The Memory Is Sold Out Through 2029, in a Bite

SK hynix just told the market that the memory inside AI servers is spoken for years before the servers get built.

Three things from the quarter actually matter.

• Long term agreements with 14 customers, most of them large cloud providers, cover more than half of production capacity for 2027 and 2028, on terms that typically run five years.
• On the earnings call the company said DRAM and HBM output is virtually all sold out through 2029, counting secured volume plus demand under active negotiation.
• The pricing power sits in the numbers. Revenue of 104.6 trillion won, operating profit of 83.3 trillion won, an 80 percent operating margin.

The point for an operator is that a GPU order without a matching memory allocation is a purchase order with no delivery date. Ask the vendor where the allocation comes from and how far forward it is signed. Read the full analysis.