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According to a Goldman Sachs report, on June 1, Goldman Sachs significantly raised the target prices for SK Hynix, Samsung Electronics, and Kioxia. The target price for SK Hynix was increased to 3.3 million to 3.5 million KRW (approximately 3.3 million to 3.5 million KRW), Samsung Electronics’ target price was raised to 480,000 KRW, and Kioxia was upgraded to "Buy" with a 12-month target price of 93,000 JPY. Goldman Sachs believes that the valuation framework for the memory industry is shifting from price-to-book ratio to price-to-earnings ratio, and expects shortages in DRAM, NAND, and HBM supply to continue until 2028, with the HBM market size for 2027 being revised up by 54% to $116 billion. Goldman Sachs warns that the new valuation framework requires balance sheet support; otherwise, there is a risk of repeating the events of 2017.

Glonghui, June 1st｜According to Bloomberg, before Palantir's shareholder meeting, Norway’s sovereign wealth fund expressed support for shareholders' calls for the company to strengthen disclosures on human rights risks and political spending. The report states that by the end of last year, Norway’s sovereign wealth fund held about 1.22% of Palantir’s shares, with approximately 0.89% of voting rights. Palantir’s 2026 shareholder meeting will be held on June 3rd. Shareholder proposals include requesting the board to commission an independent third party to submit a report explaining how the company assesses clients’ use of its defense-related products, technology, and services, and whether such use could cause or be involved in human rights violations or breaches of international humanitarian law, especially in high-risk or conflict-affected areas. Another shareholder proposal urges the company to publish a human rights impact assessment to review the actual and potential human rights implications of using Palantir’s products and services. A third shareholder proposal requests the company to disclose its political spending.

BlockBeats News, June 1st - Today, Goldman Sachs released a comprehensive global semiconductor storage industry report, officially announcing a substantial increase in the target prices of SK Hynix, Samsung Electronics, and Kioxia. SK Hynix's target price has been raised to the range of 3.3 to 3.5 million South Korean Won (implying approximately 53% upside), Samsung Electronics' target price has been raised to 480,000 South Korean Won (implying approximately 60% upside), and Kioxia's rating has been upgraded to "Buy" with a 12-month target price set at 93,000 Japanese Yen. The core logic behind this upward revision lies in a historic shift in the storage industry's valuation framework — Goldman Sachs believes that the sustained demand being driven by AI, supply constraints, and the proliferation of Long-Term Agreements (LTAs) are driving the storage industry's transformation from a highly cyclical commodity track to an AI infrastructure track with predictable profitability. The industry benchmark has officially switched from Price-to-Book (P/B) ratio to Price-to-Earnings (P/E) ratio, currently anchored at around 9 times P/E. The report also significantly raised its supply-demand gap forecast, predicting that the supply shortage in the three major categories of DRAM, NAND, and HBM will persist until 2028. Among them, the shortage of HBM is most severe, with the market size in 2027 being revised up by 54% to $116 billion. Previously, Morgan Stanley and JPMorgan had already pointed out that the widespread implementation of LTAs is transforming the cyclical business of storage giants into a technology infrastructure with a stable cash flow profile. The current forward P/E ratio of only 7.3 times is at a 50%-80% valuation discount compared to TSMC, presenting a historic opportunity for narrowing the discount. However, Goldman Sachs also cautioned that the only solid evidence that can support the new valuation framework lies in the tangible prepaid assets on the balance sheet and legally locked-in deferred revenue obligations. Otherwise, the narrative spanning cycles may still fall into the trap of forward agreements becoming worthless as seen in 2017.