BAMCO, Inc. - Baron Emerging Markets Fund on Samsung Electronics Co., Ltd.
Thesis
Samsung has improved its strategic position in high-bandwidth memory. The company became the first to ship next-generation HBM4 at volume for an upcoming leading AI accelerator platform, helping drive record memory profitability. Baron believes HBM4 leadership, its broad memory franchise and advanced foundry optionality support multi-year earnings power.
“We retain conviction in Samsung as a core long-term holding”
Key risks
- Higher memory costs can pressure Samsung's smartphone business