韩国两大芯片巨头，市值暴增逾千亿美元

Core Viewpoint - The AI boom is significantly boosting the market value of South Korea's major chip manufacturers, with a combined increase of over $100 billion this month, and this momentum is expected to continue. Group 1: Market Dynamics - SK Hynix's stock price has surged due to its leading position in high-bandwidth memory (HBM) chips, which are crucial for AI applications [1] - Analysts have raised the target stock prices for both SK Hynix and Samsung Electronics by approximately 30% this quarter, with Morgan Stanley predicting a "super cycle" in the memory chip industry due to potential supply-demand imbalances next year [1][7] - Foreign investment in South Korean chip stocks is anticipated to increase, driven by optimism surrounding AI infrastructure investments in the U.S. [2][3] Group 2: Demand and Supply Trends - The demand for HBM chips is expected to rise as more Chinese AI chips adopt this technology, alleviating previous pessimism surrounding traditional DRAM and NAND chips [3] - A shift in production capacity towards more profitable HBM chips is projected to lead to a supply shortage in traditional storage chips by 2026, supporting prices for DRAM and NAND [3] - The Federal Reserve's potential interest rate cuts may stimulate growth in the U.S. economy, further boosting chip sales [3] Group 3: Valuation and Investment Sentiment - Despite a 24% increase in Samsung Electronics' stock price this month, its expected price-to-earnings ratio remains at 14 times, while SK Hynix's stock has risen 33% with a P/E ratio of only 7 times, compared to approximately 26 times for major U.S. chip manufacturers [3] - Foreign investment in these South Korean memory chip manufacturers is on track to reach a historical high, although they are still considered "under-allocated" by overseas traders due to perceptions of an unfriendly shareholder environment in the Korean market [3][4] - Analysts from major investment banks expect Samsung Electronics' stock price to exceed its historical high of 91,000 KRW within the next 12 months [5]