Mirae Asset Securities raised its target price for SK Hynix to 3.1 million won from 2.8 million won on Sept. 7 while maintaining its Buy rating, implying 88.2% upside and a $362 target for the ADR. The Korean brokerage also lifted its target for Samsung Electronics, while Micron Technology shares gained about 4% on Thursday. The thesis centers on AI processors requiring increasingly more high-bandwidth memory (HBM), a fast memory technology positioned near processors to accelerate data movement. AMD's upcoming MI455X is expected to include 432 gigabytes of HBM4, 50% more than the previous-generation MI355X, while Nvidia's Rubin platform features 288 gigabytes. Mirae expects HBM adoption in custom ASICs (application-specific integrated circuits) to broaden SK Hynix's customer base. Because only SK Hynix, Micron and Samsung Electronics manufacture HBM at scale, shifting production toward AI memory could tighten conventional DRAM supply and support prices. Mirae forecasts SK Hynix's DRAM average selling prices will rise 15.8% sequentially in the third quarter, 7.2% in the fourth quarter and 23.9% in calendar 2027. The bank still cut operating-profit forecasts because of the stronger Korean won, but raised its 2026 DRAM price assumptions by 4.4 percentage points and said the stock traded at 3.1x 2027F P/E and 1.6x 2027F P/B.