[Click eStock] "SK Hynix, Nvidia AI's Biggest Beneficiary... Target Price Maintained"

"HBM Sales to Exceed 20 Trillion Won in 2025"

On the 21st, KB Securities evaluated SK Hynix as the biggest beneficiary of the AI semiconductor cycle led by Nvidia. They maintained a 'Buy' rating and a target price of 280,000 KRW.

Dongwon Kim, a researcher at KB Securities, stated, "In the second half of the year, the visibility of performance improvement due to High Bandwidth Memory (HBM) is expanding," adding, "Orders for HBM3E are surging on Nvidia's Blackwell platform, including the B100 scheduled for release in the fourth quarter, and demand for customized HBM3E from big tech companies centered on Magnificent 7 (M7) such as Apple and Google is significantly increasing." He further predicted, "Even considering that HBM production capacity will increase in the fourth quarter compared to the first quarter, the shortage of HBM supply will intensify."

In particular, due to Nvidia's Blackwell effect, HBM sales are expected to exceed 20 trillion KRW in 2025. Researcher Kim analyzed, "Next year, the proportion of Nvidia-bound HBM3E is expected to reach 80-90%, supported by the adoption of 8-layer and 12-layer HBM3E and high-capacity HBM in Nvidia's Blackwell," explaining, "This means that both volume increase and capacity expansion are happening simultaneously." He continued, "Future orders for 12-layer HBM3E are likely to be determined in the order of passing Nvidia product tests first. Therefore, SK Hynix, which has been a strategic partner of Nvidia for 11 years since 2013, will secure a favorable position," adding, "Next year's HBM sales will exceed 20 trillion KRW. SK Hynix is the biggest beneficiary of the AI supercycle."