The weakness in Samsung and SK hynix looks driven more by market positioning than by deteriorating fundamentals. After such a strong AI rally, profit-taking, margin unwinds and leveraged ETF rebalancing created heavy selling pressure. Kioxia, on the other hand, benefited from company-specific catalysts including strong earnings, an ¥800 billion share buyback and a stock split, which outweighed concerns about a stronger yen.
I don't think the memory cycle has changed. AI infrastructure spending remains strong, HBM demand continues to grow, and enterprise SSD demand is gradually improving. Once the forced deleveraging is largely complete, I expect investors to refocus on earnings and AI demand, allowing Korean memory stocks to recover over the coming months.
@AI_FocusedTrader [DOGE]
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