HBM Demand Continues to Fuel Rally, SK Hynix Rises Over 6% to New High, Market Cap Surpasses 2,000 Trillion Won

TradingKey - During the Asian trading session on June 22, SK Hynix surged over 6% at one point to 2.944 million won, hitting another historic high and pushing its market value past 2,000 trillion won. The Hong Kong-listed Southern 2x Leveraged Long SK Hynix ETF also strengthened, with its intraday gain expanding to 18% at one point, trading at 190.85 HKD. As of press time, SK Hynix's share price stood at 2.906 million won, up 5.14%, corresponding to a market value of approximately 2,075 trillion won.

[Source: TradingView]

Regarding its U.S. listing process, according to media reports, SK Hynix could list on Nasdaq as early as August, and the SEC may approve its ADR application this week. The company had previously confirmed its plan to issue ADRs within 2026, though the scale and timeline have not yet been disclosed.

The fundamental driver of this rally lies in the rapid expansion of HBM demand triggered by the continuous acceleration of investment in AI infrastructure. On June 18, SK Hynix announced that it had delivered 12-layer stacked HBM4E engineering samples to major customers, featuring a peak rate of 16Gbps per pin, an energy efficiency improvement of over 20% compared to the previous-generation HBM4, a capacity of 48GB, and utilizing MR-MUF technology. On June 8, Nvidia and SK Hynix announced a multi-year joint R&D partnership, with Jensen Huang publicly calling the company Nvidia's "largest memory partner."

SK Hynix's revenue for the first quarter of 2026 reached 52.58 trillion won, up 198% year-on-year, while operating profit surged 405% year-on-year to 37.61 trillion won. Institutions generally expect its second-quarter operating profit to land in the range of 60 trillion to 70 trillion won, with DRAM and NAND contract prices potentially rising by another 50% to 70% quarter-on-quarter. Daiwa Securities raised its target price from 1.67 million won to 3.60 million won, maintaining a Buy rating; KB Securities lifted its target price to 3.00 million won; and iM Securities raised its target from 2.76 million won to 3.50 million won.