SK Hynix’s Transatlantic Gambit: An Intel Plant in Ohio and a Battle for HBM4 Primacy
Published on 07/21/2026 at 19:04 | Redaktion boerse-global.de
SK Hynix is pursuing a twin-track strategy to cement its leadership in high-bandwidth memory. Even as its shares staged a 4.08% recovery on Tuesday to 1,836,000 won, the Korean chipmaker is laying the groundwork for a U.S. manufacturing foothold via Intel’s sprawling Ohio campus. The move comes against a backdrop of ferocious price swings — the stock has lost 37.10% over the past 30 days and sits 38.53% below its 52-week high of 2,987,000 won reached on June 25, 2026 — and an earnings release set for July 29 that could determine whether the recent rout is a buying opportunity or the start of a deeper correction.
According to a report in the JoongAng Ilbo, SK Hynix is actively pursuing the acquisition of Intel’s semiconductor campus in Ohio, a 1.2 million-pyeong site that could accommodate up to eight fabrication plants. Intel had budgeted $28 billion for the first phase of development, but construction has stalled. SK Hynix’s aim is to establish its own memory production in the U.S. within five years. SK Group Chairman Chey Tae-won confirmed that the company is searching for a U.S. site, while also warning that memory prices are currently “unusually high” and that AI chip demand is expected to surge 60%–100% next year.
The broader Seoul market provided a tailwind, with the Kospi jumping 3.56% to 6,747.95 in a rally led by Samsung Electronics (+6.15%) and SK Hynix. Together the two stocks account for roughly 45% of the index’s weighting. Analysts at JPMorgan attributed the recent foreign selling to technical factors: leveraged ETF liquidation is 75% complete, while hedge fund unwinding is only half done. The bank raised its Kospi target to 12,500 points. Morgan Stanley’s Joseph Moore, cited in The Chosun Daily, called the memory-chip correction a buying opportunity and forecasts data-center memory prices will rise more than 25% in the third quarter. Supply constraints are expected to intensify between 2027 and 2028.
Despite Tuesday’s gain, SK Hynix remains 16.40% below its 50-day moving average of roughly 2,196,214 won, underscoring how fragile the rebound is. The annualized 30-day volatility stands at a staggering 117.41%, reflecting the whipsaw moves that have punished leveraged positions. The 100-day moving average sits at 1,626,321 won — a potential support level if selling pressure resumes.
Should investors sell immediately? Or is it worth buying SK Hynix?
The company’s HBM franchise remains the core growth story. SK Hynix controls around 53% of the HBM4 market and has a technology and supply agreement with Nvidia that runs through 2030. UBS estimates SK Hynix’s share could reach 70% for Nvidia’s upcoming Rubin platform. Delivery of HBM4 chips is slated to begin in the second half of 2026. The stock’s Nasdaq-listed ADRs, which debuted on July 10, currently trade at a 33% premium over the Seoul-listed shares, signaling strong investor appetite for exposure to the memory market’s AI-driven upcycle.
But the competitive landscape is tightening. Samsung started mass production of its own HBM4 in February 2026 and has reported improved yields on the next-generation HBM4E in internal tests. If Samsung converts those test gains into volume orders from major AI-chip makers, margin pressure on SK Hynix could mount. On the production front, SK Hynix has pulled forward the opening of its first cleanroom at the Yongin semiconductor cluster to February 2027, though doubts persist about whether local power infrastructure can support such a massive complex.
All eyes are now on the second-quarter earnings due July 29. In the first quarter, SK Hynix delivered revenue of 52.58 trillion won and an operating profit of 37.61 trillion won — a margin of 72%. Mirae Asset Securities projects second-quarter operating profit of 62.3 trillion won, while Korea Investment & Securities forecasts 60.4 trillion won on revenue of around 83 trillion won. The uncertainties include the yield ramp for HBM4 and potential one-time provisions for employee bonuses. The July 29 release also coincides with a two-way exchange period between the Nasdaq ADRs and Seoul stock, which could fuel additional volatility.
South Korea’s export data adds a macroeconomic tailwind: in the first 20 days of July, total exports surged 52.3% to a record $54.9 billion, with semiconductor shipments jumping 180.6% to $22.1 billion. The trend reinforces the narrative of a memory “supercycle.”
SK Hynix at a turning point? This analysis reveals what investors need to know now.
Longer-term, industry observers warn of a structural DRAM shortage that could extend deep into the 2030s. TrendForce and the CEO of ADATA, Chen Li-bai, have flagged persistent tightness. SK Hynix itself sees the peak of memory scarcity arriving between 2027 and 2030. Chairman Chey’s warning about “unusually high” current prices suggests that even as the company ramps output, it expects pricing to remain elevated — a scenario that both fuels profits and invites competitive pressure.
The July 29 earnings will be the next major test. If SK Hynix confirms that HBM4 sampling is on track for a year-end ramp and that 1c-DRAM yields are stabilizing, the stock could find a floor above its recent lows. Any downward revision to HBM shipment guidance for 2027, however, would signal that the supercycle is cooling — and the shares, still 38% off their highs, have plenty of room to drop.
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SK Hynix Stock: New Analysis - 21 July
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