Zheng Quan Shi Bao·2026-01-22 00:23Core Insights - South Korea's semiconductor exports reached $10.73 billion in the first 20 days of January, marking a year-on-year increase of over 70%, indicating strong global semiconductor demand driven by the AI wave [1][2] - Major semiconductor stocks surged, with the Philadelphia Semiconductor Index rising 3.18% to a new historical high, reflecting positive market sentiment [1] - Analysts suggest that the current rise in memory chip prices is not merely a short-term market reaction but is supported by constrained advanced process capacity and robust AI server demand [1][6] Export Data - In the first 20 days of January, South Korea's total exports amounted to $36.36 billion, a 14.95% increase year-on-year, while imports were $36.98 billion, up 4.2%, resulting in a trade deficit of approximately $600 million [2] - Semiconductor exports accounted for 29.5% of total exports, significantly up by 9.6 percentage points compared to the previous year [2] - The overall export value for South Korea in 2025 reached a record high of $709.7 billion, marking the first time it surpassed $700 billion [2][3] Market Analysis - Citigroup raised the target price for SanDisk from $280 to $490 per share, a 75% increase, citing strong demand for data center memory and favorable supply-demand conditions [4] - The target price for Seagate was also increased from $320 to $385, reflecting a 20% rise, while Western Digital's target price was raised from $200 to $280, a 40% increase [5] - ClearBridge Investments highlighted that the demand for memory chips driven by AI development is currently underestimated by the market [6] Supply Chain Dynamics - Micron Technology's executives noted a worsening global memory chip shortage, expected to persist beyond 2026, as manufacturers compete for memory chip supplies [6] - SK Hynix reported that its chip production capacity for 2026 is fully booked, with high-end memory products for AI already sold out [6] - TrendForce indicated that the current price increase in memory chips is driven by limited advanced process capacity and the rigid growth in AI server demand, suggesting a more sustained trend than historical cycles [6]