SK hynix ($SKHY) reports tomorrow morning. Keep this open during the call. Four headlines you’ll probably see, and what they actually mean: 1. “HBM share of revenue fell.” Usually denominator arithmetic. Conventional DRAM prices surged while HBM pricing is largely fixed on annual contracts. Bearish only if: HBM revenue itself falls or management cites lost business. 2. “SK hynix failed to capture the full market-price increase.” Benchmarks never flow straight into reported results. Blended DRAM realization around +40% is still consistent with contract timing. Bearish only if: realized pricing lands closer to +30%. 3. “Net income missed.” Q1 included ~₩11.5T of one-off gains. Sequential NI comparisons are noisy. Bearish only if: operating profit also misses because realized pricing disap
View on X ↗