SK Hynix (000660.KS) Q1 operating profit hits KRW 37.6T

SK Hynix (000660.KS) reported a record first quarter, putting a hard number on the AI memory cycle. The company's Q1 release listed revenue of KRW 52.5763T, operating profit of KRW 37.6103T, and net profit of KRW 40.3459T. Operating margin reached 72% and net margin was 77%.

CNBC said the figures were broadly in line with earnings expectations but missed revenue estimates. LSEG smart estimates had revenue at KRW 53.55T and operating profit at KRW 37.92T. SK Hynix shares rose as much as 3.6% in early Seoul trading before paring gains and trading down 0.9%.

The driver was high-value memory tied to AI infrastructure. SK Hynix said the shift from large model training toward agentic AI, where real-time inference runs repeatedly across services, is expanding the demand base for both DRAM and NAND. CNBC cited Counterpoint Research as saying SK Hynix retained a 57% share in HBM.

The strategic issue is capacity, not only price. SK Hynix said 2026 investment will rise significantly year over year, with spending focused on the M15X ramp-up, Yongin cluster infrastructure, and EUV equipment. In a market where customer demand exceeds supply capacity, stable delivery becomes a competitive advantage as much as technology leadership.

The next watch item is HBM4 qualification and wafer capacity. CNBC noted that HBM4 is expected to be a key AI memory chip for Nvidia's next-generation Vera Rubin architecture. If memory prices cool in the second half, investors will test whether SK Hynix can preserve margins near Q1 levels while funding a much larger capex program.

Not investment advice. Verify all figures with primary sources before acting.