SK Hynix Buyback Winds Down as Solidigm IPO Talk and AMD Ties Take Center Stage

SK Hynix's 40 trillion won buyback is expiring as foreign investors sell, while Solidigm preps a possible US IPO and AMD ties deepen.

SK Hynix's massive share repurchase program is drawing to a close, removing a key pillar of support from the South Korean memory chipmaker's stock just as foreign investors step up their selling. The company's buyback, worth a total of 40 trillion won, is gradually expiring, according to the Korea Herald. Shares closed Thursday at 1,697,000.00 KRW, down 1.5%.

International players emerged as the stock's largest net sellers, SBS reported, with market watchers tying the outflows to broader caution across the semiconductor sector.

Solidigm Listing Prep Advances, but No Decision Yet

Attention has also shifted to SK Hynix's US subsidiary Solidigm. Bloomberg reported that the unit has tapped Goldman Sachs and Morgan Stanley as lead underwriters to prepare a possible US initial public offering next year — a debut that could raise roughly $10 billion and targets a valuation of as much as $100 billion for the subsidiary.

Headquarters, however, is striking a cautious tone. SK Hynix made clear that no decision on a listing has been reached. The chipmaker had already said on October 1 that it was reviewing various financing paths for Solidigm, weighing both internal funds and external sources, and that no firm steps toward a listing or altered capital plans exist as of yet. Management stressed it will examine all options for their economic impact on existing shareholders and long-term corporate value.

Deepening Ties With AMD

While the financing questions simmer, SK Hynix is strengthening relationships with key chipmakers. CEO Kwak Noh-jung met with AMD chief Lisa Su to discuss further collaboration. Su described the Korean group as a key partner in AMD's memory supply chain, with cooperation spanning multiple chip generations — reinforcing SK Hynix's position in memory solutions for compute-intensive applications.

Environmental Scrutiny at Home

Closer to home, operations are under regulatory watch. The Gyeonggi provincial government has urged Seoul to set legal limits for certain wastewater discharges after monitoring a stream that receives effluent from SK Hynix's Icheon plant. Chloride and sulfate readings there exceeded FAO recommendations, though the province said all parameters with existing national standards stayed below their thresholds.

Earnings Outlook and the Road Ahead

Despite the recent pullback, some market observers see the operating picture as solid, citing sustained demand for memory products alongside limited supply growth. Analyst Kim Woon-ho projects third-quarter 2026 group revenue of 95.8 trillion won and operating profit of 75.1 trillion won, crediting the company's standing in advanced memory chips even as the industry debates future pricing.

Investors now turn to the upcoming interim results, expected on October 27, 2026, a date currently considered provisional. The report should show how big-customer demand is feeding through to earnings. Year to date, the semiconductor stock remains firmly in positive territory, up 161% since the start of the year despite the current consolidation.