Samsung is one of the most mispriced companies in global markets right now.

In 2025, it generated ~$30B+ net income, and in 2026 Q1 alone ~$38B operating profit — one of the highest globally.
Compare that to peers:
Apple net income ~$90–100B → ~25–30x PE
Microsoft ~$70–80B → ~30–40x PE
NVIDIA → ~40–60x PE
Samsung?
→ ~8–12x PE
Same AI cycle. Completely different pricing.
Why?
Because the market still treats memory as a commodity business:
supply-driven
highly cyclical
no pricing power
But AI is breaking that.
HBM demand is exploding, supply is constrained, and all three players — Samsung, SK Hynix, Micron — are effectively capacity-limited oligopolies now.
This is the key shift:
→ Memory (old): cycle, oversupply, low multiple
→ Memory (AI era): infrastructure, scarcity, pricing power
So the real question isn’t earnings.
It’s:
Are Samsung’s profits cyclical — or structural?
If cyclical → 10x makes sense
If structural → it’s massively underpriced
That’s the trade.