Susquehanna upgraded Samsung Electronics to Positive, citing its stabilized DRAM manufacturing and capacity advantage for AI-related memory demand. The firm downgraded SK Hynix, arguing Samsung's gains will come at its rival's expense as HBM market share risks grow. Susquehanna's analysts point to Samsung's spare P4 factory space as a key differentiator.

Samsung's improved output and HBM4 samples for major AI clients position it to scale production faster than the current market leader, SK Hynix, which is described as "maxed out" on capacity. Susquehanna forecasts Samsung's HBM share rising to 22% by 2027, with HBM making up 13-15% of its DRAM revenue.

The call highlights the fierce competition for high-bandwidth memory, a critical component for advanced AI chips. Investors will watch how quickly Samsung can convert its clean-room capacity into market share, and whether SK Hynix can defend its lead as demand for AI memory accelerates.