*Source: 서울경제TV
삼성·SK하닉 수익 ‘폭발’ 예고…끝내 1조 달러 뚫었다
● Explosive AI Demand Set to Skyrocket Semiconductor Market to 1 Trillion
Samsung and SK Hynix Earnings ‘Explosion’ Predicted… Global Semiconductor Market May Break $1 Trillion Mark Early Due to AI—What’s Important and How to Prepare
The following content includes:
WSTS latest forecast numbers and annual growth rates, potential to break the $1 trillion mark next year.
Memory-centric demand boom triggered by AI (large-scale models) and HBM, DRAM, NAND supply-demand structure.
Performance estimates of Korean, Taiwanese, and US companies, and implications for shareholders and investors.
Invisible risks and opportunities such as supply bottlenecks, CAPEX timing risks, and geopolitical risks.
Key insights less covered by mainstream media (packaging and substrate bottlenecks, energy and cooling infrastructure constraints) and a practical checklist.
Market Outlook (Numeric News Summary)
The latest WSTS forecast estimates the semiconductor market size this year at $772 billion.
This represents an approximately 22% increase over the previous year and a 7 percentage point uplift from earlier forecasts.
WSTS stated that assuming a growth rate of over 25% next year, the total market size might approach or exceed $1 trillion.
The key growth driver is ‘high-performance AI,’ with a particularly explosive increase in memory (Memory, HBM, DRAM, NAND) demand.
This indicates the potential arrival of a ‘supercycle’ focused on memory in the short term.
Key Points by Demand and Product
HBM (High Bandwidth Memory)
HBM is essential for large AI models and high-performance accelerators.
Due to limitations in packaging and interposer processes, expansion is slow, potentially leading to repeated short-term supply bottlenecks.
DRAM, NAND (Universal Memory)
Demand is rising due to the expansion of large-scale data storage and inference workloads.
Server DRAM demand is particularly strong, likely causing upward pressure on ASP (Average Selling Price).
AI Accelerators (Training and Inference Chips)
The competitive landscape of Google’s TPU, NVIDIA’s GPU, and other custom AI chips stimulates memory demand from multiple angles.
With the release of next-generation AI models (e.g., Google’s Gemini 3 TPU), memory integration and bandwidth requirements are expected to rise.
Regional and Company Impact
Regional Impact
The US market is likely to record the highest growth rate.
The Asia-Pacific region (especially Korea, Taiwan, China) is expected to experience high growth due to direct links to AI demand.
Major Korean Companies
Samsung Electronics: No. 1 in DRAM market share, expect increased sales and profits toward servers due to AI demand expansion.
SK Hynix: Strong in HBM, expect improved performance due to high bandwidth demand.
Performance Consensus
According to FnGuide, Samsung Electronics’ operating profit next year is estimated to be over 80 trillion won, and SK Hynix is expected to increase by more than 70% from this year to about 73 trillion won.
This reflects the projection that the semiconductor boom triggered by AI will have a direct impact on domestic companies’ performance.
Key Supply-Side Risks (Less Covered by Media)
Packaging and Substrate Bottlenecks
HBM is not resolved simply by increasing wafer production.
Without sufficient production capacity for high-density TSV (Through-Silicon Via), interposers, and fan-out/advanced packaging, HBM supply constraints may persist in the long term.
Bottlenecks in Advanced Node Logic
With increased foundry demand for 5nm and 3nm-class driven by AI accelerators, if foundry capacity is lacking, it can constrain AI chip supply.
This can exacerbate supply chain bottlenecks in tandem with increased memory demand.
Power and Cooling Infrastructure Constraints
The soaring power and cooling demand of AI data centers create regional expansion limits.
Factory (foundry, packaging) expansion also depends on regional power infrastructure, causing a time gap between CAPEX input and actual production.
Concentration on Raw Materials and Suppliers
High dependency on specific substrates, test/inspection equipment, and special chemicals can lead to temporary shocks connected to production disruptions.
Geopolitical and Policy Risks
Export Controls and Sanctions
The US-China tech cold war continues to provide uncertainty in semiconductor trade.
If regulations on advanced equipment and design tools are strengthened, the supply chain restructuring speed may increase.
CHIPS Act and Subsidy Competition
Policies encouraging domestic semiconductor production in the US, EU, Korea, etc., are altering the investment cycle.
Subsidies promote CAPEX competition in the short term but may pose long-term overinvestment risks.
