Chip Stocks and the AI Trade: Nvidia to SK hynix — 2026-09-14
TSMC reported record August revenue of NT$514.8 billion, up 53.3% year-over-year, underscoring continued strength in AI chip demand despite recent market volatility. Meanwhile, South Korean memory giants SK hynix and Samsung Electronics faced fresh selling pressure after DeepSeek’s latest AI model raised doubts about High Bandwidth Memory (HBM) demand intensity. In Japan, Tokyo Electron announced a 5-for-1 stock split effective October 1, aiming to boost retail accessibility amidst strong semiconductor equipment sentiment.
Chip Stocks and the AI Trade: Nvidia to SK hynix — 2026-09-14
Top developments
TSMC Posts Record Monthly Revenue Amidst AI Strain
TSMC announced record revenue for August 2026, reaching NT$514.81 billion, a 53.3% increase year-over-year. This surge highlights that AI chip demand continues to strain foundry capacity and contributes to NAND supply tightness. For investors tracking the SOX index and Asian semiconductor benchmarks, this data point reinforces the thesis that core AI infrastructure spending remains robust despite broader market pullbacks in specific sub-sectors.
DeepSeek Model Sparks Sell-off in South Korean Memory Stocks
On September 11, SK hynix shares dipped 2.2% and Samsung Electronics fell 3.5% as fund managers reassessed HBM demand following the release of DeepSeek’s latest AI model. The model’s efficiency gains raised questions about whether future AI applications will require less memory bandwidth than previously forecasted. This volatility directly impacts the valuation multiples of key HBM suppliers like SK hynix, which had recently seen upgrades citing tight supply.
Tokyo Electron Announces 5-for-1 Stock Split
Tokyo Electron announced it will execute a 5-for-1 stock split effective October 1, 2026, with September 30 as the reference date. The move is designed to increase share liquidity and retail investor access to one of Japan’s premier semiconductor equipment makers. This action comes as Japanese chip equipment stocks like Advantest and Disco have seen significant interest due to their exposure to global AI capex cycles.
Local view
Taiwan: Local media highlighted that while foreign investors were net buyers of NT$88.3 billion in early September, driving the TAIEX to near-record highs, there was significant rotation out of semiconductor stocks by mid-week. Storm.mg reported that on September 11, foreign funds sold over NT$89.27 billion, with semiconductors and memory stocks being primary targets for profit-taking, even as capital flowed into shipping and financials.
Japan: Zaikei Shimbun focused on the structural changes in the Tokyo semiconductor sector, noting that Tokyo Electron’s stock split could mirror moves by peers like Advantest, potentially triggering further retail inflows into the "AI hardware" basket on the Tokyo Stock Exchange.
Context & numbers
- TSMC Revenue: NT$514.81 billion for August 2026 (+53.3% YoY).
- SK hynix/Samsung Movement: SK hynix -2.2%, Samsung Electronics -3.5% on Sept 11 due to HBM demand concerns.
- Tokyo Electron Split: 5-for-1 split effective Oct 1, 2026.
- Foreign Flow (TAIEX): Foreign investors net sold NT$89.27 billion on Sept 11, reversing earlier buying momentum.
On the radar
- Tokyo Electron Split Execution: Watch for trading adjustments and potential volatility around October 1 as the 5-for-1 split takes effect.
- HBM Demand Reassessment: Monitor analyst revisions for SK hynix and Samsung following the DeepSeek efficiency narrative; LS Securities previously cut SK hynix targets while raising Samsung’s.
- Export Control Updates: While no new rules were issued this week, the BIS case-by-case review policy for Nvidia H200 and AMD MI325X exports to China remains the baseline regulatory environment.
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