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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 38 to 41.Analyst Certification on page 35.Price Objective Basis/Risk on page 29.12889800 Technology-Asia Pacific AI beneficiaries vs overvalued:Rating/PO changes among memory and Korea tech Rating Change Thesis:time to distinguish AI beneficiaries vs ov

4、ervalued Almost all memory and Korea tech stocks under our coverage have given double-or triple-digit returns YTD,primarily driven by the AI growth theme,in our view.That said,the degree of AI impact will vary significantly among various tech names.As such,we believe it is time to distinguish real A

5、I beneficiaries vs low-growth/overvalued stocks.Top picks:Hynix,Nanya,SIMO,LGE and SDS Our top picks for global memory and Korea tech are:SK Hynix(catalyst:No.1 position in HBM;new PO:W700,000);Nanya Tech(legacy DRAM upturn;NT$150);Silicon Motion(SIMO;solid demand for NAND controller IC;US$130);LG E

6、lectronics(well-managed US tariffs,resilient earnings,growth opportunities with data center cooling system and auto parts,India subsidiary IPO completion;W130k);and Samsung SDS(AI-based IT services;W240k).These companies share prices have reached or surpassed prior high level.But,new POs imply 40%+u