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美股盯盘日记
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海力士这次财报有点尴尬，营收和利润都创新高，但达到市场预期
AI芯片需求确实旺，但市场胃口更大了。业绩好已经不够，还得比预期更好才行。
#SK海力士Q3营收首破100万亿韩元
美股盯盘日记
#SK海力士Q3财报在即，HBM4能否提振盈利？
The earnings report is coming soon, let's review the recent trends in the AI industry.
Previously, the market was concerned about who could acquire more GPUs and build more data centers; now the question has shifted to: after investing so much money, when will the returns come?
First, on the AI model side:
DeepSeek continues to optimize inference efficiency, and open-source technology lowers the barrier to use. But will cost reductions stimulate more demand, or will they compress the profit margins of model companies?
Looking at Anthropic, as the IPO progresses, the commercialization capabilities of AI model companies will be tested by the market. Can rapidly growing revenues cover the huge computing power investments and support high valuations?
CoreWeave is a typical case of computing power infrastructure. Although it has long-term orders, high debt, financing costs, and construction risks have led the market to question whether these orders can truly convert into profits and cash flow.
Finally, back to SK Hynix:
As a key supplier of HBM, this time, besides revenue and profit, attention should be paid to HBM4 mass production, long-term orders, and expansion pace.
If downstream continues to increase investment, HBM demand will still be supported; but if capital expenditure slows, upstream may also face order pressure.
The current issue may not be whether AI has a future, but whether the profitability of the entire industry chain can keep pace with the speed of capital investment.
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