#INTC #AMAT #LRCX #ASML
The tracked devices sector stocks have all reached new highs. The logic continues—so the hold continues.
The core contradiction in the global AI hardware industry chain is shifting from insufficient compute capacity to expanded storage production. South Korea’s push for Samsung and SK hynix to carry out large-scale capital expenditures (Capex) over the next few years means the industry is entering a supply-response phase.
And since storage demand is not infinite, the real question worth discussing is not: who is expanding capacity—Hynix, Samsung, or Micron?
1）Industry chain logic:
AI demand ↑ → HBM demand ↑ → Storage CapEx ↑ → Equipment orders ↑ → Materials ↑ → Packaging ↑ → Storage profits
2）Capital flows:
South Korea expands construction → purchases equipment → purchases materials → purchases advanced packaging → and only then begins producing HBM.
Therefore, equipment orders are determined first and revenue is recognized the fastest. Equipment companies benefit first, followed by materials companies and advanced packaging companies. Storage companies, however, have to wait until capacity is built before they can truly start generating profits.
The tracked devices sector stocks have all reached new highs. The logic continues—so the hold continues.
The core contradiction in the global AI hardware industry chain is shifting from insufficient compute capacity to expanded storage production. South Korea’s push for Samsung and SK hynix to carry out large-scale capital expenditures (Capex) over the next few years means the industry is entering a supply-response phase.
And since storage demand is not infinite, the real question worth discussing is not: who is expanding capacity—Hynix, Samsung, or Micron?
1）Industry chain logic:
AI demand ↑ → HBM demand ↑ → Storage CapEx ↑ → Equipment orders ↑ → Materials ↑ → Packaging ↑ → Storage profits
2）Capital flows:
South Korea expands construction → purchases equipment → purchases materials → purchases advanced packaging → and only then begins producing HBM.
Therefore, equipment orders are determined first and revenue is recognized the fastest. Equipment companies benefit first, followed by materials companies and advanced packaging companies. Storage companies, however, have to wait until capacity is built before they can truly start generating profits.