存储芯片市场，迎来超级周期？

Core Viewpoint - The article highlights the significant surge in the market value of South Korean chip manufacturers, SK Hynix and Samsung Electronics, driven by the increasing demand for high bandwidth memory (HBM) chips essential for AI applications, with expectations for continued growth in this sector [1][2]. Group 1: Market Dynamics - SK Hynix has seen a substantial increase in stock price due to its leading position in the HBM chip market, while investor expectations for Samsung Electronics to accelerate its competitive efforts are also rising [1]. - Analysts have raised the target stock prices for both companies 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][2]. - The demand for AI processors is growing, with companies like Nvidia and AMD increasing their procurement of HBM chips, which is expected to benefit South Korean chip manufacturers [1][2]. Group 2: Traditional Chip Market Recovery - The pessimism surrounding traditional DRAM and NAND chips is gradually dissipating, with expectations of a supply shortage in these areas by 2026, which could support prices [2]. - The Federal Reserve's potential interest rate cuts may stimulate economic growth in the U.S., further boosting chip sales [2]. - Despite a 24% increase in Samsung's stock price this month, its expected price-to-earnings ratio remains at 14 times, while SK Hynix's stock has surged 33% with a P/E ratio of only 7 times, indicating relatively low valuations compared to U.S. peers [2][3]. Group 3: Foreign Investment Trends - Foreign investment in South Korean chip stocks is expected to continue increasing, as these companies are perceived to have lower valuations compared to U.S. firms [2][3]. - Samsung's foreign ownership ratio is still 7 percentage points below its previous peak of 58%, suggesting room for further growth in foreign investment [3]. - Analysts predict that Samsung's stock price could surpass its historical high of 91,000 KRW within the next 12 months, driven by strong AI demand and recovery in traditional storage products [3].