EARLYThesis forming — early stage, needs conviction
Investment Thesis
SK Hynix is the dominant supplier of HBM (High Bandwidth Memory) for AI accelerators, with NVIDIA as anchor customer and AMD/custom ASIC programs adding volume. HBM3E and HBM4 transitions extend the technology lead vs Samsung and Micron. Capacity is sold out through 2026 with pricing power, and HBM mix shift is structurally margin-accretive. Korean Value-Up program adds capital return acceleration.