According to Bloomberg on June 1, Richard Claude, portfolio manager of Janus Henderson Investors' Global Technology Leaders Fund, announced plans to hold shares of SK Hynix.
This fund, valued at $8.3 billion, has outperformed 96% of its peers this year and has recorded a 36% return over the past three years. It currently holds shares in U.S. memory semiconductor companies Micron Technology and SanDisk.
Claude assessed that SK Hynix is well-positioned in the global HBM market and could see significant profit growth next year, largely due to the likelihood of long-term supply contract prices being adjusted at higher levels.
"Most people now believe that this year's supply shortage will worsen next year," he said, adding that customers are willing to sign contracts under conditions that may seem quite harsh.
Bloomberg noted that Claude's assessment is interpreted as strong support for SK Hynix, one of the key beneficiaries of the global AI rally. Despite growing concerns over valuation pressures on AI-related stocks, expectations persist that the ongoing shortage of advanced memory semiconductors could favorably alter the industry's supply-demand dynamics in the long term.
According to Counterpoint Research, SK Hynix accounted for 57% of global HBM market revenue in the fourth quarter of 2025, while Samsung Electronics and Micron held 22% and 21%, respectively.
Claude believes that despite the surge in memory semiconductor stocks, their valuations remain attractive. He noted that as profits grow rapidly, the price-to-earnings ratio (P/E) remains low.
Bloomberg reported that Micron trades at about 10 times expected earnings, while both SK Hynix and Samsung Electronics are at approximately 7 times. This represents a significant discount compared to the Philadelphia Semiconductor Index's 27 times.
However, Claude expressed a preference for pure memory semiconductor companies over Samsung Electronics, citing pressures from rising costs and slowing performance in Samsung's consumer electronics division. He stated, "These stocks are rising while becoming cheaper. They demonstrate incredible profit-generating power, making it very easy to hold onto them."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.