Mirae Asset Securities said on the 18th that Samsung Electronics has secured a big tech client while establishing an unprecedented business model that combines leading-edge foundry (contract chip manufacturing) and memory. It raised its target price to 300,000 won from 275,000 won.
Jensen Huang, Nvidia chief executive officer (CEO), officially announced in a keynote at GTC 2026 in San Jose, California, on the 16th (local time) that Samsung Electronics will produce the Groq3 LPU chip.
Kim Young-gun, a Mirae Asset Securities researcher, said, "The Nvidia order is the second big tech client win following last year's foundry supply deal for the A16 artificial intelligence (AI) chip with Tesla," and noted, "This raises a strong possibility of a valuation reassessment."
Mirae Asset Securities lowered the discount rate applied to Samsung Electronics' foundry division to around 10% from 30% with this order. Until now, Mirae Asset Securities reflected only about 75 trillion won for the operating value of Samsung Electronics' foundry/LSI (large-scale integration) divisions. It had applied a 30% discount to the EV/EBITDA multiple due to continued losses at the foundry division, a low level of EBITDA, and a lack of customers.
Mirae Asset Securities also predicted that Samsung Electronics will benefit as the use of SRAM expands.
Kim explained, "The Groq3 LPU, equipped with SRAM offering 500MB of capacity and 150TB/s of bandwidth, delivers up to 35 times better performance than Blackwell in top-tier inference operations," adding, "The importance of SRAM-based data reuse within the chip is expanding rapidly."
Kim added, "With this order, Samsung Electronics has proven its mass-production capability for data center–class accelerators that include large on-chip SRAM," and said, "Samsung Electronics is effectively the only manufacturer that can cover the full spectrum of memory from SRAM to solid-state drives (SSD)."