Indicators Investors and Companies Must Immediately Check (News Alert List)
Production-Related Indicators
Utilization rates (%) of foundry, packaging, and testing facilities and announcements of construction of new lines.
Price and Inventory-Related Indicators
ASP and Days of Inventory for HBM, server DRAM, NAND.
Demand Signals
Large cloud (Google, Amazon, MS), large model training cases, new AI infrastructure announcements.
Policy and Facility-Related Alerts
CHIPS Act implementation, subsidy announcements, regional power and cooling infrastructure investment plans.
Investment and Strategic Recommendations (For Companies, Institutions, Individual Investors)
Companies (Including Foundries and Packaging)
In the short term, prioritize strengthening HBM and packaging capabilities.
Diversify supply chains (substrate, testing equipment suppliers) and secure long-term contracts (supply contracts with large cloud players).
Semiconductor Manufacturers (Memory)
Monitor supply-demand balance to adjust CAPEX speed.
Excessive expansion poses a risk if prices decline, so timing adjustments are crucial.
Investors (Stocks and Funds)
Include short-term beneficiaries (memory, packaging, equipment suppliers) in your portfolio, considering geopolitical risks and CAPEX cycles for diversification.
Re-evaluate company-specific margin improvement expectations based on WSTS growth rate and individual company product mix (HBM proportion).
Policy Makers
Strengthen energy and power infrastructure and support semiconductor clusters to resolve regional productivity bottlenecks.
‘Most Important’ Insight Less Covered by Media
Packaging (assembly) capability is now as important as wafer production capacity.
The bottleneck in HBM supply is likely to occur at the packaging, interposer, and high-density testing infrastructure levels.
Even if the growth rate of large AI models does not continue as it currently does, the ‘server architecture transition’ has already started, so the change in memory demand structure will continue in the mid to long term.
If AI model efficiency (compression, knowledge distillation) accelerates, the speed of memory demand increase may be adjusted, but the trend toward high performance in AI accelerators and memory pairs will persist.
Unlike past demand-supply cycles, today’s ‘supercycle’ may amplify sales and profits due to an expanded proportion of high-priced HBM in the product mix.
Short-Term Signals (6-12 Months Ahead) — What to Watch
Announcements of increased HBM supply (packaging and OSAT investment disclosures).
Data center expansion announcements by large cloud companies and AI training contracts.
HBM and server DRAM spot price changes (weekly reports).
Announcement of the commissioning date of new foundry plants (below 3nm process).
Approval status of regional power and cooling infrastructure plans.
Risk Scenarios (Best, Basic, Worst)
Best: Sustained AI demand + fast progress in packaging expansion → Exceed $1 trillion mark + maintain high ASP.
Basic: Slowdown in demand growth and gradual supply expansion → Near $950 billion to $1 trillion market size, ASP stabilization.
Worst: Geopolitical shocks/overinvestment → Sharp price drop, inventory accumulation, plummeting profit margins.
Practical Checklist (For Investors and Companies)
Companies: Check for HBM packaging partnership agreements.
Investors: Check major companies’ CAPEX plans, utilization rates, and inventory days.
Policy Decision-Makers: Review power and cooling infrastructure subsidies.
Technical Managers: Inspect the supply capability related to TSV, interposer, fan-out packaging.
The core driver is the surge in memory (HBM, DRAM, NAND) demand due to large AI models, with HBM specifically facing potential supply constraints due to packaging and interposer bottlenecks.
Korea’s Samsung Electronics and SK Hynix are expected to see significant performance improvements due to AI demand, with FnGuide projecting substantial operating profit increases for both companies next year.
However, various risks such as packaging and foundry bottlenecks, power and cooling infrastructure, geopolitical risks, and CAPEX timing mismatches coexist.
Investors and companies should closely monitor supply capabilities (including packaging), inventory, ASP, and demand signals from large clouds.
[Related Posts…]
Memory Supercycle, Samsung & SK’s Strategies?
AI Server Demand Surge, Solutions for HBM Supply Bottleneck
*Source: 서울경제TV
삼성전자, HBM4 수율 ‘돌연 승인’…“구글 TPU칩 기습 양산”
● Samsung’s HBM4 Breakthrough Sparks Market Surge
Summary — Topics covered in this article
In this article, we summarize Samsung Electronics’ HBM4 yield and approval status, the possibility of Google’s TPU and surprise mass production, fourth-quarter DRAM market landscape and performance forecasts (including LS Securities’ outlook), analysis of production flexibility compared to competitors, investment and supply chain checklists, and risks.We also cover key insights that are not well covered by other media (such as the long-term weight of Design Win, cost structure advantages, etc.) and the impact of Celltrion’s SC (subcutaneous injection) transition on the pharmaceutical and biotech markets.Key topics include: Samsung Electronics’ HBM4 approval timeline, Google’s TPU surprise mass production scenario, the basis for the fourth-quarter DRAM market lead, and investment points and risks centered around the memory market (memory market, HBM4, DRAM, AI chips, Samsung Electronics).
