[Lyon: Optimistic about Korean semiconductors’ key position in Agentic AI supply chain Rating SK Hynix “highly confident of outperforming the market”] On September 22, Lyon published a research report stating that agent-based AI transforms a single inference of a large AI model into a long-term tool usage cycle that requires multiple rounds of execution for each task, putting pressure on memory capacity, bandwidth and rack-scale integrity, far beyond simple Computational problems require the cooperation of high-bandwidth memory (HBM), low-power double data rate (LPDDR)/small compressed add-on memory module (SOCAMM), enterprise-class solid-state drive (eSSD)/high-bandwidth flash memory (HBF), advanced packaging, testing, and front-end shrinkage. The bank pointed out that South Korea has an extensive end-to-end layout in key AI semiconductor processes such as AI memory, bonding, substrate, testing and front-end processing. The bank believes that with the support of structural Agentic AI demand and tight supply, K-enablers' fundamentals have improved and their positioning has been strengthened. SK Hynix, Samsung Electro-Mechanics and EO Technics have all been given a "highly confident outperform" rating, and Samsung Electronics, Hanmi Semiconductor, HPSP Eugene and ISC have been given an "outperform" rating.