From JPMorgan APAC Tech Comments SK hynix: Investors generally expect SK hynix’s shareholder returns to be at least equivalent to 50% of Samsung Electronics’ level, following management’s indication that it would provide an update by the end of 3Q. The market also expects FY27 HBM contract pricing to increase by more than 50%, driven by tight supply-demand conditions in commodity D5. However, our analyst Jay is taking a more conservative view, forecasting an annual contract price increase of less than 40%, given NVIDIA’s strategic importance and SK hynix’s ability to reprice annually. Investors also asked about the announced $38.1bn capex plan, which is primarily allocated to production from FY30 onward. JX Advanced Metals: Investors generally expect JXAM to increase InP production capacity by 20–30x by the end of FY29, well above management’s maintained 7–10x expansion plan, particularly as order inquiries continue to run ahead of the planned capacity ramp. The market is also likely to expect Sumitomo Electric to raise its InP capacity expansion plans.