KB Securities signals a fresh memory up‑cycle as DRAM and NAND prices climb. Analyst Jeff Kim lifted the firm’s target to KRW950,000, forecasting 2026 operating profit to hit a record KRW100 trillion—over five times the 2018 super‑cycle peak. SK Hynix is poised to lead the surge ahead.

With AI data centers expanding, high‑value chip shipments and pricing are expected to accelerate. KB Securities projects 2026 operating profit at KRW115 trillion, a 154% jump, and NAND profit at KRW15 trillion, nine times the previous year. Supply constraints, including a looming chip shortage, will sustain the rally for the foreseeable future.

SK Hynix is forecasted to deliver 28% revenue growth in Q4 25, with operating profit up 53% sequentially, and earnings surprises expected through H1 26. The Yongin semiconductor cluster, slated to open in H1 28, will ease supply limits. Investors watch how the HBM4 demand, dominated by Korean makers, unfolds in the coming months.