HSBC released a report on August 3, pointing out that after more than a month of significant adjustments, market pessimism towards Korean AI memory stocks has intensified. The report analyzes that the long-term earnings level implied by Samsung Electronics' current stock price has fallen to about 0.8 times its 2024 EPS, meaning the market believes AI is unlikely to bring permanent earnings improvement, and its long-term AI premium has been almost completely erased. Since its peak in early June, Samsung Electronics' stock price has cumulatively fallen by about 25%, and the market-implied earnings cycle has shortened from about 3.5 years to 2.5 years. SK Hynix is similarly pessimistic, with its stock price cumulatively falling by 37% since its peak on June 25, and the market-implied earnings cycle plummeting from about 6 years to 2.7 years. In contrast, TSMC still retains an AI premium, with its market-implied earnings cycle remaining at about 7.4 years. HSBC also believes that the most intense mechanical selling pressure may be nearing its end.