Goldman sets 490,000 won target on Samsung — nearly double the recent close — after management meetings.
The real story isn't another memory upcycle. It's the strategic shift: new DRAM wafers are being routed to HBM first. Each HBM stack consumes more silicon, keeping conventional DRAM tight even as prices rise. Unfilled 2026 orders are already pushing into 2027.
Longer, harder-to-break contracts offer visibility beyond next year. Around 30–40% of output still serves phones, PCs, and on-device AI. Meanwhile, HBM demand is cutting into Samsung's 4nm foundry capacity.
Supply discipline meets structural demand. That's the setup.
The real story isn't another memory upcycle. It's the strategic shift: new DRAM wafers are being routed to HBM first. Each HBM stack consumes more silicon, keeping conventional DRAM tight even as prices rise. Unfilled 2026 orders are already pushing into 2027.
Longer, harder-to-break contracts offer visibility beyond next year. Around 30–40% of output still serves phones, PCs, and on-device AI. Meanwhile, HBM demand is cutting into Samsung's 4nm foundry capacity.
Supply discipline meets structural demand. That's the setup.