SK海力士的290亿美元回购：一场估值反击，也是对AI内存前景的押注

The shares will then be cancelled in full. That distinction matters: cancelled shares permanently leave the company’s share count rather than being held as treasury stock. If the full target is acquired, continuing shareholders will own a slightly larger percentage of the business, all else being equal.

Why SK Hynix acted after the selloff

The announcement followed a steep decline in a stock that had previously benefited from enthusiasm for artificial-intelligence infrastructure. Reports linked the broader selloff to a global semiconductor de-rating, higher U.S. Treasury yields and a sharp fall in South Korean equities. The Kospi dropped more than 5% during the market turbulence, with trading interruptions also reported.

SK Hynix’s own explanation was that its intrinsic business strength and future prospects were not being reflected in the share price. The timing therefore serves two purposes:

• Valuation signal: Management is indicating that it considers the depressed price attractive enough to deploy a large amount of capital.
• Investor support: A large buyer entering the market can reduce the available share supply and help stabilize sentiment after a sudden decline.

The immediate reaction was positive. SK Hynix shares rose more than 6% in after-hours trading after closing down sharply in the regular session. That response demonstrates the announcement’s short-term market impact, but it does not prove that the stock has reached a durable fundamental bottom.

What changed in the shareholder-return policy

The buyback accelerates SK Hynix’s broader 2025–2027 shareholder-return framework. The company changed its cumulative free-cash-flow objective from returning within 50% to returning more than 50% over the policy period. The revised approach combines:

• share repurchases and cancellations;
• regular cash dividends; and
• possible increases in fixed and special dividends.

SK Hynix said further details on the scale and method of later dividends and buybacks would be provided after board approval alongside its third-quarter results.

That means the 40 trillion won program is a clearly defined near-term action, while the precise size and timing of additional shareholder returns remain to be determined.

Why the balance sheet can support both returns and expansion

The company’s financial position gives it room to pursue both objectives. SK Hynix reported second-quarter revenue of 79.3187 trillion won and operating profit of 60.5426 trillion won, with operating profit up 557% year over year. The results were records, although revenue and operating profit fell short of unusually high analyst expectations.

The company has also reported net cash of approximately 69 trillion won at the relevant quarter-end. That cash generation has been helped by strong demand for high-value AI-related memory products and tight supply conditions.

At the same time, SK Hynix is continuing to spend heavily on production capacity. Its board approved about 54.3 trillion won for new DRAM and NAND facilities at the Yongin and Cheongju sites, reflecting the need to expand capacity for products including AI-oriented memory.

The combination is unusual but strategically coherent: return surplus capital to shareholders while continuing investment required to defend the company’s position against Samsung Electronics and Micron. SK Hynix has indicated that cleanroom and equipment spending can be phased according to customer demand, helping preserve capital efficiency as capacity expands.

What the buyback can—and cannot—solve

The cancellation should mechanically reduce the share count and may improve per-share measures if earnings remain strong. It also gives investors a tangible form of capital return at a time when the stock has faced pressure despite exceptional reported profits.

But a buyback cannot eliminate the main risks facing a memory-chip company. Memory prices remain cyclical, competitors can add supply, and higher policy rates or long-term bond yields can reduce the valuation investors are willing to pay for growth stocks. The market is also questioning how durable the current AI infrastructure spending cycle will be.

The second-quarter earnings reaction illustrates that tension. SK Hynix delivered record results, yet the shares fell because the numbers did not clear highly elevated expectations. A large buyback can provide demand and demonstrate management confidence, but a lasting rerating still depends on sustained AI-memory demand, pricing power and disciplined expansion.

The Nasdaq-listing claim needs caution

The provided evidence does not substantiate describing $26.5 billion as the value of a newly announced Nasdaq listing. The documented development in this announcement is the 40 trillion won repurchase-and-cancellation program and the expanded shareholder-return policy. The listing figure should therefore not be treated as a reason for the buyback or as part of its financing plan.

The clearest reading is that SK Hynix is trying to do two things at once: reassure shareholders that its depressed valuation is not justified by its long-term prospects, and preserve the investment capacity needed to compete in the next phase of the AI-memory market.