SK Hynix is up 9x since my April 2025 writeup.

Usually, that means the easy money is gone.

But here is the strange part: the forward P/E has barely moved.

The market still values SK Hynix at ~5-6x forward earnings, as if this is peak-cycle memory.

Meanwhile, Big Tech is behaving as if HBM has become one of the most strategic bottlenecks in AI compute.

That is the real question:

Peak cycle?

Or AI memory supercycle?

New writeup: SK Hynix: Still Cheap After a 9x Move?modernvalueinvesting.su…