SK Hynix delivered an all-time high quarter in the April-to-June period, but the numbers were not enough for investors already worried about the memory cycle.
The company reported revenue of 79.3T won, up 257% from a year earlier, and operating profit of 60.5T won, a 557% jump that pushed its operating margin to 76%. Net profit hit 93.9T won, and first-half revenue crossed 100T won for the first time in company history. Cash stood at 88T won at the end of June.
AI server demand drove the surge, with HBM, high-performance DRAM and enterprise SSDs leading price increases. SK Hynix said it began mass shipments of HBM4 in the second quarter and will ramp output through the second half, while HBM4E completed sample shipments. The company has signed long-term agreements with around 10 key customers to lock in supply.
Yet shares fell as much as 10% after the release. Revenue came in below analyst consensus, and investors noted HBM prices rose less than conventional memory, raising questions about how much longer the boom lasts. The selloff echoes a broader wobble in memory stocks that have priced in years of AI-driven growth.
Executives pushed back on cycle fears, arguing that agentic AI is broadening demand across both AI and mainstream memory. They also promised capacity discipline, with the M15X ramp and a 2027 Yongin cleanroom opening planned in phases.
