SK Hynix Earnings Analysis: AI Memory Demand Strong, Market Overreacts to Oversupply
tengyanAI · x · 2026-07-30
The author shares an in-depth read on SK Hynix's latest earnings. They previously staked a call for a 40% realization in DRAM price increases, and the actual print came in at 30%.
The core takeaway is that memory demand language is as strong as it gets, with nothing suggesting the memory cycle is breaking or the AI buildout is slowing. The market is likely panicking over two distinct risks: capped pricing realization and future oversupply following the capex reveal (including a massive ₩40T capex for 2026 and the pull-forward of the Yongin campus to early 2027).
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