'SxHinix' is SK hynix — the Korean semiconductor company and the top supplier of AI memory (HBM) to Nvidia. It listed today on Nasdaq in the largest-ever US IPO by a foreign company. This is the full report: who the company is, what it makes today, and why it leads technically — then the question that governs its value: has AI broken the memory cycle, or is this just another peak?
SK Hynix is an exceptional profit machine today: a 71.5% operating margin, a 56% share of HBM memory, and a balance sheet in a net cash position. It raised 26.5 billion dollars and its stock opened at a ~18% premium to the Korea price. But the entire return hinges on a single question: has memory demand become "structural" (long-term contracts, HBM scarcity, three disciplined players) — or is the current expansion race building a 2028 supply glut, as in every prior cycle?
This part of the paper is open to EL7 Pro members and to free members who use one of this month's free papers on it. The paper goes on to analyse the numbers, the causes and what they mean for investors, with tables, charts and sources.
This part of the paper is open to EL7 Pro members and to free members who use one of this month's free papers on it. The paper goes on to analyse the numbers, the causes and what they mean for investors, with tables, charts and sources.
This part of the paper is open to EL7 Pro members and to free members who use one of this month's free papers on it. The paper goes on to analyse the numbers, the causes and what they mean for investors, with tables, charts and sources.
A free account gives you 4 full research papers every month. Or subscribe to EL7 Pro for full access to more than 300 papers.
$700 per year · or $99 per month