SK Hynix Climbs 5.4% as CoreWeave Results and Anthropic IPO Talk Revive Chip Sentiment

A brighter mood across South Korean semiconductor names lifted SK Hynix by 5.4% today, with foreign buying accompanying the advance. The catalyst came from outside the company: stronger-than-expected quarterly figures from CoreWeave and expectations surrounding a planned Anthropic initial public offering, according to media reports. No fresh business announcement from SK Hynix itself underpinned the move.

CoreWeave posted revenue of $3.66 billion for its third quarter, a 168% increase on the same period a year earlier. Coverage linked those numbers directly to the recovery in Korean chip stocks. At Anthropic, the expectations cited relate to a planned listing rather than a completed one.

Two Houses, Two Timetables

The rally lands in the middle of a sharp disagreement over how long the memory boom can run. Morgan Stanley, which cut its SK Hynix price target from 2.6 million Won to 1.6 million Won on Monday — a reduction of roughly 38% — sees profitability softening later in the cycle. Nomura, by contrast, is holding its target at 4.7 million Won and expects memory to stay in short supply at least through 2028.

The two positions turn on a single question: whether new production capacity will grow faster than the memory appetite of AI data centers. Morgan Stanley points to a combination of additional supply and delayed data-center projects, shifting its focus away from the near-term business toward earnings power once the current scarcity eases. Nomura's more bullish case rests on demand staying above available supply for longer, provided AI infrastructure build-out holds up.

A Higher Profit Forecast Sitting Beside a Lower Margin

What stands out is that Morgan Stanley simultaneously raised its 2027 operating profit forecast for SK Hynix by 13%. The bank is therefore more constructive on the near-term business while taking a more cautious view of how long it lasts.

The target cut reflects a revised assessment of later earning power. Extra fabs could loosen the shortage, while construction delays would push demand out in time — either would erode pricing power if supply rises faster than demand. For 2029–2035, Morgan Stanley lowered its expected average operating margin for SK Hynix from 53% to 28%. That assumption explains how a higher short-term profit estimate can coexist with a much lower price target.

The bank also takes a more conservative line on infrastructure build-out, assuming part of planned data-center capacity arrives later than scheduled. For SK Hynix, that would bite if memory orders slip at the same moment new production lines come on stream.

Volume Secured, Price Still Floating

According to a report in the Korea Herald, SK Hynix has reached agreements with 14 major customers covering more than half of its planned production capacity for 2027–2028. Prices under those deals remain tied to the market.

The arrangements support the company's sales planning as long as customers take the agreed volumes. How profitable those shipments prove depends on future supply conditions precisely because pricing is market-linked — which is where the analyst dispute comes to a head.

Record Results Already on the Books

SK Hynix published its third-quarter 2026 figures on October 28, describing them in its release as record levels. Quarterly revenue came in at 105 trillion KRW, with operating profit of 83.3 trillion KRW for the same reporting period. The 13% profit upgrade from Morgan Stanley is an analyst projection, not a figure the company has reported.

For longer-term valuation, margin development remains the decisive test. Nomura's optimistic view requires the shortage to persist; Morgan Stanley's more cautious scenario would gain weight if the memory market visibly loosens.