
SK Hynix’s Plunge: HBM’s True Test Begins
SK Hynix delivered a record-breaking earnings report, yet its stock plunged amid elevated market expectations, rising capital expenditure pressure, and concerns over future HBM supply and demand. The sell-off was not a breakdown of the AI growth story, but rather a rational reset after excessive optimism. As HBM4 enters a critical phase of technology development and capacity ramp-up, the memory industry is shifting from a shortage-driven cycle to a technology-driven competition, where yield, process capabilities, and long-term profitability will define the true moat.