1) Samsung Electronics’ fourth-quarter performance forecast and background (based on LS Securities data)
LS Securities forecast Samsung Electronics’ fourth-quarter sales at approximately 90.7 trillion won and operating profit at approximately 18.6 trillion won.This figure significantly exceeds market consensus, and the reasons for the positive performance expectations are as follows:First, the recovery of the memory market is expanding not only to HBM but also to a surge in general DRAM prices.Second, Samsung Electronics is the company with the highest portfolio and facility conversion flexibility, from general products like DDR4 and DDR5 to HBM.Third, the spread of AI is accompanied by a concurrent growth in enterprise demand for server SSDs and server DRAMs.Fourth, as Google, Amazon, MS, and other big tech companies expand their own AI chips beyond Nvidia-centric demand, the demand base for HBM has widened.These four factors combined make it likely that Samsung Electronics will leverage its earnings significantly in the fourth quarter.
2) HBM4 approval status and significance — ‘Google TPU chip surprise mass production’ scenario
No major performance issues have been reported from the HBM4 sample submitted by Samsung Electronics.It is reported that internal quality tests (PR) have already been completed, and overall technical reliability has increased due to the stabilization of HBM3 supply.Foreign research institutions (TrendForce, Digitimes) are predicting positive evaluations and approvals from major customers (like Nvidia) within the year (especially December).Samsung reportedly increased its HBM shipment by more than 80% as of Q3 and secured a stable evaluation by applying the industry’s first HBM4 primitive process.The key to the Google TPU surprise mass production scenario is as follows:If Google quickly approves the adoption of HBM4 and signs a mass production contract for its TPU (or next-generation AI accelerator), Samsung can immediately secure large-scale long-term contracts (Design Wins).Securing Design Wins leads not only to short-term sales but also to stable revenue over the years and the authority to set premium prices.Therefore, HBM4 approval can be a turning point that changes the market landscape beyond mere technical passage.
3) DRAM market outlook — Possibility of Samsung regaining the top position
Samsung Electronics’ third-quarter DRAM sales reportedly increased by more than 30% compared to the previous quarter.Along with this, the market share gap has noticeably narrowed, and there is a high possibility that Samsung Electronics will regain the top position in DRAM in the fourth quarter.The main reason is the significant increase in prices of general DDR4 and DDR5.As the industry concentrates on HBM production, the supply of general DRAM has become relatively scarce, leading to substantial price increases year-over-year.Regarding the competition, SK Hynix is tied up with facilities for Nvidia’s HBM supply, making it difficult to increase general DRAM production. In contrast, Micron is strategically reducing its consumer DRAM.Therefore, Samsung Electronics, which can quickly transition both general DRAM and HBM, is likely to seize more opportunities.
4) Analysis of memory market impacts — Price, supply, and demand interconnections
The rise in general DRAM prices works complementarily with the recovery of the HBM market.From a demand perspective, AI chips (Nvidia GPU, Google TPU, big tech’s proprietary chips) require high-performance memory (HBM), and the growth of server and data center demand drives SSD and server DRAM demand.On the supply side, the allocation of facilities by companies (focusing on Nvidia’s HBM) triggers general DRAM shortages and price increases.In this cycle, Samsung Electronics’ portfolio and facility flexibility allow it to benefit the most from price increases.As a result, the improvement in memory market profitability is likely to directly lead to Samsung’s operating profit leverage.
5) Investment and risk checklist (practical use)
Key KPIs to monitor are as follows:
- Public announcements of major customer approvals: HBM4 approval announcements from Nvidia, Google, Amazon, MS.
- Official announcements related to Samsung’s HBM shipments and PR (quality).
- DDR4 and DDR5 price index (daily and weekly trends).
- Competitors (Micron, SK Hynix) facility transition status and customer allocation news.
- Reports related to semiconductor equipment/raw materials (wafer/capacity utilization).Risk factors are also clear.
- Approval delays or changes in priority suppliers by major customers.
- Export controls and customer diversions due to regulations from China and the U.S.
