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This time, it's truly different! Nomura: Embrace the AI new normal, Samsung and Hynix valuations should be benchmarked against Taiwan Semiconductor.
The wave of AI inference is pushing the memory industry into an unprecedented "super cycle." Nomura believes that KV caching and Agentic AI will drive thousands of times growth in memory demand over the next five years, while supply will increase only five to six times, establishing a long-term pattern of undersupply. Driven by this trend, Nomura has significantly raised its target prices for Samsung and SK Hynix by more than double, arguing that their current forward P/E ratios of approximately 6x are severely undervalued. Their valuation logic should gradually align with Taiwan Semiconductor rather than continuing to be viewed as traditional cyclical stocks.
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Express News | Kioxia stated that orders from AI server clients remained strong, with NAND prices in dollar terms more than doubling in the first quarter. It is also forecasted that the supply of NAND memory will remain tight through the fiscal year 2027.
Kioxia, Japan's NAND flash giant, reported record quarterly profits and officially announced plans for an initial public offering in the United States.
①Kioxia Holdings, a leading Japanese memory giant, announced plans to list on the US stock market in order to expand its investor base and enhance corporate value; ②In the quarter ended March 31, Kioxia achieved a record operating profit of 596.8 billion yen, positioning itself as one of Japan's most profitable companies.
Express News | Kioxia forecasts a 113.1% quarter-over-quarter increase in net profit for Q1 of the fiscal year 2027. The company stated it is preparing for an initial public offering of American Depositary Shares (ADS). Overnight trading in U.S.-listed memory stocks sho
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