Today I own only one memory stock and it's Samsung.
Not because it has the highest HBM exposure - it doesn't.
That's exactly the point.
HBM share went from 20% in 2025 → 33% in Q2'26 → 40% expected in Q4, while HBM4 revenue is expected to >3x QoQ in Q3.
But the part I find more interesting: Samsung's HBM4 uses its own 4nm Foundry base die.
So every incremental HBM4 win can improve Memory mix while simultaneously driving Foundry utilization - a business that has been a major earnings drag.
Add AMD openly exploring Samsung for both memory AND next-gen foundry today, and I think the setup becomes pretty asymmetric.
$MU / $SKHY = more pure memory beta.
Samsung = memory upcycle + HBM share recovery + Foundry operating leverage.
That's the risk/reward I prefer.
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SOUTH KOREAN MEDIA: SAMSUNG’S 12-HIGH HBM4E PASSES QUALIFICATION TESTS AT NVIDIA AND OTHER CUSTOMERS