SK Hynix Margins Widen as HBM Mix Passes Half of DRAM Revenue
High-bandwidth memory crossed a symbolic threshold, and the company's disclosure suggests pricing held rather than volume alone.
SK Hynix reported that high-bandwidth memory accounted for more than half of DRAM revenue for the first time, and operating margin widened by more than the mix shift alone would explain.
What the disclosure shows
The company separated volume from price for the first time in three quarters. HBM bit shipments grew faster than revenue in the prior period — a sign of price concession — and that reversed this quarter.
Why it matters
The bear case on memory has been that HBM becomes a commodity as capacity arrives. One quarter of firm pricing at rising volume does not settle that, but it is the first data point that argues against it in a year.
The constraint
Management again flagged advanced packaging, not wafer capacity, as the binding limit on 2027 supply — which is where the next round of capital spending is headed.