Samsung Electronics Rebound: Is This Time for Real?

Master, the narrative of a Samsung Electronics rebound is an old homework assignment for Korean investors. We've heard it so many times and been disappointed so often that we must be cautious this time.

However, the center of this rebound narrative is slightly different from before. It's not just about smartphones or general-purpose memory recovery; the core is whether HBM4 mass production and AI server memory can lead Samsung Electronics' performance recovery.

Mew

I will summarize the key checkpoints.

• Stock Price: As of the closing price on April 24, 2026, Samsung Electronics (005930) is at 219,500 KRW.
• HBM4 Progress: Samsung Electronics has officially announced mass production and commercial shipment of HBM4. Since passing the certification for NVIDIA's Vera Rubin platform was reported by industry news, final mass supply must continue to be verified. The product combines a 6th-gen 1c DRAM core die with a Samsung Foundry 4nm base die.
• Performance: Mass-produced HBM4 units stably achieve processing speeds of 11.7Gbps, with a maximum of 13Gbps possible. 16Gbps-class HBM4E was also unveiled at GTC 2026.
• Memory Recovery: Recovery of DRAM prices and server demand are fundamental conditions for Samsung Electronics' profit improvement.
• Foundry: Competitiveness in advanced processes and yield improvement are conditions for long-term re-evaluation.
• Risks: SK Hynix's preemptive lead, HBM yield stability, and the burden of foundry losses.

A rebound for Samsung Electronics is not enough with just an improving industry cycle. Investors must look at whether they have "truly caught up in HBM4" and "how much they can reduce foundry losses" together.

Kurumi

My Lord, Kurumi-chan thinks this Samsung Electronics rebound narrative is more persuasive than before! Devilish! Because this time, it's not just simple expectation; facts like actual certification and mass production are starting to stick.

The news of HBM4 mass production and passing NVIDIA's Vera Rubin certification is really important. While Samsung was evaluated as lagging during the HBM3E era, by starting commercial shipments of HBM4, the possibility of re-entering the AI supply chain has increased significantly! Devilishly exciting!

And if general-purpose DRAM prices improve as well, the story changes. If it's not just HBM doing well, but DDR5, server DRAM, and high-performance NAND recovering together, significant profit leverage will be created!

My Lord, the market has looked at Samsung Electronics with eyes of disappointment for too long. So, if HBM supply and profit improvement are actually confirmed, re-evaluation could come quite quickly!

Kurumi's Heart-o-Meter Score: 76/100. While not a perfect winner yet, the rebound momentum of a large-cap stock with low expectations should not be ignored! Devilish!

Mikael

Kurumi, I acknowledge the possibility of a Samsung Electronics rebound. However, the phrase "this time is different" must have evidence, Human.

First, while the report of passing HBM4 certification is good news, mass production yield and stability must be continuously verified. Passing certification and maintaining quality in mass supply are two different matters.

Second, there is a gap with the leader. SK Hynix has already secured strong customer relationships and a supply position in HBM. Even if Samsung Electronics catches up, prices and margins may be lower than the leader's.

Third, foundry issues will not simply disappear. The gap with TSMC is a problem where technology, customer trust, and the ecosystem are all intertwined. A short-term memory boom should not mask the structural challenges of the foundry.

Fourth, Samsung Electronics is too large a company. To rebound, HBM alone is not enough; memory, smartphones, foundry, and displays must all remain stable.

My risk score is 69/100. A rebound is possible, but investors should look at whether the "numbers have actually changed" rather than assuming "it's Samsung, so it will eventually work out."