Seoul, Feb 2, 2026, 00:45 KST — Market closed

SK hynix heads into the new week near record levels after a strong January run.

Fresh South Korea trade data kept the spotlight on chips and memory pricing.

Investors are weighing AI-led demand against consumer electronics weakness and tariff risk.

SK hynix (000660.KS) heads into Monday’s Seoul open after South Korea reported a sharp jump in semiconductor exports in January, keeping the memory-chip trade in focus. Semiconductor exports rose 102.7% and overall exports climbed 33.9% to $65.85 billion, trade ministry data showed, and iM Securities analyst Park Sang-hyun said the surge was “expected to continue for the time being.” (Reuters)

That matters now because SK hynix has turned into a barometer for a simple theme: AI server build-outs keep memory tight, and tight supply keeps prices firm. Investors are looking for confirmation the cycle still has legs, not just a hot quarter.

High-bandwidth memory, or HBM, is stacked DRAM used beside AI processors, and it is where the market has been paying up. When that part of the chain looks tight, the rest of the stock tends to follow.

The SK hynix stock price last closed at 909,000 won on Friday, up 5.57%, after touching 931,000 won in the session, according to Investing.com data. (Investing)

On Jan. 28, SK hynix reported a record December-quarter operating profit of 19.2 trillion won ($13.5 billion), beating forecasts, and forecast rapid growth in memory demand as AI spending rises. It also said it would cancel treasury shares worth 12.2 trillion won, equivalent to 2.1% of shares outstanding, and Macquarie Equity Research put its HBM market share at 61%. (Reuters)

End customers are starting to push back. Apple CEO Tim Cook said, “We do continue to see market pricing for memory increasing significantly,” and SK hynix told its earnings call that “PC and mobile customers are adjusting purchase volumes” as prices rise. Research firms IDC and Counterpoint now expect global smartphone sales to shrink at least 2% this year, while IDC sees the PC market contracting at least 4.9% in 2026. (Reuters)

Competition is tightening as well. Samsung Electronics plans to start production of its next-generation HBM4 chips next month and supply them to Nvidia, a person familiar with the matter told Reuters. SK hynix plans to begin deploying silicon wafers next month into a new fab, M15X, in Cheongju to produce HBM chips, an executive told Reuters earlier. (Reuters)

Beyond fabs, the company has flagged a broader push into the AI ecosystem. SK hynix said in a regulatory filing in January that it was considering options including establishing a U.S. unit focused on AI investment, after a local media report. (Reuters)

Trade policy is another swing factor for Seoul’s chip names. In late January, U.S. President Donald Trump threatened higher tariffs on some South Korean imports, and the KOSPI dipped before buyers stepped in. “Some investors took today as an opportunity to buy-on-the-dip,” Kiwoom Securities analyst Lee Sung-hoon said. (Reuters)

For SK hynix, the risk is that tight supply turns into demand destruction outside data centres. If PC and smartphone makers keep trimming orders and redesigning products around smaller memory footprints, pricing power can fade quickly.

The next test comes at the Feb. 2 open in Seoul: whether SK hynix can hold above 900,000 won and whether the export data spills into expectations for memory contract pricing. Traders will also be watching for any fresh signals on U.S. tariffs and South Korea’s response.