[Edaily Reporter Park Sun-Yeop ] SamsungElectronics and SK hynix staged a sharp rebound, shaking up the so-called “AI peak theory” that had recently surfaced regarding semiconductor stocks. Although concerns about a market peak had grown as stock prices rose steeply since the start of the year, fears of a slowdown in AI server investment and memory demand are rapidly subsiding following Micron Technology’s release of earnings and outlook that exceeded market expectations.
According to MP Doctor on the 25th, SK hynix(000660)closed at 2,917,000 won, up 337,000 won (13.06%) from the previous trading day. SamsungElectronics(005930) also closed at 358,500 won, up 18,000 won (5.29%). Although both stocks had recently undergone a correction due to profit-taking pressure following a sharp short-term rally, coupled with doubts about the sustainability of the AI investment cycle, investor sentiment rebounded following Micron’s earnings announcement.

Earlier, Micron reported earnings that exceeded market expectations and provided strong guidance. Demand for High-Bandwidth Memory (HBM) for AI servers and high-value-added DRAM drove the earnings, and the revenue outlook for the next quarter also surpassed market expectations. Following the earnings announcement, Micron’s stock price surged by double digits in after-hours trading, easing recent concerns about a peak in the memory market.
The market focused on the demand trends confirmed by Micron. This is because expectations have grown that, as investment in AI data centers continues, demand for not only HBM but also general-purpose server DRAM and NAND will improve in tandem. Given that memory supply cannot increase rapidly in the short term, some analysts suggest that if long-term supply agreements (LTAs) with customers and tight supply-demand conditions persist, price increases and profit growth could last longer than expected.
Park Jun-young, an analyst at HANWHA INVESTMENT & SECURITIES, said, “Rather than slowing down sharply as the market fears, memory prices are likely to continue rising significantly in the second half of the year.” He added, “With low inventory levels, long lead times for capacity expansion, and the race to secure HBM production capacity all occurring simultaneously, the supplier-dominated pricing environment is unlikely to be easily disrupted.”
This aligns with expectations for upward revisions to earnings estimates for SamsungElectronics and SK hynix. SamsungElectronics is expected to benefit from rising prices for general-purpose DRAM and NAND, while SK hynix is poised to reaffirm its lead in the HBM market. As Micron’s earnings have once again confirmed that demand exceeds production capacity, expectations are growing that the “supplier-dominated” phase—centered on HBM—will continue for the time being.
Kim Young-geon, an analyst at MIRAE ASSET SECURITIES, explained, “Amid the ongoing price rally, more than 50% of the memory industry’s total volume is expected to be locked into long-term agreements (LTAs) with Big Tech clients.” He added, “As the share of LTAs expands, SamsungElectronics is in a position to operate at maximum capacity for both DRAM and NAND, giving it a relative advantage in supply capacity amid a tightening supply-demand environment.”
Stock-specific supply-and-demand factors are also contributing to the rebound of the top two semiconductor companies. SK hynix is fueling expectations for an influx of global investment capital by pursuing an American Depositary Receipt (ADR) listing. The company announced on the 24th that it had begun procedures related to the ADR listing following a board resolution and is aiming for a Nasdaq listing and the start of trading next month.
If the ADR listing materializes, SK hynix could emerge as a leading AI memory stock traded directly on the U.S. market. Given that global investment demand for AI semiconductors has so far been concentrated on U.S.-listed companies such as NVIDIA and Micron, there are expectations that a Nasdaq listing could improve accessibility for overseas institutional investors, semiconductor ETFs, and AI-themed funds.
For SamsungElectronics, the possibility of buying back shares for compensation has emerged as a new supply-and-demand factor. Since the company has decided to pay special management performance bonuses for its semiconductor (DS) division in the form of treasury shares, observers predict that additional buying demand could arise if earnings improve. It is reported that the company currently holds approximately 80 million shares for this purpose.
Some analysts estimate that, when the DS special management performance bonus and the allocated performance-based shares (PSUs) are combined, the future demand for treasury shares could rise to approximately 89 trillion won. While this estimate varies depending on earnings outlook and stock price, the market anticipates that this potential demand for treasury shares could support stock supply and demand dynamics.
Ryu Hyung-geun, an analyst at DaishinSecurities, stated, “We expect the company to resume buying back shares for employee performance bonuses and to strengthen shareholder return policies, including special dividends and share buybacks and cancellations,” adding “Given that free cash flow (FCF) generated within the year—before accounting for M&A—is expected to exceed 300 trillion won, the company is in a position to pursue aggressive mergers and acquisitions (M&A) to secure future growth engines for its DX business division, in addition to providing sufficient shareholder returns.”
Consequently, expectations for SamsungElectronics and SK hynix are rising again in the securities market. KB Securities raised its target price for SamsungElectronics from 530,000 won to 550,000 won on the same day, while MIRAE ASSET SECURITIES raised its target price for SK hynix from 3.8 million won to 4.2 million won. Kim Dong-won, Head of Research at KB Securities, said, “SamsungElectronics could enter a full-fledged revaluation phase as improved memory earnings, expectations for shareholder returns, and the possibility of an ADR listing in the U.S. converge.”