JPMorgan Sees Memory Stock Pullback as Medium-Term Buying Opportunity

JPMorgan’s Asia-Pacific equity research team sees the recent pullback in memory stocks as a potential medium-term buying opportunity. The team cited a gap between concerns about the durability of artificial intelligence spending and conditions in memory-chip supply and demand. JPMorgan’s comparison put memory stocks down about 6% over the past month and 15% over three months. Over those same periods, the Philadelphia Semiconductor Index rose about 10% and fell about 4%, respectively. For the next six months, the bank named Samsung Electronics, SK hynix, Kioxia, Samsung Electro-Mechanics, ISU and ISC as core overweight picks. The group spans memory-chip companies and related suppliers. South Korea’s third-quarter earnings season begins the week of Oct. 19.

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