- The dual nature of the memory cycle (risk of excess inventory during price collapse).
- Competitor HBM strategy changes (especially SK Hynix) and low-price offensives.
6) Most important facts not well covered by other media
1) Long-term value of Design Win: HBM4 approval not only connects to delivery but also to ‘Design Win’ at the design stage.Design Wins guarantee long-term revenue beyond short-term sales as they result in high repurchase rates and lock-in effects from the initial design acceptance.2) Cost structure advantage: Samsung’s application of the HBM4 primitive process improves bit cost competitiveness.This cost advantage works to defend margins even after the initial premium price of HBM4 disappears.3) Paradoxical opportunity of supply and demand: While competitors are passive in transitioning to general DRAM due to a focus on Nvidia’s HBM, a flexible supplier like Samsung can monopolize the benefits of a general DRAM price surge.4) Strategic value of customer diversification: As big tech companies like Google, MS, and Amazon expand their proprietary AI chips, reliance on a specific GPU company decreases, leading to more sustainable demand for suppliers serving multiple customers.5) Approval timing and mass production lead time: Even if approvals occur within the year, full-scale mass production and delivery may only materialize in Q1-Q2 (of the following year) due to system integration and verification procedures by customers.
7) Relevant issue linkage — Nvidia H200 China export approval and market reaction
Recently, after the closure of the New York Stock Exchange, the approval of Nvidia’s H200 China export was announced, causing Nvidia’s stock price to rebound.This case reminds us that semiconductor stocks are very sensitive to regulatory/export issues.Regulatory and approval news in the memory and AI chip ecosystem are immediately reflected in performance and valuation, so investors should closely track related announcements and regulatory trends.
8) Celltrion’s SC formulation entry — Significance from the pharmaceutical and biotech perspective
Celltrion entered the subcutaneous injection (SC) formulation transition business (including CMO) from existing intravenous (IV) injections.The SC formulation significantly reduces administration time compared to intravenous injection (IV up to 90 minutes → SC about 5 minutes).Based on its commercialization experience with Remsima SC, Celltrion also embarked on clinical trials for SC conversion of anticancer drugs and possesses rare full value chain capabilities from development, approval, mass production to global supply among domestic companies.The global SC formulation market is expected to grow from approximately $36.1 billion in 2024 to about $69.9 billion by 2034, with an average annual growth rate of around 7.62%.Celltrion’s entry could cause a seismic shift in the market structure, which is centered on companies with existing SC conversion technology (e.g., Alteogen).Successful market share acquisition in Japan, in particular, will accelerate global credibility and commercial expansion.
9) Conclusions for immediate field application (action points)
From an investor’s perspective: Monitor HBM4 approval/order announcements and DDR price indicators in the short term to capture signals of performance turnaround.From a corporate/supply chain manager perspective: Review delivery and collaboration opportunities through reports on Samsung’s production transition speed and competitors’ facility allocation.Risk management: Develop a scenario plan considering regulatory (export approval) changes and shifts in customer dependency.
10) Closing comments
HBM4 is a turning point that can determine ‘market dominance’ beyond technical achievement.Samsung Electronics is the top candidate to benefit the most from the HBM4 and general DRAM booms in terms of portfolio, facility flexibility, and cost competitiveness.However, it’s important to remember that the timing of approval, the speed of customer adoption, and regulatory risks are variables that can influence the outcome.Celltrion’s entry into SC conversion holds the potential to act as another game changer in the pharmaceutical and biotech fields.
- LS Securities forecasts Samsung Electronics’ Q4 sales at about 90.7 trillion and operating profit at 18.6 trillion.
- HBM4 sample and internal PR are positive, with the possibility of major customer approval within the year suggested (TrendForce and others).
- Samsung is the largest beneficiary of the surge in general DRAM prices and the expansion of HBM demand due to facility transition flexibility.
- Key risks: Approval delays, regulations, changes in competitors’ strategies.
- Celltrion can expand its competitiveness throughout the pharmaceutical value chain with SC formulation transition.
