CLSA bullish on South Korean semiconductors in agentic AI supply chain, rates SK Hynix 'High Conviction Outperform'
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CLSA (里昂) has published a research report expressing a bullish outlook on South Korean semiconductor companies within the Agentic AI supply chain. The report explains that Agentic AI transforms single-inference AI models into multi-round, long-term tool-use cycles, placing significant pressure on memory capacity, bandwidth, and rack-scale integrity. This necessitates advanced technologies such as High Bandwidth Memory (HBM), Low Power Double Data Rate (LPDDR)/Small Outline Compression Attached Memory Module (SOCAMM), enterprise SSDs/High Bandwidth Flash (HBF), advanced packaging, testing, and front-end miniaturization. CLSA notes that South Korea has a broad end-to-end presence in key AI semiconductor processes. The firm believes that under structural Agentic AI demand and tight supply, the fundamentals and positioning of 'K-enablers' are improving. Consequently, CLSA has assigned a 'High Conviction Outperform' rating to SK Hynix, Samsung Electro-Mechanics, and EO Technics, and an 'Outperform' rating to Samsung Electronics, Hanmi Semiconductor, HPSP, Eugene, and ISC.
Source report
September 22 — Lyon has released a research report emphasizing that Agentic AI transforms single-inference processes of large AI models into long-term tool usage cycles requiring multiple rounds per task. This shift places significant pressure on memory capacity, bandwidth, and rack-scale integrity—extending far beyond pure computational challenges.
According to the report, this necessitates the integration of several key technologies, including:
- High Bandwidth Memory (HBM)
- Low Power Double Data Rate (LPDDR) / Small Outline Compression Attached Memory Module (SOCAMM)
- Enterprise Solid State Drives (eSSD) / High Bandwidth Flash (HBF)
- Advanced packaging, testing, and front-end miniaturization
Lyon notes that South Korea holds a broad end-to-end position across critical AI semiconductor processes, including AI memory, bonding, substrates, testing, and front-end processing.
Supported by structural Agentic AI demand and tight supply conditions, the firm believes that "K-enablers" are seeing fundamental improvements and strengthened positioning. Lyon has assigned the following ratings:
- "High Conviction Outperform" — SK Hynix, Samsung Electro-Mechanics, and EO Technics
- "Outperform" — Samsung Electronics, Hanmi Semiconductor, HPSP, Eugene Technology, and ISC
Source
财联社Eastern
Part of this Story
CLSA bullish on South Korean AI chipmakers; SK Hynix, Samsung stocks surge on demand