A record-breaking quarter from Micron Technology has injected fresh momentum into the memory chip space, lifting SK Hynix shares 3.2% to KRW 1,833,000.00 in today’s session. The U.S. manufacturer posted fourth-quarter revenue of $54.23 billion and guided toward $61.5 billion for the current period, with a $1.5 billion margin of error — a forecast that underscores just how deeply data centers now depend on advanced memory solutions.
The Korean chipmaker’s advance builds on a remarkable run. Since the start of the year, the stock has climbed 179%, and today’s gain follows a separate 2.1% rise to KRW 1,814,000.00 recorded earlier in the trading day.
Analysts Split Between Currency Headwinds and Structural Demand
Ahead of SK Hynix’s interim results, Korean research houses have been recalibrating their profit models to account for the strengthening won. The currency’s appreciation against major counterparts has pushed third-quarter earnings estimates below market consensus, though both DS Investment & Securities and NH Investment & Securities insist the underlying demand picture remains untouched.
NH Investment & Securities reaffirmed its buy rating with a price target of ₩3.4 million on Tuesday. The brokerage acknowledged that currency effects are weighing on near-term numbers but argued the long-term framework stays intact. DS Investment & Securities struck a similar tone, pointing to the won’s strength and the resulting downward revision in quarterly estimates while emphasizing that foreign exchange movements do nothing to erode fundamental demand in the core business.
Wolfe Research had already moved in the opposite direction on September 23, when analyst Chris Caso raised his target on the stock from $200 to $250 while maintaining an “Outperform” rating. Caso cited improving memory pricing as the catalyst for the upgrade.
Should investors sell immediately? Or is it worth buying SK Hynix?
HBM4 and Year-End Pricing Seen as Fourth-Quarter Catalysts
What analysts on both sides of the currency debate agree on is the fourth-quarter outlook. Sustained demand for AI-focused memory solutions and long-term supply agreements with major customers are expected to drive results. DS Investment & Securities specifically flagged upcoming volume increases for the next-generation HBM4 product line, alongside memory prices that are set to firm toward the end of the year.
SK Hynix has been showcasing its technological roadmap at industry gatherings. At the TSMC OIP Conference, the company presented its next-generation memory portfolio, including High Bandwidth Memory, SOCAMM2, and enterprise SSDs. At its own Global Forum in Santa Clara, CEO Kwak Noh-Jung outlined global research and production plans aimed at meeting growing AI-related demand.
Solidigm Listing Speculation Meets Official Silence
Strategic questions about the company’s structure have also drawn investor attention. Reports surfaced roughly a week ago suggesting a possible U.S. initial public offering for subsidiary Solidigm. SK Hynix responded by stating that no decision has been made regarding the unit’s future capital plans — neither through internal nor external financing routes.
The company said it continues to evaluate various options for strengthening Solidigm’s competitiveness, and that any decision on capital allocation or potential external funding will be weighed first and foremost by its impact on existing shareholders and long-term corporate value. SK Hynix also noted it received a Partner of the Year award at the same venue for the second consecutive year, reinforcing its technological integration efforts.
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