E re-rating to 10-15x.
Nebius raises GPU rental prices up to 30%, indicating extreme supply tightness.
Anthropic's expected profitability turnaround is a positive signal for AI ecosystem viability.
OpenAI's potential September IPO could increase transparency and confidence in the AI supply chain.
PCB and MLCC also see price increases but no specific stock names are given.

Trade Ideas

Kim Jang-yeol Reporter, The Bell 6:40

CPU market expansion drives ARM upside

The CPU market is becoming the next big theme in AI infrastructure. NVIDIA's forecast for the standalone CPU market is $200 billion by 2030, far above ARM's own $125 billion estimate. Analysts upgraded ARM as a result, driving the stock up 45% in a month. ARM's IP and CPU design position it to capture significant share of this expanding market.

Kim Jang-yeol Reporter, The Bell 16:55

Vera CPU boosts LPDDR demand significantly

The standalone sale of NVIDIA's Vera CPU, estimated at $20 billion in first-year revenue, will create outsized demand for LPDDR memory. Based on unit volume of 2.5-4 million CPUs each requiring up to 1.5TB of LPDDR, the additional LPDDR demand is 30-100% higher than previous market expectations. This supports continued memory price strength and benefits major DRAM manufacturers.

Kim Jang-yeol Reporter, The Bell 22:20

GPU rental hikes signal tight supply

GPU cloud rental prices from Nebius are rising by up to 30% for on-demand and 72% for spot instances, the first time such steep increases have been seen in server markets. This indicates extreme tightness in GPU supply-demand and validates strong AI infrastructure spending. Investors should monitor whether this pricing power persists as a positive signal for the entire semiconductor ecosystem.

Kim Jang-yeol Reporter, The Bell 32:39

Samsung undervalued at 10-15x P/E

Samsung Electronics' management conservatively set a minimum revenue target of 200 trillion KRW for performance bonuses, but actual revenue is likely 300-500 trillion. Sustaining above 200 trillion for 5+ years would justify a P/E re-rating from single-digit to 10-15x, implying a target price range of 25,000 to 38,500 won. This offers a margin of safety with limited downside even if memory prices decline modestly.

The market that only saw GPUs is changing... Why expanding CPU investment is a new demand for Samjeonnix | Kim Jang-yeol, Head of Unistory Asset Management [Today's Focus Stock]

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