SK hynix Has Room For Another Leg Up

SK hynix is the current HBM leader, with roughly 58% market share and strong exposure to Nvidia’s AI platform roadmap. HBM remains supply-constrained, while hyperscaler capex is still being revised upward despite higher component pricing. New memory capacity should take years to meaningfully come online, supporting pricing, margins, and earnings through the current cycle. Despite the stock’s huge rally, the valuation still looks attractive if the memory cycle remains stronger for longer.