+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Morgan Stanley & Co. International plc, Seoul Branch+ Ryan Kim Equity Analyst Ryan.G.Kim@morganstanley.com +82 2 399-4939 S. Korea Technology Asia Pacific Industry View Attractive S. Korea Energy & Materials Asia Pacific Industr ...

February 16, 2026 09:20 AM GMT Micron Technology Inc | North America NDR with CFO focuses on strong execution and favorable market backdrop This week, we hosted CFO Mark Murphy and head of investor relations Satya Kumar for a number of investor meetings in Boston. Management remains enthusiastic about the opportunities ahead for the company across products and end markets but especially in AI. Stock remains our Top Pick in semis. Micron reiterated recent commentary that it sees supply demand tightness persi ...

Large-Cap Institutional Ownership 4Q25: NVDA Still the Most Under-Owned Mega- Cap Tech Stock Mega-cap tech stocks are the most under-owned in 17 years, w/ the gap vs. S&P widening to -155bps exiting 4Q25 vs. -148bps exiting 3Q25. The rest of large-cap tech is modestly over-owned at +32bps. NVDA remains the most under-owned large-cap tech stock, followed by AAPL, MSFT, AMZN and AVGO. Mega-cap Tech stocks are more under-owned vs. the S&P 500 exiting 4Q25 than at any point in the last 17 years; NVDA remains th ...

The Flow Show Rock the Geopolitics Scores on the Doors: oil 16.2%, gold 14.6%, commodities 11.8%, international stocks 8.8%, govt bonds 1.4%, IG 1.4%, HY 1.1%, cash 0.5%, US 0.2%, US$ -0.4%, bitcoin - 23.6% YTD. Tale of the Tape: stocks traded AI leaders only in '24/'25, in '26 trading AI leaders and laggards… long "builders" (semis/materials) & short "spenders" (Mag7), long "adopters" (banks) & short "disrupted" (software); once market cap of laggards exceeds market cap of leaders no good for SPX; contrari ...

20 February 2026 | 3:38PM KST Equity Research SK Hynix Inc. (000660.KS): Key takeaways from virtual meeting; tight memory S/D leading to increased leverage and potential HBM upside We hosted SK Hynix (Hynix) for a virtual group meeting with investors on February 20. The key takeaways included: 1) Memory pricing is likely to growth throughout this year driven by real demand and tight supply, 2) Healthy inventory levels and strengthening supplier leverage are leading to increased discussions around longer ter ...

19 February 2026 | 4:40PM EST Equity Research Broadcom Inc. (AVGO): 1Q Preview: Expect a solid quarter, with continued AI momentum Key stock takeaways: We expect investors to focus on any update to expected AI revenue in FY26, contributions from Google and new XPU customers, and margin trends given the steep ramp of custom XPUs. We believe expectations are relatively low heading into the quarter given "peak CapEx" concerns and worries around AI's disruption of Broadcom's software business. We see upside to ...

19 February 2026 | 5:00AM EST Equity Research Credo Technology Group (CRDO): We see copper in the datacenter staying stronger for longer, with favorable risk/reward - initiate at Buy We initiate coverage of CRDO with a Buy rating and a 12-month price target of $165 (~27% upside). Credo manufactures high-speed, short-range wired connectivity products for the datacenter market, and is the pioneer of a technology called Active Electrical Cables (AECs) — copper-based cables with signal boosting components. AECs ...

Global Memory Tech Weekly theme: Rising optimism for 1Q/2Q ASPs and profits; lift global forecasts Industry Overview Memory sales likely to remain upbeat in 1Q and even 2Q Asian tech companies typically operate at reduced levels during the Lunar New Year holidays. Yet, we observed markedly different business activity this week vs Jan or a year ago, as our channel check indicates stronger chip orders, higher contract prices and more active new product development (12-13 Gbps HBM4, PCIe Gen5 eSSD, 1c node DRA ...

18 February 2026 | 5:05PM EST Economics Research AI ADOPTION TRACKER February 2026: Labor Market Impact Visible but Narrow Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Sarah Dong +1(212)357-9741 | sarah.dong@gs.com Goldman Sachs & Co. LLC c45a43530f604d ...

Investment Rating - The report maintains a "Buy" rating for SK Hynix Inc. with a target price of W1,200,000 and for Samsung Electronics with a target price of W205,000 [48][60]. Core Insights - The DRAM sentiment indicator for February 2026 is showing a moderately positive trend, consistent with January's outlook, driven by improving contract pricing expectations and strong revenue growth in the sector [1][7]. - Notable revenue increases include Nanya Tech's revenue growth of 608% year-over-year (yoy) and Korea's DRAM exports rising by 167% yoy in January, indicating robust demand and pricing power in the market [1][10][11]. - The report highlights a slowdown in spot pricing growth for DDR5 (+2%) and DDR4 (+1%) in February, but both remain significantly above January contract pricing, suggesting potential for future contract price increases [8][22]. Summary by Relevant Sections DRAM Pricing Trends - DRAM spot pricing for DDR5 and DDR4 has slowed but remains at a premium of 34% and 132% over January contract pricing, respectively, indicating strong pricing power [8][22]. - The second derivative of industry DRAM average selling price (ASP) is estimated to grow by 29% in the first quarter of 2026, reflecting a positive pricing outlook [12][33]. Revenue Trends - Server ODM monthly revenue increased by 91% yoy in January, driven by strong demand for AI server shipments, while Aspeed's revenue rose by 28% yoy [9][23]. - Nanya Tech's revenue growth of 608% yoy in January marks six consecutive months of triple-digit growth, primarily due to strong DDR4 pricing [11][32]. - Supreme Electronics also reported a 73% yoy revenue increase in January, further indicating a positive trend in the sector [30]. Market Demand Insights - Korea's DRAM exports showed a significant increase of 167% yoy in January, attributed to rising memory prices and strong demand for server-related products [10][26]. - In contrast, China's smartphone shipments decreased by 29% yoy in December, suggesting potential headwinds in consumer electronics demand, although server-related demand remains strong [10][28]. Future Expectations - The report anticipates continued tight supply/demand dynamics for both DRAM and HBM, with expectations for pricing improvements in the first and second quarters of 2026 [15]. - Customers are increasingly seeking long-term agreements to secure volume, indicating a shift in negotiation dynamics favoring suppliers [15].