Chip Boom Lifts September Exports Past $120 Billion for First Time

* Editor's note: AI PRISM (Personalized Report & Insight Summarizing Media) is an artificial intelligence-based personalized news recommendation and summary service developed with support from the Korea Press Foundation. It selects and provides six tailored news items for each reader type.

1. Chip Supercycle Pushes September Exports Past $120 Billion for First Time; $1 Trillion Annual Mark Possible as Early as November

Key points: September exports rose 83.5% from a year earlier to $120.94 billion, topping $120 billion for the first time, with semiconductor exports of $60.3 billion accounting for 49.9% of the total. Memory chip exports jumped 358.6% to $54.07 billion this September from $11.79 billion in September last year, driven in part by price gains — DDR5 16Gb rose to $48 in September from $37.5 in May, while 128Gb NAND flash climbed to $30.6 from $26.5 over the same period. Cumulative exports for January through September reached $814.5 billion, already well above last year's full-year total of $709.3 billion, and forecasts suggest annual exports could reach $1 trillion as early as late November. The trade surplus also topped $40 billion for the first time at $49.85 billion, extending a pattern in which strong exports feed through to an improving current account.

2. 'HBM Average Selling Prices to Rise 121% Next Year': Green Light for Samsung and SK in Price Talks

Key points: Micron's disclosure that it has already contracted most of its HBM bit supply for next year at higher prices than this year has brightened the outlook for price negotiations by Samsung Electronics and SK hynix, analysts said. TrendForce expects HBM average selling prices to climb 121% next year from this year, with the price per 12-layer 36GB HBM4 stack more than doubling to around $1,300 next year from about $600 this year. Samsung Electronics' share of global HBM revenue rose 12 percentage points to 33% in the second quarter from 21% in the first quarter, and analysts said the combination of higher HBM4 shipments and higher contract prices next year creates a structure in which both volume and price feed into earnings at the same time. SK hynix is holding the top market position by revenue at 50% while negotiating HBM volumes and prices for 2027, and analysts said confirmation of Micron's actual contract price increases has created a favorable negotiating climate.

3. Micron's AI Data Center Revenue Jumps 11-Fold; 35% of Four Years of Revenue Already Secured

Key points: Micron posted record quarterly revenue of $54.23 billion in the fourth quarter of fiscal 2026, while annual revenue surged 256% from the previous year to an all-time high of $133.19 billion. Data center revenue soared more than 11-fold to $18 billion from $1.577 billion a year earlier, with booming HBM demand from expanding AI data centers serving as the key driver of the record results. The number of strategic customer agreements grew to 26 from 16, lifting remaining performance obligations 50% from the previous quarter to $150 billion — equivalent to more than 35% of four years of revenue. Revenue guidance for the next quarter, the first quarter of fiscal 2027, came in at $61.5 billion, above the market consensus of $57 billion, raising expectations that the tailwind will extend to earnings at Samsung Electronics and SK hynix.

4. KOSPI Nears 7,000 on Chip Exports and Micron Results; KOSDAQ Surges 4.5%

Key points: The KOSPI closed 1.95% higher at 6,971.35, moving close to the 7,000 level, while the KOSDAQ jumped 4.48% to 894.29 for a fifth consecutive session of gains. Samsung Electronics finished 2.79% higher at 276,000 won, and SK hynix rose 3.21% to 1.833 million won. On the KOSDAQ, chip materials, parts and equipment shares rallied, including LEENO Industrial (10.90%), Wonik IPS (9.13%), EO Technics (8.46%) and HPSP (8.32%). Analysts said risk appetite recovered as Micron's forecast that memory supply and demand will tighten further in 2027 and 2028 coincided with record South Korean chip exports. Institutions bought a net 417 billion won on the KOSPI, while institutions and foreign investors bought a net 570.4 billion won and 327 billion won respectively on the KOSDAQ, supporting the broad market advance.

5. Chip Supply Chain Tailwind and Stronger Small-Cap Research Drive KOSDAQ Rally

Key points: The KOSDAQ closed 4.48% higher at 894.29, its highest level since July 1 of this year (929.35), having risen in 10 of the past 11 sessions for a cumulative gain of 10.8% over that period. Leading chip materials, parts and equipment names closed sharply higher, including Wonik IPS (9.13%), EO Technics (8.46%), LEENO Industrial (10.90%) and HPSP (8.32%), producing a gain more than double the KOSPI's 4.3% rise over the same period. Analysts said sentiment was also lifted by a government plan to strengthen research coverage that requires nine full-service investment banks to devote at least 25% of their annual reports to small- and mid-cap stocks, with more than half of those allocated to KOSDAQ names. Experts said a selective approach focused on companies with improving earnings among chip supply chain firms, whose valuations have become more attractive since the July correction, remains valid.

6. No Wrongdoing Found at the Fed, Yet Trump Again Demands Powell Resign Immediately

Key points: On the same day the Federal Reserve's Office of Inspector General said it had found no administrative wrongdoing related to building renovation work, President Donald Trump renewed his demand that former Fed Chair Jerome Powell resign from the board, threatening to pursue legal action through the Justice Department if he refuses. The OIG report said it found no evidence of violations of federal criminal law in the $2.4 billion project, but it did point to a failure of cost control, with expenses nearly doubling from a 2020 estimate of $1.3 billion. New Fed Chair Kevin Warsh said he would appoint an independent auditor to review the full final costs. Because the Federal Reserve Act bars the president from removing a governor except "for cause," analysts said the structure points to continued pressure to control the Fed rather than a substantive resolution of the conflict. With Powell's term as a governor running until January 2028, observers said the political conflict over Fed independence could add to monetary policy uncertainty.