1/ Samsung's Q2 earnings report is out. Here’s the conclusion, folks: 8x PE, solid support below! Operating profit hit 89.4 trillion KRW (around $58.4 billion), up 19x year-over-year and 56% quarter-over-quarter. Revenue reached 171 trillion KRW. Solid performance, but the market seems to have anticipated this. 2/ Samsung’s profits this year are expected to surpass the total of the past 40 years combined—a historic milestone. This is the result of the AI memory supercycle. HBM demand is exploding, DRAM prices keep climbing, and as the global leader in storage, Samsung is taking the biggest slice of the pie. But the stock price has already risen significantly this year, and market expectations are running high. 3/ The key is still valuation. If we annualize Q2’s operating profit, Samsung’s price-to-earnings ratio is just 8x. And this doesn’t even factor in the possibility of DRAM prices continuing to rise in Q3. An 8x PE in this kind of AI semiconductor boom cycle isn’t expensive. 4/ So my judgment is simple: the fundamentals are solid, the valuation is supported, and with the expectation of price hikes in Q3 still in play, Samsung’s stock price doesn’t have much room for a major correction. Solid support below.