SK Hynix Invests 44.2 Billion Won in HBM4 Chip-Stacking Gear as Nvidia Alliance and Record Margins Drive Expansion

SK Hynix has placed a 44.2 billion won order with Hanmi Semiconductor for “TC Bonder 4.5 Griffin” thermocompression machines, marking the first publicly disclosed purchase of that model. The units will be installed at the company’s M15X facility in Cheongju, with setup and commissioning slated for completion by early September. The equipment is critical for the complex die-stacking that underpins HBM4 memory production — and the scale of the order signals that SK Hynix has moved beyond the trial phase of its next-generation investment cycle.

The spending push comes alongside a broader ramp: management aims to double DRAM capacity to one million wafers per month by 2030, and says fully autonomous “AI factories” are the long-term goal. The stock, which tumbled during Monday’s KOSPI crash, rebounded nearly 16% on Tuesday to close at 2,215,000 won. Year-to-date, shares have gained 227%, and they sit about 8% below the 52-week high of 2,407,000 won set on June 2. The 30-day annualized volatility of almost 99% underscores how choppy the ride has been.

Behind the surge lies a tight embrace with Nvidia. The SK Group cemented a comprehensive artificial intelligence partnership with Nvidia on June 7–8, securing an allocation of 60–70% of HBM4 for Nvidia’s Vera Rubin supercomputer platform. The collaboration extends to memory solutions for the Vera processor, the RTX Spark platform, and Jetson Thor robotics applications. SK Hynix is also integrating Nvidia’s cuLitho and Omniverse software tools — the latter used for digital twins in chip production. Nvidia separately confirmed in Seoul that Samsung and Micron have passed HBM4 qualification, opening the door to three suppliers for Vera Rubin, though analysts estimate Samsung’s share at roughly a quarter.

Should investors sell immediately? Or is it worth buying SK Hynix?

Those market-share dynamics are playing out against a stunning financial performance. In the first quarter of 2026, SK Hynix nearly tripled revenue year over year, while operating profit surged 405%. The operating margin reached a remarkable 72%, meaning 72 won of every 100 in revenue flows through as operating profit. That kind of profitability has emboldened the company to double production capacity over the next five years. A roadmap for the next technology step is already set: HBM4E samples will ship in the second half of 2026, with mass production beginning in 2027 — just in time for Nvidia’s late-2027 platform.

The turbulence surrounding Monday’s crash, however, exposed a dangerous market-structure flaw. A leveraged exchange-traded fund tracking SK Hynix briefly surged 50% even as the underlying stock fell 8%, sending the premium to net asset value to nearly 86%. The distortion occurred during the closing auction, when market makers are not required to provide firm quotes. A handful of unlimited buy orders in thin trading artificially inflated the price. South Korea’s financial regulator is investigating the incident, and three affected ETFs now sit on a warning list. Separately, retail investors pumped a net 471 billion won into the broader market on Tuesday, encouraged by Nvidia chief Jensen Huang calling the semiconductor selloff a buying opportunity and by an Israel-Iran ceasefire that eased geopolitical risk.

On the institutional front, Capital Group trimmed its stake in SK Hynix from 5.05% to 3.53%, citing capital repatriation. The reduction was partly offset by the reassuring news that both Samsung and Micron cleared HBM4 qualification — a sign of robust, sector-wide demand that benefits all major players.

The next test for management may come at the bargaining table. The union is demanding a 6.2% wage increase and better housing loans, following a strong 2025 when bonuses reached 10% of operating profit. CEO Kwak Noh-jung has stressed that capital spending on infrastructure takes priority, and the company has its sights set on automated factories later this decade. Talks are set to begin in June, leaving investors to gauge how much of that record profit margin will flow to workers versus reinvestment.

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