Samsung Electronics (005930.KS) is heading toward the 300,000 won mark, surpassing the 100,000 won milestone. The surge comes amid an explosion in artificial intelligence (AI) demand coinciding with a rebound in the semiconductor industry. While the sharp rise in a short period has drawn investor attention, some voices express concern that a prolonged correction may follow the surge, as in the past.
According to the Korea Exchange on the 28th, Samsung Electronics' stock price fell to the 40,000 won range in March 2020, when the COVID-19 shock hit the stock market. During this period, however, individual investors stepped up their buying. Funds that had lost their investment destinations amid real estate regulations and an ultra-low interest rate environment poured into the stock market, giving birth to the coined term "Donghak Ants." Samsung Electronics was their flagship stock.
Backed by expanded global liquidity and expectations of a semiconductor industry recovery, Samsung Electronics jumped to the 90,000 won range in just 10 months. Brokerages uniformly raised their target prices. On January 12, 2021, Shinhan Investment Corp. set a target price of 120,000 won, saying "there is no reason to be fixated on the historical valuation ceiling." Expectations grew for "100,000 won Samsung" and even "120,000 won Samsung."
But after hitting 96,800 won intraday on January 11, 2021, the stock price began to slide listlessly. The U.S. shift to monetary tightening, foreign selling, and a slowdown in the memory industry acted as a chain of negative factors. On online communities, the phrase "There are people on the 96th floor" went viral. It was a self-deprecating expression referring to investors who had bought at 96,000 won and were stuck at the peak. Posts saying "I will never be fooled by Samsung Electronics again" filled various stock bulletin boards.
Samsung Electronics shares subsequently drifted for a long time in the 50,000 won range. The U.S. rate-hike cycle, concerns over a global economic recession, and a sharp drop in memory prices coincided. Its market capitalization, which once accounted for around 25% of the KOSPI, also shrank. As a result, the word "jonbeo" (holding on for dear life) became like a code word among Samsung Electronics investors.
Samsung Electronics' stock price fell 31.79% on an annual basis, from 78,000 won at the end of 2023 to 53,200 won at the end of 2024. The decline was four times the KOSPI's drop (7.7%) over the same period, and market capitalization evaporated by 151 trillion won ($111 billion).
In September 2024, Morgan Stanley released a report saying winter was coming to the memory semiconductor market, triggering sharp drops in Samsung Electronics and SK hynix shares. The report earned Morgan Stanley the nickname "the grim reaper of memory semiconductors."
On November 14, 2024, the stock price was pushed down to 49,900 won, the lowest in four years and five months. This was the result of foreign investors net-selling 10.52 trillion won ($7.74 billion) over the course of that year.
The turnaround began in the second half of 2025. Improved earnings in high-bandwidth memory (HBM) driven by surging AI demand, Samsung Electronics' announcement of a share buyback, and a change in its semiconductor leadership combined to revive investor sentiment.
In October 2025, the stock price touched 90,000 won for the first time in four years and nine months, and on the 27th of the same month, it broke through 100,000 won. The uptrend did not falter thereafter. As of the 27th, the closing price stood at 224,500 won, meaning the stock has nearly tripled from its low in just eight months.
Brokerages are now discussing not only "300,000 won Samsung" but beyond. KB Securities presented a target price of 360,000 won, projecting that quarterly operating profit would increase to 107 trillion won in the fourth quarter of this year. Morgan Stanley sharply raised its forecast for Samsung Electronics' operating profit next year to 631 trillion won. This is the highest among forecasts from domestic and foreign brokerages. The firm that triggered the stock's plunge just two years ago by warning that "winter is coming" has now become the strongest optimist.
The difference lies in earnings. The 2021 rally was driven by expectations that outpaced actual earnings, while this time actual profits have been confirmed first, analysts say. Samsung Electronics' operating profit in the first quarter of this year was 57 trillion won, beating market expectations.
China's Huatai Securities initiating coverage on Samsung Electronics, its first on an individual Korean listed company, with a target price of 356,000 won also demonstrates the shift in global attention.
Concerns remain, however. BNK Investment & Securities noted, "As we move into the second half, the inference AI cycle will enter its latter phase, and growth may slow as the share of HBM4 revenue, which has relatively lower profitability, increases."
