SK Hynix reported Q2 on July 29: operating profit ₩60.5T, up 557% YoY, a record 76% margin — yet ~6% below consensus. The stock fell 9.6% that day. Within 48 hours, three major Korean brokers looked at the same report and gave three completely different answers: ₩4.7M, ₩2.8M, ₩1.48M. That's a 3.2x spread on one stock. How? KIS (₩4.7M, Buy): the miss was a timing issue — high-value shipments slipped into H2. Q3 DRAM prices now seen up 20% QoQ, HBM4 ramping, five-year LTAs locking in ASPs. Raised earnings estimates 10-11%. Mirae Asset (₩2.8M): didn't touch earnings estimates at all. Cut the multiple on one thing: China's DUV lithography localization clouding the long-term supply picture. Even says the selloff is overdone. BNK (₩1.48M, Hold): the miss was the start of demand slowing. NAND spot falling since April, hyperscalers pivoting capex to cost-efficiency, debt-funded expansion into softening demand. Oversold, but rebound capped. KIS bets on price. Mirae worries about structure. BNK questions demand and funding. The entire spread sits on four events nobody knows yet: Q3 DRAM +10% or +20%? When does NAND spot bottom? Does hyperscaler capex actually pivot? When does China DUV hit real supply? I'm with KIS on this one. Two things the bears are getting wrong. On LTAs — yes, locking 60-70% of capacity into long-term contracts means giving up some margin versus today's spot DRAM prices. That's real, and it's also the point. You trade peak-cycle margin for years of revenue visibility. Short-term pain, structural repricing. The market is still valuing Hynix like a cyclical while the company is busy becoming a growth stock — and the HBM roadmap is the core of that transition. A memory maker running flat-out on HBM4/4E with pre-sold capacity isn't the same asset class as the Hynix of 2019. On China DUV — the market is way too generous with the timeline. Shipping a domestic lithography tool is not the same as producing competitive memory at scale. Yield ramp on advanced nodes takes years, not quarters, and the gap compounds at every generation. Real supply impact on Hynix's earnings inside this cycle: minimal. Cutting a target multiple today for supply that doesn't exist yet is pricing a 2029 risk into a 2026 stock.