SK Hynix fell from 2,959,000 won on June 22 to 1,291,000 won on July 30 — a 56% drop in the same month it posted a record quarterly operating profit of 60 trillion won. Three numbers explain the gap.
If GPU demand was AI CapEx's Act 1, the market is searching for Act 2's lead. SK Hynix's HBM legacy and Korea's 'intelligence export' debate suggest gravity is shifting from hardware to software layers. This piece examines what accelerates or reverses that transition.
Tracing the path SK Hynix took to pioneer the HBM market makes clear what Samsung Electronics must prove in the second half of the year. What matters more than the numbers is the pace of technology transition and the customer certification timeline.
Attention to SK Group Chairman Chey's HBM-pioneering role has put the semiconductor earnings cycle back at center stage. Whether KOSPI can sustain its rally in the Valuation-Up program's second year hinges on HBM demand durability and earnings recovery in non-semiconductor sectors.