SKHY Prints a Record High as HBM4 Shipments to Nvidia Go Live

HBM4 Shipments to Vera Rubin Are Now Live

SKHY is up 20.85% over 13 hours to a record $181.60, and this time there is an actual company event under the tape. SK Hynix said it has begun mass production and shipments of 12-layer HBM4 to Nvidia, the first deliveries carrying final specifications certified for Nvidia's next-generation "Vera Rubin" AI platform, with shipment volumes set to expand from September. For an ADR that has spent all week trading as a pure float-mechanics vehicle, this is the first fundamental peg the rally can actually hang on. SK Hynix holds roughly 57% of the HBM market and is the lead memory supplier into Nvidia's roadmap, so a live HBM4 ramp is the cleanest possible confirmation that the demand narrative is intact.

Whipsawed From Its Own Worst Session

The whiplash is the real story. Two days ago the same ADR dropped to a 52-week low of $151.30 after its Seoul-listed line posted its worst single session on record, down 15.4%, when Korea Investment Securities pegged Q2 operating profit near 60.4 trillion won — about 8% under consensus. The bear case then was precisely that SK Hynix's multi-year HBM supply contracts lock in pricing and cap its upside from the very HBM4 demand it has now started shipping. So the market has round-tripped from "HBM4 upside is already contracted away" to "HBM4 is live" on the same fundamental inside 48 hours, which tells you the amplitude here is positioning, not fresh information. Bloomberg framed Tuesday's bounce as a fragile rebound running against persistent AI-memory jitters.

The Call Chase and the July 22 Binary

Under the move, the derivatives tape is doing what you would expect into a thin-float momentum name. The $185 calls are the single most-active line at roughly 2,900 contracts, with August $200 calls already north of 1,500, and Piper Sandler flagged aggressive short-dated call positioning into Friday's expiry. The setup was primed for a reversal — RSI had bottomed near 31 with a Williams %R buy trigger before dip-buyers stepped in. But the structural overhang has not moved: under 3% of SK Hynix's shares trade as U.S. receipts, stretching the ADR's premium over Seoul's 000660 into the range of a roughly $246 billion valuation gap. The $26.5 billion listing that created that scarcity is also what makes the July 22 Q2 print the binary — it either validates the HBM4 narrative or reopens the earnings-cap bear case that started this whole round-trip.