SK Hynix eyes record Q2 profit on AI memory boom - the memory cycle enters its blow-off top

SK Hynix is guiding to a record Q2 profit driven by AI memory demand. The Korean memory oligopolist is now the cleanest single proxy on HBM pricing power.

In plain terms - SK Hynix is set to report a record quarterly profit for Q2 2026, powered by AI-driven HBM demand. It holds 57% of the HBM market for AI servers - the cleanest single proxy on HBM pricing power.

The fact

Tech in Asia reports (26 July 2026) that SK Hynix is guiding to a record Q2 2026 profit on AI memory sales. The company holds a 57% share of the high-bandwidth memory market for AI servers. HBM3E remains the volume runner; HBM4 qualification is in progress with major GPU customers. The company's $26.5bn Wall Street listing (publication #1000) already priced in a strong cycle; the actual print will test whether the market front-ran the peak or under-shot it.

Our reading

The signal is the mix, not just the number. If HBM revenue share continues to climb toward 40%+ of DRAM revenue, SK Hynix's earnings profile permanently decouples from historical DRAM cyclicality - HBM is a designed-in, contracted product, not a commodity spot market. Watch it against the CXMT debut (+471-500%, publication #1655) and Samsung's HBM5 2nm GAA base-die move (publication #1658). The whole memory stack is being repriced in the same week.

To watch

• HBM revenue mix disclosure in the earnings call
• Guidance on HBM4/HBM4E pricing and volume for H2 2026 and 2027
• CFO commentary on capex allocation between HBM lines and legacy DRAM