Macquarie has identified a group of South Korean semiconductor names it views as likely beneficiaries of tightening memory supply and accelerating demand for artificial intelligence infrastructure. The brokerage's selections cover several links in the chip value chain - from memory makers to equipment and materials suppliers - and rest on the view that industry dynamics are creating conditions for sustained earnings growth.
Macquarie's overview
The firm emphasised that structural constraints on memory supply, combined with rising AI-related demand, are supporting a favourable revenue and margin backdrop for a range of companies. Its list includes large, integrated memory manufacturers as well as specialist vendors that supply tools, printed circuit boards and copper-clad laminates into the AI server and networking build-out.
Samsung Electronics
Macquarie remained constructive on Samsung Electronics, pointing to what it described as strong earnings-per-share growth delivered at single-digit price-to-earnings multiples. The brokerage argued that structural limits on memory supply - including slower bit growth associated with technology migration and a deteriorating HBM trade ratio - mean shortages are likely to persist or worsen even as new fabs come online in 2027. The firm added that Samsung's size and market position leave it able to set the terms of long-term supply agreements with major customers, which Macquarie said reduces the company's downside in weaker scenarios.
SK Hynix
Macquarie expressed a similar level of conviction on SK Hynix, applying much of the same structural reasoning used for Samsung. The brokerage argued that memory supply constraints appear to be intensifying rather than easing, which should support a prolonged period of average selling price expansion and margin improvement. As with its domestic peer, Macquarie said SK Hynix has the leverage to be selective about long-term supply contracts, with major customers seeking to secure favourable terms amid tight market conditions.
Wonik IPS
The brokerage flagged Wonik IPS as a high-conviction pick among front-end semiconductor equipment suppliers. Macquarie noted that DRAM node migration is delivering diminishing gains in bit density while a higher mix of HBM continues to squeeze conventional memory supply. Against that backdrop, physical capacity expansion becomes the principal means to meet robust demand, which translates into equipment orders for companies like Wonik IPS. The firm also noted a supportive backdrop in NAND, where rising layer counts increase tool intensity and raise average selling prices even without adding nameplate capacity.
ISU Petasys
ISU Petasys was highlighted for its positioning in the AI networking supply chain. Macquarie noted the company's role in the TPU and Broadcom switch value chains, and pointed to 800G switching and Nvidia's Rubin platform as demand catalysts for the year. The brokerage cited guidance from leading switch makers - including Arista Networks and Celestica - that AI scale-out switch shipments could grow at roughly twice the year-on-year rate, a trend Macquarie said should support high-end printed circuit board suppliers such as ISU Petasys.
Doosan
Doosan was identified as a materials supplier positioned to benefit from the AI server build-out, specifically through its role as a copper-clad laminate (CCL) provider for Nvidia's Rubin compute trays. Macquarie forecasted robust demand for M7-grade and above CCL, projecting a compound annual growth rate of roughly 77% between 2025 and 2028. The brokerage also said Korean CCL companies had reaffirmed strong AI-driven demand in their first-quarter 2026 results, and that Doosan's place in the Rubin supply chain could produce meaningful earnings upside as the platform ramps through the year.
TCK
On NAND, Macquarie said it had turned more constructive and singled out TCK as a direct beneficiary of node migration trends. The brokerage observed that NAND prices were rising sharply and that margins had exceeded 60% in the first quarter of 2026. It added that fabs were expected to accelerate migration to 300-layer-plus 3D NAND to enable bit shipment growth of more than 20%. According to Macquarie, that process upgrade would raise consumption of silicon carbide etching rings - TCK's core product - by 30% to 40% per wafer. The firm also noted that any announcements of new NAND wafer capacity from Samsung or SK Hynix would represent potential catalysts for TCK's share price.
Implications across the value chain
Macquarie's selections underscore a thesis in which constrained bit growth, a rising HBM mix and accelerating AI networking and server builds create tailwinds for both integrated memory manufacturers and specialist suppliers. Equipment vendors stand to gain from physical capacity expansion and higher tool intensity, whereas materials and PCB suppliers could see volume and pricing support as AI platforms scale.
The brokerage's view ties together demand signals - such as switch makers' shipment guidance and platform ramps - with supply-side limits that it believes will sustain average selling price and margin expansion across segments of the semiconductor industry.