Samsung Electronics (KS:005930) shares climbed to a record KRW200,000, capping a powerful six-month rally that has pushed the stock close to 200% higher as demand for memory chips surges.
The South Korean group, alongside Micron (NASDAQ:MU) and SK Hynix (KS:000660), sits among the world’s largest memory producers and is increasingly benefiting from the artificial intelligence buildout. Servers have emerged as the dominant driver of demand, with roughly 70% of Samsung’s memory shipments now tied to AI server applications.
Analysts expect the momentum to continue. Samsung is seen regaining a technological edge as its premium strategy gains traction, particularly with the planned start of HBM4 shipments for NVIDIA’s Vera Rubin GPU in the second half of 2026. The HBM4 product is expected to deliver speeds of 11.7 gigabits per second, positioning the company more competitively in high-performance memory.
The broader demand backdrop remains supportive. Combined 2026 capital expenditure from Google, Microsoft, Amazon and Meta is projected to jump 76% year over year, reflecting continued aggressive investment in AI infrastructure. With cloud demand still outpacing supply, hyperscalers have little incentive to delay spending, a dynamic that should keep server-related memory demand elevated into year-end.
Investor flows are also turning more supportive for Korean equities. Over the past week, the iShares MSCI South Korea ETF (NYSE:EWY) recorded roughly $1 billion in inflows, the highest in a decade.
KB Securities analyst Jeff Kim said the shift reflects Korea’s unique positioning among emerging markets. “We believe this is because the Korean stock market is the only emerging country that offers both earnings growth (+90% YoY) and valuation merits (10x P/E),” he said.
Kim expects semiconductor profits to drive the bulk of earnings expansion. Combined 2026 operating profit for Samsung Electronics and other chipmakers is projected to jump by KRW224 trillion year over year, accounting for 84% of the expected KRW267 trillion increase in total KOSPI operating profit.
On the technology front, progress in DRAM manufacturing is also improving the outlook. According to industry reports, Samsung’s 10-nanometer-class sixth-generation DRAM, known as 1c, has achieved yields above 80%, signaling entry into stable mass production. Because the 1c node underpins next-generation HBM4, the milestone is expected to support both competitiveness and profitability as AI memory demand continues to accelerate.
