[Morgan Stanley: Samsung Leads Global Profits, Memory Supercycle Undervalued] According to Deep Tide TechFlow, citing research from Tide Research, a Morgan Stanley report dated October 11, 2026, indicates that Samsung Electronics' Q3 operating profit reached approximately $81.3 billion, surpassing NVIDIA's $71.6 billion and SK Hynix's $57.8 billion. Samsung and SK Hynix's stock prices have dropped 35% from their peaks, with forward P/E ratios of only 3 to 4 times. The HBM market is expected to triple by 2028 to $100 billion. DRAM contract prices in Q4 are projected to rise by 10% to 15% quarter-on-quarter, NAND by 15% to 20%, and enterprise SSDs by 23% to 28%. Morgan Stanley concludes that the memory supercycle is real, but the market is pricing it based on old cycles and has not fully reflected its valuation multiples. Memory stocks have risen ninefold since the start of the cycle, with the breadth of earnings revisions slowing. The recommendation is to overweight AI computing and network supply chains, selectively allocate to memory stocks, and favor Samsung, SK Hynix, and Kioxia.