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SK Hynix's 76% Margin, ASML's EUV Pipeline & Intel's Desktop Bet
Audio is available on Spreaker — see link below.
SK Hynix posted a staggering 76% operating margin and 257% YoY revenue growth — but can 58% HBM market share survive the Samsung and Micron supply ramp? Today's briefing also covers ASML's 65-unit EUV pipeline, Intel's Nova Lake desktop gamble, and a Temasek stake bid driving a 16% single-week stock surge.
Audio is available on Spreaker — see link below.
SK Hynix just posted a seventy-six percent operating margin. That number is the signal.
That brings us directly to Samsung, because its response to this moment tells you a lot about where the competitive dynamic is heading. The head of Samsung's DS Division didn't publicly celebrate record profits.
Stepping back from memory to the equipment layer, ASML is targeting sixty-five low-NA EUV system shipments in twenty-twenty-six. That implies revenue growth exceeding forty-five percent year over year in that segment.
Intel VP Robert Hallock confirmed this week that Nova Lake will launch on consumer desktop before data center server variants. That's a deliberate departure from AMD's unified architecture approach, where Zen 6 targets client and enterprise simultaneously.
Back to SK Hynix: the stock gained sixteen percent in a single week, driven partly by a Temasek stake entry bid and speculation around shareholder payouts potentially reaching one hundred trillion won. Margin loan balances surged nearly twenty-one percent in August.
The two real metrics to track from here are SK Hynix's margin trajectory through the competitive supply ramp in late twenty-twenty-six, and Nvidia's August twenty-sixth earnings, which will confirm or complicate the HBM demand picture. Options markets are pricing an eight to twelve percent stock swing on that result.
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