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Key Takeaways from NVIDIA GTC 2026 for South Korean Memory Suppliers Industry Overview - Industry: Semiconductors - Memory - Companies Covered: Samsung Electronics (SEC) and SK Hynix (Hynix) Core Insights 1. NVIDIA's Chip Purchase Orders: NVIDIA's CEO Jensen Huang expressed confidence that the Blackwell and Rubin chip purchase orders will exceed US$1 trillion by 2027, which alleviates concerns regarding potential slowdowns in datacenter capital expenditures [4] 2. Samsung's HBM Confidence: SEC demonstrated increased confidence in its High Bandwidth Memory (HBM) business, sharing its 2026 HBM4 target, HBM4E specifications, and a long-term roadmap extending to HBM5E. SEC plans to increase HBM production volume by more than 3x year-over-year in 2026, with HBM4 expected to constitute over 50% of this volume [4] 3. Groq 3 LPU Introduction: NVIDIA introduced the Groq 3 LPU, which is expected to have a low risk of cannibalizing GPU demand. This is seen as a positive development for SEC's foundry business, which is currently manufacturing the Groq 3 LPU using 4nm technology [4] 4. SK Hynix's U.S. ADR Listing Review: SK Chairman Chey Tae-won announced that Hynix is considering a potential U.S. ADR listing, which could enhance access for global investors and potentially address valuation discounts compared to U.S. competitors like Micron [8] 5. Memory Market Outlook: Chey Tae-won anticipates that the chip supply shortage will persist through 2030, and Hynix's CEO is expected to announce plans for DRAM price stabilization [9] Additional Important Points - Valuation Comparisons: Hynix shares are currently trading at a 41% price-to-book (P/B) discount and a 56% price-to-earnings (P/E) discount compared to Micron, indicating a significant valuation gap that could be addressed through the ADR listing [10][12] - SEC's Long-term HBM Roadmap: SEC plans to adopt a 2nm logic process for base die starting from HBM5 and a 1d node for core die starting from HBM5E, showcasing its commitment to advancing HBM technology [5] - Foundry Performance Expectations: There are expectations for improvements in SEC's foundry utilization rate (UTR) and operating profit margin (OPM) as it builds references in 4nm/3nm technology [6] Risks and Methodology - Samsung Electronics Risks: Key risks include major deterioration in memory supply/demand, sharp contraction in smartphone margins, and potential loss of market share in mobile OLED [15] - SK Hynix Risks: Risks for Hynix include deterioration in memory supply/demand, weaker demand for conventional memory, and lower AI-related capital expenditures impacting HBM demand [17] Price Targets - Samsung Electronics: Target price for common shares is W260,000 and for preference shares is W200,000 [14] - SK Hynix: Target price is W1,350,000 [16]