[Related articles…]Summary of Samsung Electronics HBM4 Approval and 4Q Performance ForecastDRAM Landscape: Analysis of Samsung vs Competitors’ 4Q Competitive Structure
*Source: 서울경제TV
삼성전자, HBM4 수율 ‘돌연 승인’…“구글 TPU칩 기습 양산”
● Samsung’s HBM4 Breakthrough Sparks Market Surge
Summary — Topics covered in this article
In this article, we summarize Samsung Electronics’ HBM4 yield and approval status, the possibility of Google’s TPU and surprise mass production, fourth-quarter DRAM market landscape and performance forecasts (including LS Securities’ outlook), analysis of production flexibility compared to competitors, investment and supply chain checklists, and risks.We also cover key insights that are not well covered by other media (such as the long-term weight of Design Win, cost structure advantages, etc.) and the impact of Celltrion’s SC (subcutaneous injection) transition on the pharmaceutical and biotech markets.Key topics include: Samsung Electronics’ HBM4 approval timeline, Google’s TPU surprise mass production scenario, the basis for the fourth-quarter DRAM market lead, and investment points and risks centered around the memory market (memory market, HBM4, DRAM, AI chips, Samsung Electronics).
1) Samsung Electronics’ fourth-quarter performance forecast and background (based on LS Securities data)
LS Securities forecast Samsung Electronics’ fourth-quarter sales at approximately 90.7 trillion won and operating profit at approximately 18.6 trillion won.This figure significantly exceeds market consensus, and the reasons for the positive performance expectations are as follows:First, the recovery of the memory market is expanding not only to HBM but also to a surge in general DRAM prices.Second, Samsung Electronics is the company with the highest portfolio and facility conversion flexibility, from general products like DDR4 and DDR5 to HBM.Third, the spread of AI is accompanied by a concurrent growth in enterprise demand for server SSDs and server DRAMs.Fourth, as Google, Amazon, MS, and other big tech companies expand their own AI chips beyond Nvidia-centric demand, the demand base for HBM has widened.These four factors combined make it likely that Samsung Electronics will leverage its earnings significantly in the fourth quarter.
2) HBM4 approval status and significance — ‘Google TPU chip surprise mass production’ scenario
No major performance issues have been reported from the HBM4 sample submitted by Samsung Electronics.It is reported that internal quality tests (PR) have already been completed, and overall technical reliability has increased due to the stabilization of HBM3 supply.Foreign research institutions (TrendForce, Digitimes) are predicting positive evaluations and approvals from major customers (like Nvidia) within the year (especially December).Samsung reportedly increased its HBM shipment by more than 80% as of Q3 and secured a stable evaluation by applying the industry’s first HBM4 primitive process.The key to the Google TPU surprise mass production scenario is as follows:If Google quickly approves the adoption of HBM4 and signs a mass production contract for its TPU (or next-generation AI accelerator), Samsung can immediately secure large-scale long-term contracts (Design Wins).Securing Design Wins leads not only to short-term sales but also to stable revenue over the years and the authority to set premium prices.Therefore, HBM4 approval can be a turning point that changes the market landscape beyond mere technical passage.
3) DRAM market outlook — Possibility of Samsung regaining the top position
Samsung Electronics’ third-quarter DRAM sales reportedly increased by more than 30% compared to the previous quarter.Along with this, the market share gap has noticeably narrowed, and there is a high possibility that Samsung Electronics will regain the top position in DRAM in the fourth quarter.The main reason is the significant increase in prices of general DDR4 and DDR5.As the industry concentrates on HBM production, the supply of general DRAM has become relatively scarce, leading to substantial price increases year-over-year.Regarding the competition, SK Hynix is tied up with facilities for Nvidia’s HBM supply, making it difficult to increase general DRAM production. In contrast, Micron is strategically reducing its consumer DRAM.Therefore, Samsung Electronics, which can quickly transition both general DRAM and HBM, is likely to seize more opportunities.
4) Analysis of memory market impacts — Price, supply, and demand interconnections
The rise in general DRAM prices works complementarily with the recovery of the HBM market.From a demand perspective, AI chips (Nvidia GPU, Google TPU, big tech’s proprietary chips) require high-performance memory (HBM), and the growth of server and data center demand drives SSD and server DRAM demand.On the supply side, the allocation of facilities by companies (focusing on Nvidia’s HBM) triggers general DRAM shortages and price increases.In this cycle, Samsung Electronics’ portfolio and facility flexibility allow it to benefit the most from price increases.As a result, the improvement in memory market profitability is likely to directly lead to Samsung’s operating profit leverage.
5) Investment and risk checklist (practical use)
Key KPIs to monitor are as follows:
- Public announcements of major customer approvals: HBM4 approval announcements from Nvidia, Google, Amazon, MS.
- Official announcements related to Samsung’s HBM shipments and PR (quality).
- DDR4 and DDR5 price index (daily and weekly trends).
