[E-Daily, Reporter kyoungeun kim ] KB Securities announced on the 7th that the memory semiconductor market will face its tightest supply conditions in history in 2027, and that SamsungElectronics(005930)and SK hynix(000660)will shift from being extremely undervalued to a phase of strong revaluation.

Kim Dong-won, Head of Research at KB Securities, stated in a report released that day, “The scale of next year’s artificial intelligence (AI) infrastructure investments by hyperscalers is being sharply revised upward to $1.3 trillion, a 60% increase from the previous year,” adding “This is because AI has emerged as a direct source of new revenue—including cloud AI services, token-based billing, agentic AI, and model hosting—and we have now fully entered a phase where AI revenue models are taking concrete shape,” he explained.
The share of memory semiconductors in AI infrastructure investment is also surging. The share, which stood at 14% in 2025, is projected to quadruple in just two years, reaching 40% in 2026 and 57% in 2027.
TrendForce forecasts that this share will surge fivefold to 68% by 2027—a fivefold increase in just two years. The firm explains that this is due to the simultaneous growth in demand for server DRAM for central processing units (CPUs) and enterprise solid-state drives (SSDs) for inference, amid increasing capacity for High Bandwidth Memory (HBM) 4.
“Next year’s memory market is expected to face the tightest supply conditions in history,” said Director Kim. “As of the third quarter, memory inventories at SamsungElectronics and SK hynix have fallen to less than 10 days’ supply, so it is highly likely that we will move beyond a simple recovery in demand to a situation where the available supply itself is absolutely insufficient.”
Consequently, analysts believe there is a real possibility that the actual volume of memory available for sale could run out next year.
Stock undervaluation was also highlighted. Over the past three months, the stock prices of SamsungElectronics and SK hynix have fallen 38% from their peaks, currently trading at a price-to-earnings (P/E) ratio of 3 times based on 2027 earnings.
Director Kim said, “SamsungElectronics and SK hynix are expected to set record-high earnings over the next three years and continue large-scale shareholder return policies, so we anticipate a strong revaluation following their extreme undervaluation.”
According to KB Securities’ estimates, the price-to-earnings (P/E) ratios for SamsungElectronics and SK hynix as of 2027 stand at 3.8x and 3.5x, respectively.