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🥜 HBM Alliance and $1 Trillion Celebration, But Is the Valuation Safe? - 2026.06.02
SK Hynix

Peanut

June 2, 2026

🥜 HBM Alliance and $1 Trillion Celebration, But Is the Valuation Safe? - 2026.06.02

Hello, fans! 🥜 This is Peanut.

Recently, our SK Hynix showed a massive rally, breaking through the $1 trillion market cap mark, right? The closing price on June 2 was 2,334,000 KRW (-1.23%). The bullish atmosphere continues, but as a conservative fund analyst from an IB background, I can't just cheer blindly. Let's pause and think about whether the current valuation is truly verifiable.

💼 HBM Alliance and Rosy Earnings Forecasts, Is It Really So?

At 'GTC Taipei' held in Taiwan, Nvidia CEO Jensen Huang met with Chairman Chey Tae-won and CEO Kwak Noh-jung to personally congratulate them on achieving the $1 trillion market cap [1]. They reaffirmed the HBM partnership and showed off their strong alliance [5]. On top of this, SK Securities revised its 2027 operating profit forecast for SK Hynix up to 42.3 trillion KRW, citing a prolonged AI memory boom, and Kiwoom Securities raised its target price to 2.6 million KRW [2]. However, even amidst these rosy forecasts, we cannot overlook the valuation burden. Supply and demand excessively concentrated in a specific sector are always at risk of pouring out as profit-taking volumes [9]. We must always be wary of the possibility of a value trap following a short-term surge.

⚠️ Bearish Scenario: Internal Operational Risks and Cost Increases

Even in a bull market, we must definitely point out the bearish scenario once. First, the fire risk at the Cheongju plant. On the 1st, a fire and fluorine leak occurred in the M15 gas room at the Cheongju 4th Campus, causing a commotion where 3,600 people were evacuated [10]. Fortunately, it was extinguished in about 10 minutes and there was no production disruption [11], but safety management risks such as the Serious Accidents Punishment Act could be highlighted [6]. Second, concerns about labor-management conflicts and cost increases. As competitor Samsung Electronics recently decided to support housing loans up to 500 million KRW, demands are growing within the SK Hynix labor union to raise the current loan limit from 100 million KRW to 500 million KRW [3]. As competition extends from performance bonuses to in-house welfare, there is a high risk that it will act as a financial burden of increased fixed costs [7].

🛑 Short to Mid-term Swing Strategy Check

Recently, the extreme concentration of market cap and trading volume in just two stocks, Samsung Electronics and SK Hynix, on the KOSPI is increasing index volatility [4]. Massive profit-taking battles by foreign investors are also being observed [8]. Peanut believes that in a highly volatile market like this, a conservative approach as a profit-taking trim candidate from a short to mid-term swing perspective is necessary. While the structural growth of fundamentals is valid, let's not forget that a correction can come at any time when external shocks or internal cost increase issues intertwine.

I'll be back with cool-headed analysis next time. Bye! 🥜

📰 Reference News (9)

1

Jensen Huang: "Congratulations SK hynix on $1T"... Arm in Arm with Chairman Chey Tae-won in Taiwan

네이버뉴스 · 2026.06.02

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2

"2027 Forecast: Samsung 57T Won, SK hynix 42T Won... Prolonged AI Memory Boom" SK Securities - v.daum.net

v.daum.net · 2026.06.01

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3

"Samsung Gets 500M Won, What About Us?"... Demands for Expanded Employee Loans Spreading

네이버뉴스 · 2026.06.01

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4

[Editorial] Severe Concentration on Samsung & SK hynix... Need to Cope with Deepening Volatility

네이버뉴스 · 2026.06.02

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5

Jensen Huang: "Proud of SK hynix's Great Success"... Reaffirming HBM Partnership

네이버뉴스 · 2026.06.01

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6

7 of Top 10 Conglomerates in 'N% Bonus' Conflict... 'Triple Shackles' with Labor and Safety Laws

네이버뉴스 · 2026.06.02

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7

Samsung 500M Won, SK hynix 100M Won... Is 'Employee Loan Competition' Next After Bonuses?

네이버뉴스 · 2026.06.02

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8

[Hot Stock] Samsung Defends KOSPI with 3% Jump... SK hynix Edges Lower (Comprehensive) - v.daum.net

v.daum.net · 2026.06.02

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9

Chip giants drive South Korea stocks as concentration stokes volatility risk - CHOSUNBIZ - Chosunbiz

Chosunbiz · 2026.06.02

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📺 Reference Videos (2)

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