SK Hynix Q2 profit soars 557% YoY on HBM demand; revenue misses estimates amid pricing delays

SK Hynix posted record second-quarter profit of 60.54 trillion won (~$41.5B), a 557% increase year-over-year, driven by sustained AI infrastructure demand for high-bandwidth memory. Revenue reached 79.32 trillion won ($54.55B), up 257% YoY but below analyst estimates of 84 trillion won—a miss attributed to timing of long-term contract recognition rather than weakened demand.

The company's H1 2026 cumulative revenue exceeded 100 trillion won for the first time in its history. Sequentially, Q2 revenue rose 51% and operating profit jumped 61% versus Q1. SK Hynix credits the expansion to robust AI infrastructure investment and premium pricing on HBM4 products that set record levels, driven by acute demand from megacap cloud and AI data center operators.

The miss triggered a market rout, with investors worried AI capex may be peaking. However, analysts argue the revenue shortfall reflects accounting mechanics—SK Hynix recognizes HBM revenue under long-term agreements more slowly than spot price rallies, while physical export data shows memory shipments at record June volumes. HBM supply is forecast to remain tight through 2027–2028.

For practitioners: 75%+ operating margins and HBM leadership cement SK Hynix as the supply chokepoint in AI infrastructure. Multi-year contracts with Nvidia and pricing power insulate the firm from short-term demand volatility, but margin collapse if capex decelerates warrants close monitoring of quarterly guidance.