Jensen Huang's Marvell call-out is not about Marvell replacing NVIDIA GPUs. It is a signal that custom XPU, AI networking, optical interconnect, FC-BGA, high-speed PCB and silicon capacitors are becoming the next AI infrastructure bottlenecks. This note previews Broadcom's Q2 call and maps the read-through to Samsung Electro-Mechanics, Korea Circuit and Isu Petasys.
Hanmi Semiconductor's June 1 IR notice is not an order announcement. It is a strategy message about 2H26 outlook and overseas market expansion, widening the TC-bonder TAM from HBM into 2.5D packaging, AI system semiconductors, OSAT and HBF, while CEO insider buying adds a secondary support signal.
After NVIDIA GTC Taipei, this note breaks the message into AI Factory, Vera CPU, Agent Runtime, AI PCs and Physical AI, then translates it into Korean equities: Samsung Electronics, power infrastructure, robotics, Doosan and NAVER Cloud.
Samsung Electronics' HBM4E 12-high sample shipment is a positive catch-up signal, but the market still needs customer qualification, mass-production timing, EPS revisions and evidence that Hanmi Semiconductor can convert the event into TC bonder orders.
Mirae Asset's June 1 Samsung Electro-Mechanics target of KRW 2.8 million is based on 2029F EPS of KRW 93,242 and a 30x PER. The upgrade is not multiple expansion; it is a large upward revision to 2027-2029 MLCC, FC-BGA and silicon-capacitor earnings. From here, SEMCO must prove its earnings duration is stronger than memory.
On June 1, 2026, Korean equities priced GTC Taipei and Jensen Huang's expected Korea visit as an AI factory, physical AI and Korean partner rerating event. But the daily ADR was only 18.1%, with 20-day ADR at 48.0%. This note separates the catalyst from the narrow breadth.
A proxy-beta check on Samsung C&T using its 298,818,100 Samsung Electronics shares, a 51.7% YTD stake-value pass-through ratio, 0.83 Samsung Electronics beta, KODEX Samsung Group ETF flows, and the comparison versus Samsung Electronics 2x ETFs.
A Research OS breakdown of 2026 YTD Korean foreign-investor activity shows that KOSPI foreign attention is concentrated in 168 names and KOSDAQ in 355 names. The practical MSCI DM-upgrade question is not whether foreigners buy Korea broadly, but which Korean stocks are already in the foreign-investor playbook.