Domestic and overseas brokerages have been raising their target prices for Samsung Electronics and SK hynix one after another, further boosting market expectations. In the exchange-traded fund (ETF) market, retail investors are also showing a strong preference for semiconductors. According to the financial investment industry on the 25th, most major brokerages that analyzed Samsung Electronics and SK hynix this month have raised their target prices. In South Korea, the target price for SK hynix was set as high as 4.3 million won for the first time, while Samsung Electronics was also given a domestic high of 585,000 won, reflecting how quickly analysts' expectations are rising. Overseas brokerages are even more aggressive. Nomura Securities recently raised its target price for Samsung Electronics from 590,000 won to 670,000 won. It also lifted its target for SK hynix to 5 million won. Nomura said second-quarter earnings are likely to beat market expectations, helped by lower-than-expected provisions for performance bonuses. Brokerages cite expanded artificial intelligence (AI) investment, the full-scale rollout of next-generation high bandwidth memory (HBM4) supply, rising memory prices, and the impact of NVIDIA's next-generation platform as key reasons for the higher targets. Analysts say this is not just a matter of optimism, but a revaluation driven by upward revisions to earnings estimates. Kim Young-geon, a researcher at Mirae Asset Securities, said, "As the memory price upcycle continues, Samsung Electronics is in a position to run at maximum production capacity in both DRAM and NAND." He added, "In a tight supply environment, its relative supply competitiveness is becoming more visible, and by 2027 its production capacity advantage in the industry will stand out even more." Ko Young-min, a researcher at Daol Investment & Securities, said, "We have raised our average selling price (ASP) forecasts for both HBM4 and general-purpose memory in the second half." He added, "Along with earnings improvement, a possible American Depositary Receipt (ADR) listing in the third quarter could serve as an additional catalyst for a stock-price revaluation." According to Koscom Corporation, semiconductor-related products accounted for six of the top 10 ETF net purchases by individual investors over the past month, from May 25 to June 24. The top net-buying product was the KODEX SK Hynix Single Stock Leverage ETF, with retail investors buying 318.05 billion won. It was followed by the MiraeAsset TIGER SK Hynix Single Stock Leverage ETF with 262.09 billion won, while the Samsung Electronics Single-Stock Leveraged ETF ranked third with 244.72 billion won in inflows. Other AI semiconductor-related ETFs, including the SOL AI Semiconductor TOP2 Plus ETF, the TIGER Samsung Electronics Single-Stock Leveraged ETF, and the KODEX AI Semiconductor TOP2 Plus ETF, also ranked near the top. Combined net purchases by individuals in these six semiconductor-related ETFs reached 1.28408 trillion won, coming close to 1.3 trillion won in just one month. In particular, the SK hynix and Samsung Electronics single-stock leveraged ETFs both ranked near the top, showing that investor sentiment is increasingly favoring further gains in leading semiconductor stocks over broader market indices. Yang Il-woo, a researcher at Samsung Securities, said, "The current consensus for third-quarter operating profit in the semiconductor sector appears achievable even if semiconductor prices at the end of the second quarter rise only marginally." He added, "In the second half, semiconductor prices are likely to remain stronger than the market expects." dschoi@fnnews.com Choi Doo-seon Reporter