Chip Stocks and the AI Trade: Nvidia to SK hynix — 2026-09-08
Asian semiconductor markets rallied sharply this week, with South Korea's KOSPI breaking the 7,000 level and Taiwan's weighted index hitting a second-highest close ever, driven by surging AI demand and strong foreign inflows. While SK hynix shares surged over 8% following analyst upgrades on HBM4 pricing, Samsung Electronics gained ground as HBM market share shifted in its favor. Meanwhile, Intel saw a massive equity deal backed by Nvidia, signaling a strategic pivot in the AI hardware landscape.
Chip Stocks and the AI Trade: Nvidia to SK hynix — 2026-09-08
Top developments
KOSPI Breaks 7,000 as Memory Stocks Surge
South Korea’s KOSPI index broke through the 7,000 level for the first time in weeks, driven by a sharp rally in memory semiconductor stocks. SK hynix shares jumped 8.20% to break 1.78 million won, buoyed by foreign net buying of 330,000 shares. The surge was underpinned by rising DRAM revenue and strong expectations for HBM4 price increases, with DB Financial Securities raising its target price for SK hynix from 2 million won to a higher level, citing robust AI demand extending into 2027.
TSMC Leads Taiwan Index to Historic Highs
Taiwan’s weighted stock index rose 775 points to close at 47,326, marking the second-highest closing level in history. Foreign investors bought a net 88.3 billion TWD in equities, with nearly 40 billion TWD concentrated in TSMC alone (over 16,000 lots). The rally was fueled by confirmation of strong capital expenditure and order demand post-semiconductor exhibition, alongside a 1.6% rise in TSMC shares and UMC hitting the daily limit.
HBM Market Share Shifts: Samsung Gains, SK hynix Adjusts
Counterpoint Research reported that while SK hynix retained the #1 spot in the Q2 2026 HBM market with 50% share, it saw a year-over-year decline. Samsung Electronics significantly increased its share to 33%, driven by HBM4 expansion and yield improvements. This shift has led analysts like LS Securities to raise Samsung’s target price to 450,000 won while cutting SK hynix’s target to 2.4 million won, reflecting the intensifying competition in high-bandwidth memory.
Intel Secures ~$20B Equity Deal Backed by Nvidia
Intel Corporation stock rose 5.38% amid news of a massive ~$20 billion equity deal priced at $95 per share. The deal, which includes backing from Nvidia, is designed to strengthen Intel's balance sheet for its technology and manufacturing roadmap. This move signals a strategic consolidation in the AI hardware sector, positioning Intel more aggressively against competitors like TSMC and AMD.
Local view
Korea: Korean media highlights the divergence between Samsung and SK hynix. Seoul Economic Daily notes that while SK hynix remains the HBM leader, the "HBM4 rivalry" has split analyst views, with Samsung gaining momentum due to supply expansion. Chosun Ilbo emphasizes the broader market impact, noting that the semiconductor strength was the primary driver for the KOSPI breaking 7,000, aided by OpenAI's new model announcements and Oracle's earnings which suggest sustained future demand.
Taiwan: United Daily News reports that foreign investors are aggressively betting on the "AI main line," with record-breaking net buys into TSMC and related supply chain stocks. Analysts cited by Liberty Times Financial note that TSMC's capacity expansion and equipment procurement are accelerating at an unprecedented pace, supporting a bullish outlook despite macroeconomic headwinds.
Context & numbers
- TSMC Revenue: Reported $40.20 billion in Q2 2026 revenue, up 33.7% YoY, with a 67.7% gross margin. 7nm and below nodes accounted for 77% of wafer revenue.
- DRAM Prices: TrendForce projects a further 55–60% quarter-on-quarter gain in server DRAM contract prices for Q1 2026, following a 45–50% rise in Q4 2025.
- CoWoS Capacity: TSMC's CoWoS-L capacity is estimated to reach ~130,000 wafers per month by the end of 2026, up from ~75,000 in 2025, yet hyperscaler demand still exceeds supply.
- Foreign Inflows: Foreign investors bought a net 88.3 billion TWD in Taiwan stocks on Sept 7, the fourth-largest single-day net buy in history.
On the radar
- Broadcom Earnings: Broadcom is expected to report earnings in the coming days, a key catalyst for the AI hardware trade.
- Micron Earnings: Micron is scheduled to report at the end of September, with focus on HBM supply constraints and pricing power.
- US Export Controls: The BIS policy allowing case-by-case review of Nvidia H200 and AMD MI325X exports to China (effective Jan 2026) continues to influence global supply chain strategies, though no new rules were announced this week.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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