SK Hynix, which holds roughly 50% of the HBM market by revenue, reported record Q3 revenue of 104.6 trillion won (about $78 billion), up 348% year over year, with an 80% operating margin. Management expects demand to outpace supply through 2030. SK Hynix's U.S. shares are down about 9% since July, and the stock trades at 9 times earnings with a PEG ratio of 0.1. Sandisk, spun off from Western Digital in February 2025, has returned roughly 3,000% since then, and its fiscal Q1 2027 revenue reached $11 billion, up 378%, with earnings of $52.60 per share. Sandisk will carry out an 8-for-1 stock split on Nov. 19, which would bring the share price to around $140.
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