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taishiro
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There are also whispers of delayed back-end equipment orders potentially slipping into 2027, raising questions about the pace of capacity ramp.
Some see SK hynix’s share of Nvidia’s HBM supply moderating (JPMorgan has floated figures in the mid-40s % range longer-term) as Samsung and Micron scale up
Bottom line: The AI demand backdrop is still powerful, cash generation looks massive, and the company is positioned as a key HBM4 player.
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taishiro
SK hynix 仍然在整体 HBM 市场中保持强劲领先地位（最近约占 50% 份额），更广泛的 AI 内存超级周期依然完整，DRAM/NAND 价格上涨，预计短缺将持续到 2027-28 年，并且多年客户协议已锁定。
行业报告指出，第三季度 HBM4 出货量未达预期（继第二季度类似的疲软之后），这与部分 Rubin 计划调整和比预期更长的性能调优有关。
#SKhynixQ3HBM4Earnings
