SK Hynix $SKHY just posted an 80% operating margin on $78.9B in quarterly revenue. ​Those are software margins on heavy semiconductor manufacturing. ​Q3’26 Numbers: • ​Revenue: $78.9B (+328% YoY, +32% QoQ) - beat by $4.1B • ​Oper. Profit: $62.8B (+632% YoY, +38% QoQ) - beat by $4.3B • ​Gross / Oper. Margin: 85.7% / 80.0% • ​Cash vs. Debt: $86.3B cash vs. $11.9B debt Market spent the last month worrying about a 2027–2028 memory cliff. Look at what management actually put on the table today: 1. ​5-Year LTAs: Signed with 14 major customers (incl. global CSPs), locking up over 50% of 2027–2028 capacity right now. 2.​HBM4 Transition: HBM4 passes HBM3E in both shipments and revenue share in Q4, with 2027 HBM contracts already finalized and conventional DRAM margins rapidly closing the gap. 3.​ Q4 Sequential Acceleration: Guiding DRAM bit growth up mid-20% QoQ after a high-20% ASP jump in Q3. 4. ​Massive Cash Return: $15.08/sh Q3 dividend (boosted by Kioxia gains) + $15.1B in Q3 share purchases, pushing full-year 2026 shareholder returns to ₩100T ($75B). ​ Net income came in at $30.0B due to a $24.6B non-operating hit ($17.3B investment mark-to-market loss and $8.8B FX translation from a stronger won). Operationally, cash flow hit $41.3B for the quarter and management expects memory demand to outrun supply through 2030.