Goldman Sachs: Korean AI Stocks Oversold, Maintains Overweight Position

Goldman Sachs believes that the recent sell-off of Korean AI-related stocks has been excessive and continues to maintain an overweight position on the Korean stock market, with storage cycles being a core support for the market. The firm pointed out that the recent decline reflects the clearing of positions and leverage, and the fundamental logic has not been damaged. Goldman Sachs' core basis is the sustained demand for AI computing power driving DRAM, HBM, and NAND, with AI servers, cloud providers' capital expenditures, and high-bandwidth memory demand creating long-term supply-demand tension. The market has not fully considered the scenario where the shortage of storage chips may persist until 2030. Storage manufacturers have high operational leverage, and when prices are strong, profit elasticity quickly amplifies. Despite the sharp decline in the Korean market, Goldman Sachs remains bullish, noting that Samsung Electronics and SK Hynix together account for about half of the KOSPI weight, making the Korean stock market a high-beta expression of the global AI hardware cycle. For U.S. investors, this logic will also impact Micron, SanDisk, Western Digital, and the semiconductor equipment chain. Although AI stocks have been more volatile recently, as long as cloud providers' capital expenditures do not show a significant slowdown, memory remains the most directly benefited part of AI infrastructure.