Rolf Bulk(@rolfbulk):5/6% miss on revenue/operating profit, but supply stays constrained for the foreseeable future despite capex hikes. Yes, $SKHY is giving up near-term DRAM ASP upside by i) prioritizing HBM and ii) signing long-term supply agreements. But both moves will reduce earnings volatility and smooth the cycle. Micron said last month that ~50% of its revenue could be under LTAs long term, at gross margins above the prior cycle peak of 60%. Hynix's approach to LTAs is likely similar. That could justify a re-rating from today's 3x NTM earnings multiple.

Rolf Bulk

@rolfbulk

Head of Semiconductors & Infrastructure @FuturumEquities | No investment advice.

参加 January 2026

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Rolf Bulk@rolfbulk

2026.07.29 08:03

5/6% miss on revenue/operating profit, but supply stays constrained for the foreseeable future despite capex hikes. Yes, $SKHY is giving up near-term DRAM ASP upside by i) prioritizing HBM and ii) signing long-term supply agreements. But both moves will reduce earnings volatility and smooth the cycle. Micron said last month that ~50% of its revenue could be under LTAs long term, at gross margins above the prior cycle peak of 60%. Hynix's approach to LTAs is likely similar. That could justify a re-rating from today's 3x NTM earnings multiple.