1、Asia Pacific Equity Research22 July 2025J P M O R G A NTechnology-SemiconductorsJay Kwon AC(82-2)758-Sangsik Lee(82-2)758 Jeongsuk Woo(82-2)758 J.P.Morgan Securities(Far East)Limited,Seoul BranchWe met over 45 investors in HK last week.We now share key investor interest and feedback and try to answe

2、r FAQs from meetings.Area of investor interest in order-Memory Holdco EV battery/material=Hardware.Overall,investors sounded more confident on AI hardware spending trend(vs.three months ago-note)after seeing a)a reduction in supply chain bottlenecks at hardware downstream(GB200/300 server monthly bu

3、ild pick-up);and b)an increase in end customers adoption/use case(especially in the U.S.economy).Strong TSMC 2Q25 print and outlook commentary(note)also assured ongoing AI semi demand strength and many investors pointed out MSFTs next fiscal year capex announcement(slated for July 31)to be a key ind

4、ustry catalyst to follow.Despite pricing noise and delayed 2026 HBM order discussion,most investors view mid-to-long term S-D dynamics as solid.Memory Semi key debate on HBM4 pricing.Investors generally find it difficult to agree to bear market expectations(e.g.HBM4 price premium as low as 20%vs.HBM

5、3E or 30%ASP discount on conventional HBM3E for year 2026)of giving away a significant amount of price premium to GPU customers in light of:i)tight market S-D(renewed H20 sales and increasing expectation of ASIC chip sales strength in 2026,and higher wafer die penalty at HBM suppliers);ii)premature

6、HBM4 suppliers qualification progress(followers able to confirm the qualification result at the earliest in 1Q26);and iii)substantial logic die cost increase.We find the discussion a part of investor expectation reset process(HBM4 over HBM3E price premium expectation was 15-20%in 1Q25 moving up to 3