JPMorgan Investors Expect FY27 HBM Contract Pricing to Jump Over 50%
zephyr_z9 · x · 2026-08-11
JPMorgan's latest APAC tech research reveals key investor expectations regarding the AI compute supply chain:
- SK hynix Shareholder Returns: Investors anticipate returns equivalent to at least 50% of Samsung Electronics' level, with an update expected by Q3.
- HBM Contract Pricing: Driven by tight D5 supply, the market expects FY27 HBM contract prices to surge >50%. However, JPMorgan takes a conservative stance of <40%, citing NVIDIA's strategic importance and annual repricing capabilities.
- Capex: Investors are also scrutinizing SK hynix's announced $38.1bn capex plan, primarily allocated to production expansion.
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