SKHX Tags $1,340 as Seoul Closes SK Hynix at Record ₩1,976,000

Seoul Catches Up to the Offshore Bid

SK Hynix opened Wednesday's KOSPI session near ₩1,781,000 — well below Tuesday's close — and proceeded to grind straight into a fresh all-time high. The stock closed at ₩1,976,000, up 7.68% on the day, after intraday tagging ₩1,990,000, beating Monday's prior record of ₩1,949,000 set during the Intel EUV-partnership reports.

The SKHX perp on Hyperliquid had been pricing this all night. The prior mover hit the tape with the perp at $1,311 and a perp ATH of $1,320 — within 1% — while Seoul was still in its overnight drawdown from the 'citizen dividend' flash crash. Twelve hours later, the offshore book is at $1,340, a fresh perp ATH, with Korean spot now ratifying the move rather than dragging on it. When the cash session prints a record close after opening near the lows, that is not a perp running away from spot. That is spot finally catching up.

KB Securities Sets the 2.8M Won Floor

The analyst leg of this bid hardened on Tuesday. KB Securities' Kim Dong-won raised SK Hynix's target price 40%, from 2 million to 2.8 million won, maintaining a Buy and framing the call around a simple observation: earnings revisions are outpacing the share price.

The numbers behind the call are aggressive. KB projects Q2 2026 operating profit near 67 trillion won — roughly seven times the year-ago print — and explicitly flags 'zero memory supply' conditions, with new production lines not arriving until after 2027 and 2027 itself likely tighter than 2026. That is not a cyclical-recovery framing. That is a multi-year shortage framing, and it is the lens the long side has used to chew through every wobble — Tuesday's policy-driven flash crash included.

Why the Memory Cycle Keeps Tightening

The backdrop hasn't budged. SK Hynix's HBM capacity is sold out through at least 2028, with the broader memory complex running at a 15-year supply-demand peak. HBM3E contract prices are up roughly 20% for 2026, and Q1 2026 already produced 52.6 trillion won in sales — about 3x year-on-year — at a 72% profit margin.

The demand side is escalating in ways that don't fit the normal customer-supplier template. Alphabet, Meta and Microsoft have approached SK Hynix with unprecedented financing proposals, including offers to bankroll the Yongin cluster's expansion and to cover EUV lithography costs directly. Production at Yongin is expected to begin in November 2026. SK Hynix is reportedly cautious about locking in long-dated supply at discounted pricing — which is itself the bullish tell. When the manufacturer can refuse pre-funded capacity, the cycle is not near a top.