唯一“卖出”韩国芯片双雄的分析师：预期如此之高，股价很容易下跌

Core Viewpoint - The analyst from Morningstar, Jing Jie Yu, is the only one to give a sell rating on both SK Hynix and Samsung Electronics, expressing concerns that high expectations make these stocks vulnerable to significant declines from minor setbacks [1][3][6]. Group 1: Market Sentiment and Stock Performance - Investor confidence is highly unstable and tense, with the need for all driving factors to align perfectly for stock prices to rise further, making it easy for investors to be disappointed [4]. - SK Hynix and Samsung experienced their largest single-day drop in months last week, causing anxiety among investors heavily betting on these two major stocks, which had previously driven the Kospi index up over 70% this year [4]. - Despite a recent recovery in stock prices, the volatility has raised concerns among investors [4]. Group 2: Valuation and Investment Strategy - The report suggests a "risk-averse strategy" in a volatile and euphoric market, as it becomes difficult for investors to justify entering at current prices while easily justifying exiting [5]. - The valuations of SK Hynix and Samsung have reached levels that are hard to explain, making them susceptible to large declines from minor setbacks [3][6]. - Following the downgrades in September and October, SK Hynix and Samsung's stock prices have increased by over 80% and 20%, respectively, with Samsung's price-to-earnings ratio at 11 times and SK Hynix at 8 times, compared to 27 times for major U.S. chip manufacturers [8]. Group 3: AI Investment Concerns - There are doubts about the sustainability of the high-intensity AI investments by large cloud service providers, which have driven demand for high-bandwidth memory chips [3][5]. - The overall market sentiment towards artificial intelligence remains optimistic, with fears of missing out on a historic technological shift outweighing concerns about a potential bubble [7].