Korea Technology and AI Infrastructure Update

Korea's tech sector is seeing historic gains led by the 'AI Bottleneck' trade, specifically in MLCCs and advanced packaging. Goldman Sachs reiterates bullishness on memory giants and power infrastructure plays as the cycle shifts to structural B2B capex.

Key Takeaways

• 1.The AI boom in South Korea is driving extreme outperformance in specific tech stocks like SEMCO (+724% YTD) and Daewoo E&C (+577% YTD) compared to the KOSPI index.
• 2.MLCCs and advanced packaging have emerged as critical bottlenecks in the AI supply chain, making companies like Samsung Electro-Mechanics strategic plays.
• 3.The current semiconductor cycle is structurally different, driven by B2B AI infrastructure investment rather than consumer hardware replacement cycles.

Table of Contents

• Performance YTD
• Performance 1Y
• Composition
• [GS] TECH: What's next? AI infras
• Tiering of Bottlenecks
• SALES PICKS
• GS Korea Alpha Generation Call series
• [GS] TECH-SEC/HYNIX: +30-40% upside to (new) TP
• GS DRAM Sentiment Indicator
• [GS] SK HYNIX (000660): 1Q26 preview
• [GS] TECH: Buy more Hynix & Samsung

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