🇰🇷 SK Hynix $SKHY posted record Q3 revenue of KRW 104.6 trillion and operating profit of KRW 83.3 trillion, with operating margin reaching 79.7%. Profit beat market expectations as AI demand drove growth across HBM, server DRAM and enterprise SSDs. Most importantly, SK Hynix expects memory shortages to persist through 2030. More than 50% of its production capacity for 2027–2028 is already covered by long-term contracts with 14 major customers, and some buyers are discussing agreements extending beyond the typical five-year term. HBM4 is expected to surpass HBM3E in both shipments and revenue from Q4, while demand is spreading beyond major cloud providers to enterprises adopting AI. Autonomous driving and robotics could add further demand over time. SK Hynix also plans around KRW 100 trillion in shareholder returns this year, reflecting the cash generation of the current memory cycle. Record earnings, contracted capacity and exceptional pricing power suggest AI memory demand remains strong. The longer-term risk is familiar: if manufacturers expand capacity too aggressively, today’s shortage can become tomorrow’s glut. The key question is how long tight supply can sustain current margins before new capacity catches up with demand.