Lyon published a report stating that SK Hynix's stock price has fallen 50% from its high level due to market concerns about the sustainability of AI capital expenditure, the peak and fall in memory prices, and the rise of Chinese suppliers. The bank maintains its original view that memory supply will remain tight in 2027 due to the complexity of advanced process nodes, the long climbing time of the new plant, and continued strong demand for data centers. AI capabilities have become the core of the competitiveness of hyperscale cloud operators. As AI models become more complex, the demand for high-end memory products should continue to increase. According to the bank, the main concerns have been fully reflected in the stock price, maintaining the “Highly Confident Outperform” rating of SK Hynix. According to the report, SK Hynix's revenue for the second quarter reached 79.32 trillion won, up 51% from the previous quarter; operating profit was 60.54 trillion won, up 61% from the previous quarter, which was lower than the market consensus of 6% and 7%, respectively. Average DRAM and NAND prices rose 30% and 56%, respectively. Earnings were lower than expected mainly due to a weak product portfolio, including a high percentage of HBM3E average sales prices remaining flat during the season, and delays in HBM4 shipments to Nvidia with high average sales prices. Based on ongoing discussions with key customers, Hynix emphasized that AI infrastructure investment will remain strong even after 2027. As AI applications expand to search, program writing, and proxy AI, it is expected that demand for high-end products such as HBM, server DRAM, and high-capacity ESSD will continue to grow. Shipments of HBM4 began in the next quarter, and volume is expected to accelerate in the second half of the year.

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