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Memory names are pulling back as investors price this rally as another cyclical peak, but KB Asset Management's ETF product marketing head Yook Dong-hwi argued in an October 31 Yonhap Infomax interview that the cycle logic itself is breaking, with the AI bottleneck moving from training compute to storing and rapidly retrieving inference-era data, and NAND flash as the fix. The transmission channel is valuation multiple rather than near-term price: if NAND demand is driven by AI inference capex rather than consumer replacement cycles, Samsung Electronics and SK Hynix earnings visibility lengthens and the historical peak-cycle derating applied to KOSPI semis becomes harder to justify. Confirmation requires actual NAND contract price momentum and hyperscaler storage capex guidance; a stall in enterprise SSD pricing or renewed supply additions would restore the cyclical read and cap sector beta.
As a Research signal, watch whether it changes price action, volatility, or flows around 000660, 005930, KOSPI.
Original Source: 연합인포맥스
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