SK Hynix Crosses the Trillion-Dollar Line on AI Memory, but the Real Contract Is the Supply Chain

Record first-quarter profits pushed the Korean chipmaker into the trillion-dollar club, yet the valuation is a wager on how long the data center buildout can absorb HBM supply before depreciation bites.

SK Hynix has crossed the trillion-dollar market capitalization threshold, carried there by record first-quarter profits and the insatiable compute requirements of the global artificial intelligence buildout [1]. The milestone is a testament to the sheer volume of dollars currently flowing into data center memory, specifically the high-bandwidth memory chips that make large language models feasible. But a valuation of this magnitude is not merely a reflection of past earnings. It is a leveraged bet on the duration of the capex cycle, and on SK Hynix maintaining its grip on the supply chain long enough to amortize the capacity it is building right now.

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