KB Securities sees SK hynix profits soar on HBM boom, lifts target price - CHOSUNBIZ - Chosunbiz

KB Securities raised its outlook for SK Hynix in 2027, citing a continued supply shortage and booming demand for high-bandwidth memory (HBM). The firm forecasts operating profit to reach KRW 454 trill... Read original →

SK hynix’s profit surge driven by HBM scarcity signals a foundational shift in memory architecture dictated by AI infrastructure demands. Technically, HBM3E/HBM4 adoption is forcing upgrades across the stack—from TSV processes to advanced packaging and silicon interposers—with TSMC’s CoWoS capacity now a systemic bottleneck. Geopolitically, U.S. AI chip export controls inadvertently bolster SK hynix’s pricing power in compliant HBM markets but tether it tightly to U.S. GPU ecosystems, heightening supply chain fragility. As Samsung ramps HBM3E and Micron leverages CXL for AI memory differentiation, SK hynix must concentrate output on 8Hi+ high-margin tiers to sustain premiums. Over the next 18 months, with global AI server capex exceeding $300B, HBM will transition from optional to essential, re-rating DRAM valuations from cyclical to growth-oriented—yet CoWoS delays or intensified U.S.-China tech decoupling could trigger severe capacity misalignment.