AI热潮从HBM蔓延至传统存储，韩国芯片股迎来“超级周期”？

Core Viewpoint - The stock prices of South Korea's major chip manufacturers have surged significantly, with a market capitalization increase of over $100 billion, driven by the AI boom and expected continued demand for HBM chips [1][3]. Group 1: Market Trends - Analysts have raised the target value of the Korean won by approximately 30% this quarter, anticipating a "super cycle" in the memory market due to supply-demand imbalances expected next year [1]. - Foreign investment in Korean chip stocks is expected to continue, supported by substantial capital expenditure announcements from major tech companies in the U.S. [1][3]. - The pessimism surrounding "old" DRAM and NAND chips is fading, with expectations of a supply shortage in these products by 2026 as manufacturers shift capacity to more profitable HBM products [3]. Group 2: Company Performance - SK Hynix has seen significant growth due to its leading position in the HBM chip sector, which is crucial for AI applications, while Samsung Electronics is also intensifying its efforts to catch up [1][3]. - Despite a 24% increase in Samsung's stock price this month, its price-to-earnings ratio remains at 14 times, while SK Hynix's P/E ratio is only 7 times, compared to approximately 26 times for major U.S. chip manufacturers [3][4]. - Analysts predict that Samsung's stock price will exceed its historical high of 91,000 won within the next 12 months, driven by strong demand for HBM products and its collaboration with Nvidia [4][7]. Group 3: Investment Sentiment - Foreign investors have significantly increased their inflow into these Korean memory manufacturers, marking the highest monthly inflow in over 13 years, although their market capitalization is still considered low [4]. - Analysts believe there is further room for growth in Samsung's foreign ownership ratio, which is currently 7 percentage points below its previous peak of 58% [4][7]. - The ongoing AI infrastructure development in the U.S. is expected to benefit Korean memory suppliers, as they are positioned to gain from increased capital expenditures by major cloud companies [7].