Core Viewpoint - The memory chip industry is expected to continue its growth momentum driven by AI demand, with a potential "warm winter" scenario emerging in 2023, contrasting the previous discussions of a semiconductor "winter" [2][3]. Group 1: Market Dynamics - Morgan Stanley reports a supply-demand imbalance in the global memory chip market, with expectations of a 9% increase in average selling prices for DRAM by the fourth quarter of 2023 [2]. - The report highlights five significant changes related to the chip cycle, indicating a shift in market conditions [2]. Group 2: Company Ratings and Recommendations - Samsung Electronics is rated as a preferred stock with an "Overweight" rating and a target price of 97,000 KRW, citing attractive valuation metrics based on projected 2026 performance [3]. - SK Hynix's investment rating has been upgraded from "Equal-Weight" to "Overweight," with a target price of 410,000 KRW, driven by strong demand for enterprise SSDs and resilience against competitive pressures in the HBM market [4].