On September 22, SK hynix rose 3.72% in regular trading, trading at $196.18/share, with turnover of $11.76 billion. The stock led a broad rally across storage concept names, with Micron Technology up over 1% and Seagate Technology up over 2%.

Multiple catalysts converged to drive the storage sector higher. Samsung has allocated more than half of its 4nm production capacity to HBM4 base die manufacturing, signaling an escalation in the HBM race. According to Counterpoint data, SK hynix maintains a leading approximately 50% share of HBM revenue, while Samsung's share climbed from 21% in Q1 to 33% in Q2, and Micron holds 18%. SK hynix has committed roughly $38.3 billion to expand domestic Korean production capacity through 2031 and expects the memory market to reach supply-demand equilibrium no earlier than 2030.

Separately, Bank of America raised its DRAM average selling price forecasts for the next two years by 8-12%, projecting a 21% CAGR for combined DRAM and NAND sales through 2030, reinforcing the memory super cycle thesis. CLSA also issued a high-conviction outperform rating on SK hynix, citing its key positioning in the Agentic AI supply chain.

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