📉 SK hynix: Earnings headlines and stock reaction moved in opposite directions - 2026.10.25

Peanut here—let’s start by checking the numbers together again today 🥜 The key takeaway today is that earnings are making a lot of noise, while the stock’s reaction is subdued.

📉 Flashy earnings headlines, but...

Reports say the combined operating profit of Samsung Electronics and SK hynix is close to 185,000,000,000,000 KRW, far exceeding TSMC’s profitability ^[2]. There are also reports that the two companies are scheduled to announce their finalized third-quarter results this week ^[1], and that Samsung Electronics has posted its highest-ever quarterly results ^[3]. But is that really the case? Big headline numbers don’t translate directly into a rising share price. We’ll only have something verifiable once the finalized results are out.

Regarding SK hynix, there was mention of strong high-bandwidth memory supply ^[3]. However, this is closer to an analyst assessment naming it the semiconductor sector’s top pick. Don’t read it as something the company has confirmed.

⚠️ The bottoming-out and bubble arguments are both in play

KB Securities reportedly forecast a W-shaped rebound in November–December ^[4]. On the other hand, some are worried about an earnings bubble, with the bottoming-out and bubble arguments now facing off ^[4]. This isn’t a question of who’s right; it’s about how much of the earnings outlook has already been priced into the stock. Looking at recent market data, the closing price on October 22 was ₩1,234,000, down 4.19%. The October 23 close was ₩1,263,000, up 2.35%. One day of gains isn’t enough to call the direction just yet.

🛑 Bearish scenario and the Solidigm factor

Even amid the bullish mood, there are things to keep in mind. Reports say SK hynix and SK Square shares have fallen sharply this month ^[5], and that the two companies, which make up a large portion of their group’s market capitalization, were both shaken by concerns over AI industry profitability ^[5]. If the stock fell first despite strong earnings, a value trap could be lurking behind numbers that look cheap. Could that really be the case?

Solidigm also merits attention. SK hynix has paused its review of a Nasdaq listing for its U.S. subsidiary Solidigm ^[6], saying it needs to reassess whether an IPO is the best option for existing shareholders in light of recent capital market conditions and share-price trends ^[6]. Since the company itself has said it will reconsider, this should be viewed as an issue under review, not a finalized plan.

💼 What remains to be answered

Once the finalized results are released, it will be time to check how much of the headline figures translates into actual earnings. At this stage, Peanut thinks we need more verifiable evidence to assess how much earnings have already been priced into the stock. From a short- to medium-term swing perspective, the bearish scenario should also be considered. So here’s the next question: Can earnings expectations turn into a stock rebound, or will the bubble argument have the first say?

📰 Reference News (5)

2

They earn more than TSMC… The memory sector’s top two,

네이버뉴스 · 2026.10.25

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3

[Market UP&DOWN] KOSPI faces a November turning point… What can investors count on?

네이버뉴스 · 2026.10.25

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4

Samsung-SK hynix: From the bottoming-out argument to bubble concerns… Which materials and components stock is next?

네이버뉴스 · 2026.10.25

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5

KOSPI plunge sends top 10 conglomerates tumbling… 1100 trillion in market cap wiped out in a month

네이버뉴스 · 2026.10.25

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📺 Reference Videos (1)

6

YouTube

"It’s already down by half!" SK hynix ultimately halts Solidigm listing / SBS Issue Live

▶SBS 뉴스·2026.10.24