SK Hynix Q2 2026 delivered rec

SK Hynix

Q2 2026 delivered record results: revenue ~₩79.3T (~$57B, +257% YoY), operating profit ~₩60.5T (76% margin, +557% YoY). HBM strength, AI DRAM, and enterprise SSDs drove performance; long-term customer contracts are expanding. The company announced a massive ~₩40T ($28–29B) share buyback/cancellation (largest in Korea) and raised shareholder returns to >50% of cumulative FCF (2025–2027). Capex is elevated (high ₩40T range for 2026) for new fabs.

Shares rallied sharply on the buyback but have been volatile (down significantly from peaks amid sector rotation and earnings that slightly missed lofty expectations). Valuation looks inexpensive on peak earnings.

Future potential: Attractive. HBM leadership and AI demand provide multi-year visibility; aggressive capital returns add support. Risks mirror Micron’s (supply ramp, pricing). Suitable for clients seeking Korean AI memory exposure with shareholder-friendly policies.

Memory Rally Driven by More Than Supply — Did Buybacks Push SK Hynix to an All-Time High?

Memory rose across the board: SK Hynix +7.05% to a record, Micron +2.75%, SanDisk +1.51%. Beyond the supply squeeze, S&P Global Market Intelligence projects a KRW 20–40tn SK Hynix buyback in Q4 with room left for dividends, feeding Korea's Value-up push; OpenAI keeps pulling AI memory on the demand side. Caliber note: that buyback is a forecast, not a company announcement. That is the risk: at a record high, any shortfall takes back the premium just paid. Micron's September 30 report is the year's biggest AI memory catalyst. Chase SK Hynix at records, or wait for Micron's numbers first?

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