The brokerage raised its target price on Samsung to 530,000 won from 450,000 won, its second upgrade in two weeks following a 15 May revision. With the stock closing at 313,500 won on Wednesday, the new target implies roughly 69 percent upside — a move that would carry Samsung's market value into a tier currently inhabited only by the largest US technology names and place it among the small group of non-American companies ever to reach the threshold.
The analytical core is Nvidia's Vera Rubin platform, slated for launch in the second half of this year. Kim Dong-won, head of research at KB Securities, wrote that memory will account for around 25 percent of total Vera Rubin platform cost — more than five times its share in the current Blackwell generation.
That shift, Kim argued, makes Samsung a direct beneficiary as it expands supply of next-generation memory categories including SOCAMM, a new low-power memory module standard for AI servers, and sixth-generation high-bandwidth memory, known as HBM4. Samsung has lagged rival SK Hynix in supplying high-bandwidth memory to Nvidia through the current cycle, and KB's call is, in effect, a bet that the HBM4 transition resets the competitive board.
Kim's broader argument rests on a tightening supply picture. "The memory market next year will be better than this year," he wrote, pointing to deeper shortages and stronger pricing momentum. The structural driver is Samsung's Pyeongtaek P4 fab, where new capacity is being concentrated on specific HBM lines. That dedication means additional commodity DRAM output can come only through process conversion of existing lines — squeezing supply across the broader memory market and lifting prices for general-purpose chips alongside the AI-specific ones.
A second leg of the bull case is humanoid robotics. Kim expects Samsung to begin deploying intelligent humanoid robots on its semiconductor production lines in the second half of this year, and described the company's strategy as a two-track approach combining strategic equity investments in global humanoid players with internal development. He singled out cooperation with Boston Dynamics — the robotics affiliate of Hyundai Motor Group, with which Samsung maintains close ties — as the most realistic option, given Nvidia's and Google's appetite for the behavioral data that humanoid deployments generate.
For now, the load-bearing assumption is HBM4. Samsung's failure to qualify earlier HBM generations into Nvidia's flagship platforms on schedule cost it ground that SK Hynix has yet to surrender, and the entire Vera Rubin thesis depends on Samsung closing that gap before the platform ramps.
That means the $2 trillion framing — roughly 3,000 trillion won, and treated by KB as a starting line rather than a ceiling — is best read as a directional argument about where the cycle and the product mix are pointing, conditional on Samsung executing where it has previously stumbled. The tape has not yet validated it.
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