Samsung: the third HBM maker, earning like the first
Record memory profit and HBM4 ramping, bought after a 14% fall. Bullish at low conviction: memory is cyclical and Samsung is the third supplier, not the first.
Q3 2026 operating profit ~KRW 107T, a record, ~99% from chips [secondary].
HBM4 revenue tripled to ~60% of HBM sales; 2027 HBM described as sold out.
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