AI Era Reshapes Valuation: Samsung and SK Hynix Seen as Core AI Infrastructure Players

A recent Nomura Securities report, released on May 15, argues that Samsung Electronics and SK Hynix should no longer be viewed as mere memory chipmakers but as key players in AI infrastructure. The report suggests that with the expansion of the HBM market and surging demand for AI servers, these Korean semiconductor giants could command premium valuations similar to TSMC. Historically considered cyclical stocks, Samsung and SK Hynix are now being revalued as core beneficiaries of the AI supercycle. The analysis highlights how the AI-driven transformation is changing the valuation criteria for semiconductor stocks, potentially opening a new era for Korea's chip industry.