BlockBeats News, August 6th. Goldman Sachs' assessment of the Korean AI chain has not shifted despite the recent sharp decline. Their latest view is that the sell-off of Korean AI-related stocks has been overdone. The bank continues to maintain an overweight position on the Korean stock market and sees the storage cycle as the key support for this round of gains.

Goldman Sachs believes that this round of decline more reflects position unwinding and deleveraging, and the fundamental logic has not been disrupted. The bank's core argument still lies in AI computing power driving demand for DRAM, HBM, and NAND. They believe that AI servers, cloud provider capital expenditures, and high-bandwidth memory requirements are creating longer-term supply-demand tension, with the market not yet fully pricing in the scenario where the storage chip shortage may persist until 2030. Due to the high operating leverage of storage manufacturers, once prices remain strong, profit elasticity will quickly magnify.

This also explains why Goldman Sachs remains bullish on the Korean market after the sharp decline. Samsung Electronics and SK Hynix together account for about half of the KOSPI's weight, making the Korean stock market essentially a high-beta expression of the global AI hardware cycle. For U.S. stock investors, this logic will also spill over to Micron, SanDisk, Western Digital, and the semiconductor equipment chain. Despite the recent volatility in AI stocks, as long as cloud provider capex does not significantly slow down, memory is still the most directly benefited part of AI infrastructure.