#SK海力士股价下跌7.1%
Did you notice SK hynix plunge 7.1%?
Don’t keep thinking this is just a short-term bubble in AI concept stocks being squeezed out. The rules of the industry have actually changed. $SKHY
China’s leading memory chipmaker ChangXin Memory Technologies (CXMT) has unveiled a new 4F² DRAM architecture, and reports say tech giants are already in talks to test its high-end HBM products. This directly challenges the monopoly held by overseas memory giants.
People used to see SK hynix as an exclusive HBM supplier tied to NVIDIA $NVDA , but three major risks are now clear: its technological defenses have been breached.
In the past, it made huge profits through high yields and technological exclusivity. Now domestic manufacturers are making architectural breakthroughs and rapidly catching up, weakening its pricing power. Capacity pressures are backfiring. Over the past year, it ramped up capacity to the max for HBM, while its share of the general-purpose DRAM market fell.
If the growth in AI capital spending by major tech giants slows, the massive expenses and risk of a subsequent glut will be exposed. Competition is closing in. Samsung and Micron $MUU are aggressively winning orders at low prices, bringing the exclusive-profit era to a definitive end.
After the sharp short-term drop, the stock may see a modest rebound along with the broader market. But the golden era of one-way surges driven by AI hype is over. The memory sector is set for sharp divergence. Whether SK hynix can hold its ground will depend on whether it can maintain an absolute advantage in capacity and yields in the HBM4 generation.
Do you think AI hardware valuations have really hit their ceiling? DYOR
Did you notice SK hynix plunge 7.1%?
Don’t keep thinking this is just a short-term bubble in AI concept stocks being squeezed out. The rules of the industry have actually changed. $SKHY
China’s leading memory chipmaker ChangXin Memory Technologies (CXMT) has unveiled a new 4F² DRAM architecture, and reports say tech giants are already in talks to test its high-end HBM products. This directly challenges the monopoly held by overseas memory giants.
People used to see SK hynix as an exclusive HBM supplier tied to NVIDIA $NVDA , but three major risks are now clear: its technological defenses have been breached.
In the past, it made huge profits through high yields and technological exclusivity. Now domestic manufacturers are making architectural breakthroughs and rapidly catching up, weakening its pricing power. Capacity pressures are backfiring. Over the past year, it ramped up capacity to the max for HBM, while its share of the general-purpose DRAM market fell.
If the growth in AI capital spending by major tech giants slows, the massive expenses and risk of a subsequent glut will be exposed. Competition is closing in. Samsung and Micron $MUU are aggressively winning orders at low prices, bringing the exclusive-profit era to a definitive end.
After the sharp short-term drop, the stock may see a modest rebound along with the broader market. But the golden era of one-way surges driven by AI hype is over. The memory sector is set for sharp divergence. Whether SK hynix can hold its ground will depend on whether it can maintain an absolute advantage in capacity and yields in the HBM4 generation.
Do you think AI hardware valuations have really hit their ceiling? DYOR