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Hedge Funds Bet Big on South Korea’s AI Chipmakers

by Team Lumida
July 11, 2024
in AI
Reading Time: 3 mins read
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Key Takeaways:

  1. Hedge funds are heavily investing in South Korea’s AI chipmakers.
  2. South Korean government supports the chip industry with a $19 billion package.
  3. Rising demand for memory chips boosts South Korea’s stock market.

What Happened?

Hedge funds, including Man Group and FengHe Fund Management, are pouring investments into South Korea’s chipmakers like SK Hynix and Samsung Electronics. These firms aim to capitalize on the growing demand for high-end memory chips driven by the AI boom.

Despite Nvidia’s stock value tripling to over $3 trillion, South Korean chipmakers have lagged. However, hedge funds now see significant potential, noting that SK Hynix supplies advanced HBM memory chips crucial for AI applications.

Why It Matters?

Investing in South Korean chipmakers presents an enticing opportunity. Hedge funds believe these stocks are undervalued compared to peers like Taiwan’s TSMC. SK Hynix trades at nine times its 12-month forward earnings, while TSMC trades at 23 times.

The South Korean government’s $19 billion support package and new ‘Corporate Value-up Programme’ further enhance the sector’s attractiveness. June saw the KOSPI index achieve its best month in seven months, driven by these inflows.

What’s Next?

Expect South Korean chipmakers to gain more attention as AI technology firms seek high-bandwidth memory chips. Samsung’s recent forecast of a 15-fold increase in second-quarter operating profit underscores the rising chip prices. Analysts like Sumant Wahi and Pierre Hoebrechts predict traditional DRAM chip prices will also rise, benefiting companies like Samsung.

Additionally, broader investments in the South Korean AI ecosystem, including semiconductor equipment and cooling systems, could see significant growth, supported by the ongoing Sino-U.S. tech war.

Additional Considerations:

The South Korean stock market is trading at favorable valuations compared to Taiwan and Japan. Despite risks like a depreciating Korean won and short-selling restrictions, the rewards appear to outweigh these challenges. Investors should watch for South Korean companies expanding beyond chip manufacturing into areas like electricity equipment, which are also set to benefit from the AI surge.

Source: Investing.com
Tags: AI investmenthedge fundsSamsung ElectronicsSK HynixSouth Korean chipmakers
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
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