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HXSCL · SK Hynix

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2026-MAY-12 · Leon Shaulov · Sohn Investment Conference 2026 (New York) — panel with Alex Sacerdote (Whale Rock), mod. Leslie Picker · Positiveinsight · ▶ 11:43 · source page ↗

In short: Named with Micron and SanDisk as the memory complex driving the cycle — ~80% margins, "absolutely enormous" profitability, with forward-capex indicators flashing.

In plain English

SK Hynix is the big Korean memory maker (this HXSCL ticker is its U.S. over-the-counter listing) and a leader in the high-bandwidth memory (HBM) that AI chips need. Shaulov names it alongside Micron and SanDisk as the memory complex powering the up-cycle.

The appeal is the same: extraordinary profitability (around 80% margins) and a NAND/DRAM cycle that's finally turning after years of underinvestment, with customer profitability signaling that heavy spending lies ahead.

11:43You've got memory companies like Hynix, Micron, SanDisk. What's the last time we talked about a NAND cycle? Must be a decade ago. And it's a powerful cycle. The profitability of these businesses is absolutely enormous. And if you look at forward CapEx indicators — historically how profitable the customers are leads to forward CapEx.

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