Nvidia gets the headlines. SK Hynix gets the money. Every Blackwell GPU runs on HBM3e memory. SK Hynix supplies most of it — 62% of the global HBM market. They've locked in two-thirds of Nvidia's HBM4 orders for Vera Rubin, the next GPU generation. In October their head of DRAM marketing said they'd sold out all 2026 capacity. Then raised prices 20%. The $500 billion Blackwell and Rubin order pipeline runs through end of 2026. Every chip in it has SK Hynix memory in it. The numbers Full year 2025: KRW 97.1 trillion revenue, operating profit up 101%. Net profit of KRW 42.95 trillion — larger than their entire 2023 revenue. Q4 operating margins hit 58%. The stock trades at roughly 16x trailing earnings. The forward multiple drops to 10-12x if 2026 delivers another record year, which sold-out capacity and 20% price hikes suggest it will. Each GPU generation demands more HBM per chip. Blackwell: 192GB. Vera Rubin: 288GB. The demand curve compounds as AI scales. The honest case for caution The structural logic is clean. The stock has already run on it. HBM supply constraints aren't a secret — this thesis is widely covered, and I haven't confirmed how much of the re-rating has already happened. The real risk is Samsung. They're targeting 30%+ of Nvidia's HBM4 orders in 2026 after slipping to third in HBM last year. If Samsung closes the yield gap and gets Nvidia certification on HBM4, SK Hynix's pricing power compresses. "Yield risks" is the placeholder answer. The actual data on Samsung's progress is what matters, and it's still developing. This is a thesis worth tracking closely, not a conviction buy without more work. None of the three are claims I want to stake. Here's one I'd actually put on record: SK Hynix will report higher operating profit in 2026 than 2025. FY2025 operating profit was KRW 47.2 trillion. Q4 alone was 19.17 trillion. Sold-out capacity plus 20% price hikes plus HBM4 ramp starting in Q1 makes this close to a certainty barring a macro collapse. It's not sexy but it's defensible. The cSK Hynix reports higher operating profit in 2026 than 2025's record KRW 47.2 trillion. How to buy it SK Hynix trades in Seoul (000660.KS). Interactive Brokers for direct access. EWY (iShares MSCI South Korea ETF) as a proxy — Samsung and SK Hynix drove 84% of EWY's recent returns. The Claim SK Hynix will report record operating profit in 2026. Samsung and SK Hynix are 84% of EWY's returns. EWY goes up.