Meritz Securities: Astra's Technological Advances May Drive a Rebound in Memory Stocks

Meritz Securities, a South Korean investment bank, believes that the technological advancements of OpenAI's new model, GPT-6 Astra, are significant, as evidenced by the rising GPU rental prices indicating market recognition. Although the prices of AI tokens have fallen, this does not imply that the total addressable market (TAM) for AI hardware will shrink or slow down. On the contrary, the emergence of Astra may bring a new turning point for the AI industry, driving structural growth in AI demand. The stock market in September continues to be affected by high interest rates, and the South Korean market faces obstacles, including downward adjustments in profit expectations due to the appreciation of the Korean won. Despite the discomfort in the market, Meritz Securities believes that there should not be a significant reduction in AI infrastructure stocks centered around memory, as positive catalysts that have not yet been reflected in stock prices are accumulating. Although the baseline scenario remains conservative, it is expected that by mid-October, the trends of AI and semiconductor leaders could reverse at any time, necessitating an exposure to upward risks.

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