SK hynix sold out through 2029: AI selloff is about cash flow, not demand, argues Puru Saxena
danielrock · x · 2026-11-01
Puru Saxena argues the AI stock selloff reflects cash flow, financing costs, and market patience rather than evaporating demand. Evidence: SK hynix posted Q3 revenue of 104.6 trillion won (+328% YoY) with 83.3 trillion won operating profit (80% margin); DRAM and HBM volumes are effectively sold out through 2029, customer HBM requests are roughly double available supply, shortage is expected through 2030, and long-term agreements already cover over half of 2027–2028 capacity with 14 major customers. Economist Daniel Rock shared it noting markets may have learned from past cycles; how they price this remains to be seen.
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