Analyst Ricky Ho highlights SK Hynix's market capitalization of US$865 billion, with an expected US$50 billion net cash from its ADR offering and a US$60 billion Kioxia stake. Sell-side consensus projects US$353 billion in cumulative net income from 2Q26 through 4Q27, with US$222 billion in full-year 2027 net income alone. The analyst contends that HBM demand, driven by increasing AI accelerator requirements and high manufacturing barriers, represents a structural shift rather than a cyclical peak.
SK Hynix's HBM business is structurally different from prior memory cycles, driving sustained earnings growth from AI infrastructure demand.