SK Hynix Braces for October 28 Earnings Call as Investors Weigh AI Capex Fears Against Bullish Analyst Bets

SK Hynix has scheduled a conference call for 9:00 a.m. Seoul time on October 28 to walk investors through its third-quarter 2026 results — a report that lands at a moment of sharp tension between upbeat sell-side forecasts and a market gripped by macroeconomic anxiety.

The South Korean memory chipmaker's shares have been on a wild ride. Over the past seven days the stock has shed 24%, closing Friday's session in Seoul at 1,272,000.00 KRW. That leaves the price 57% below its 52-week high, yet still up 96% since the start of the year — a split personality that captures the current mood toward the semiconductor sector.

Rate Worries and AI Funding Costs Weigh on the Sector

Thursday's pressure on SK Hynix came as part of a broader slump across chip stocks. According to Reuters, persistent concerns about US inflation, expectations of further interest-rate moves and selling in artificial-intelligence-linked names soured sentiment, after the Philadelphia Semiconductor Index dropped 4.3% in US trading.

The macro backdrop is doing much of the damage. Investors are growing warier of the enormous capital required for data centers and advanced memory components, and higher rates make refinancing those global build-out plans noticeably more expensive. Worries about the Federal Reserve's next policy steps have added to the caution.

HBM4 Equipment Timing and the CXMT Factor

Ahead of the earnings date, reports about the next memory generation stirred unease. Some deliveries of back-end equipment for HBM4, originally slated for the second half of 2026, could slip into 2027, according to media accounts. SK Hynix declined to comment on the specifics of those reports. On the broader question of investment, the company has maintained that it is proceeding with its spending plans as scheduled.

Adding to the jitters, Chinese rival ChangXin Memory Technologies (CXMT) flagged progress on its 4F²-DRAM design roughly a week earlier, rattling market participants.

Dalian and the US Approval Question

Regulatory logistics are also in play. Reuters reported that SK Hynix is seeking US permission for its Solidigm unit to install additional US-made equipment at the NAND plant in Dalian, China. The company stressed that the installation, for Module B, is being carried out in coordination with Washington and is not intended to expand overall capacity. SK Hynix has also been pursuing US approval to ship semiconductor equipment to the Dalian facility, tied to Solidigm's plans for a NAND fab in the United States — work the company says is proceeding with US government coordination and approval.

Analysts See Room to Beat

Against that nervous tape, the sell side is striking a more constructive tone. SK Securities reiterated its Buy rating on Monday with a price target of 4 million Won, expecting third-quarter 2026 operating profit to outpace market expectations. Meritz Securities also stayed at Buy while lifting its target to 3.2 million Won, projecting operating profit of 80.1 trillion Won for the quarter.

That gap — between robust forecasts for high-end memory demand and the skittishness running through tech stocks — sums up the current standoff. The October 28 release should settle whether the operating numbers can back up the optimists' case.