SK Hynix Hits 76% Margin on HBM: Are Markets Mispricing AI Infrastructure?
km · x · 2026-07-31
Investor Steve Jang on CNBC discussed the valuation logic shifting for AI infrastructure layers. Using SK Hynix as a prime example, the company posted eye-popping Q2 numbers: $55.0 billion in revenue (up 257% YoY) and $42.0 billion in operating profit (up 557% YoY), achieving a record operating margin of 76%.
Despite these incredible fundamentals driven by High Bandwidth Memory (HBM) defensibility, the stock fell over 9% after missing highly inflated consensus estimates. Jang raises a critical question: is the market incorrectly applying an outdated memory-cycle framework to evaluate the new, persistent AI infrastructure layer? The conversation also touched on the future roadmap for AI regarding memory, robotics, and agents.
Related event: SK Hynix Earnings Beat Expectations, Highlighting Strong AI Memory Demand(2 posts)→
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