- Competitors (Micron, SK Hynix) facility transition status and customer allocation news.
- Reports related to semiconductor equipment/raw materials (wafer/capacity utilization).Risk factors are also clear.
- Approval delays or changes in priority suppliers by major customers.
- Export controls and customer diversions due to regulations from China and the U.S.
- The dual nature of the memory cycle (risk of excess inventory during price collapse).
- Competitor HBM strategy changes (especially SK Hynix) and low-price offensives.
6) Most important facts not well covered by other media
1) Long-term value of Design Win: HBM4 approval not only connects to delivery but also to ‘Design Win’ at the design stage.Design Wins guarantee long-term revenue beyond short-term sales as they result in high repurchase rates and lock-in effects from the initial design acceptance.2) Cost structure advantage: Samsung’s application of the HBM4 primitive process improves bit cost competitiveness.This cost advantage works to defend margins even after the initial premium price of HBM4 disappears.3) Paradoxical opportunity of supply and demand: While competitors are passive in transitioning to general DRAM due to a focus on Nvidia’s HBM, a flexible supplier like Samsung can monopolize the benefits of a general DRAM price surge.4) Strategic value of customer diversification: As big tech companies like Google, MS, and Amazon expand their proprietary AI chips, reliance on a specific GPU company decreases, leading to more sustainable demand for suppliers serving multiple customers.5) Approval timing and mass production lead time: Even if approvals occur within the year, full-scale mass production and delivery may only materialize in Q1-Q2 (of the following year) due to system integration and verification procedures by customers.
7) Relevant issue linkage — Nvidia H200 China export approval and market reaction
Recently, after the closure of the New York Stock Exchange, the approval of Nvidia’s H200 China export was announced, causing Nvidia’s stock price to rebound.This case reminds us that semiconductor stocks are very sensitive to regulatory/export issues.Regulatory and approval news in the memory and AI chip ecosystem are immediately reflected in performance and valuation, so investors should closely track related announcements and regulatory trends.
8) Celltrion’s SC formulation entry — Significance from the pharmaceutical and biotech perspective
Celltrion entered the subcutaneous injection (SC) formulation transition business (including CMO) from existing intravenous (IV) injections.The SC formulation significantly reduces administration time compared to intravenous injection (IV up to 90 minutes → SC about 5 minutes).Based on its commercialization experience with Remsima SC, Celltrion also embarked on clinical trials for SC conversion of anticancer drugs and possesses rare full value chain capabilities from development, approval, mass production to global supply among domestic companies.The global SC formulation market is expected to grow from approximately $36.1 billion in 2024 to about $69.9 billion by 2034, with an average annual growth rate of around 7.62%.Celltrion’s entry could cause a seismic shift in the market structure, which is centered on companies with existing SC conversion technology (e.g., Alteogen).Successful market share acquisition in Japan, in particular, will accelerate global credibility and commercial expansion.
9) Conclusions for immediate field application (action points)
From an investor’s perspective: Monitor HBM4 approval/order announcements and DDR price indicators in the short term to capture signals of performance turnaround.From a corporate/supply chain manager perspective: Review delivery and collaboration opportunities through reports on Samsung’s production transition speed and competitors’ facility allocation.Risk management: Develop a scenario plan considering regulatory (export approval) changes and shifts in customer dependency.
10) Closing comments
HBM4 is a turning point that can determine ‘market dominance’ beyond technical achievement.Samsung Electronics is the top candidate to benefit the most from the HBM4 and general DRAM booms in terms of portfolio, facility flexibility, and cost competitiveness.However, it’s important to remember that the timing of approval, the speed of customer adoption, and regulatory risks are variables that can influence the outcome.Celltrion’s entry into SC conversion holds the potential to act as another game changer in the pharmaceutical and biotech fields.
- LS Securities forecasts Samsung Electronics’ Q4 sales at about 90.7 trillion and operating profit at 18.6 trillion.
- HBM4 sample and internal PR are positive, with the possibility of major customer approval within the year suggested (TrendForce and others).
- Samsung is the largest beneficiary of the surge in general DRAM prices and the expansion of HBM demand due to facility transition flexibility.
- Key risks: Approval delays, regulations, changes in competitors’ strategies.
- Celltrion can expand its competitiveness throughout the pharmaceutical value chain with SC formulation transition.
[Related articles…]Summary of Samsung Electronics HBM4 Approval and 4Q Performance ForecastDRAM Landscape: Analysis of Samsung vs Competitors’ 4Q Competitive Structure
