When will SK Hynix print the money with a DRAM gross profit margin of 91%? Brothers, first take a look at an astonishing number: SK Hynix expects its DRAM gross profit margin to reach 91% in the second quarter. What is the concept of 91%? Selling a memory chip only accounts for 9% of the cost, with the rest being gross profit. This profit margin is no longer like the manufacturing industry, but more like the money printing industry. What's even more exaggerated is that this company will be listed on NASDAQ this Friday under the code SKHY. This means that global investors can finally buy the absolute leader of AI memory directly in their US stock accounts, just like buying Micron (MU). No need to open the Korean stock market, no need to study Korean stock trading rules, just open a US stock account to buy. Why is it said to be an absolute leader? HBM (High Bandwidth Memory) is one of the most critical components for AI training. Nvidia's H100, H200, and B200 mostly use SK Hynix's HBM3 and HBM3E. It's not just a concept, it's a real bottleneck in AI computing power. SK Hynix's first quarter profit has reached a historic high, with a fivefold year-on-year increase. The company itself said that the demand for AI chips has exceeded production capacity. It's not about worrying about selling, it's about worrying about not having enough production. That's why DRAM gross profit margin can reach 91%. When supply exceeds demand becomes the norm, pricing power is in the hands of the seller. What does this mean for Micron (MU)? Pressure. Micron has also doubled its AI memory in the past two years, but its technology and market share in HBM have always lagged behind SK Hynix by half a step. Now that SK Hynix has landed on the US stock market, it is equivalent to moving directly to Micron's doorstep. In the past, American stock investors who wanted to invest in AI memory could only choose Micron. Now with SKHY, the funds will reassess who is the true leader of this track. ------- A gross profit margin of 91% is both a proof of strength and a signal of risk. This profit margin cannot last forever. Once HBM's production capacity expands on a large scale or AI capital expenditures slow down, the gross profit margin will definitely fall back. On the first day of SKHY's listing, it is highly likely to be hyped up, and there will be many optimistic expectations embedded in its valuation. However, from the perspective of three to five years, the demand for HBM from AI is still far from reaching its peak. So my judgment is: The listing of SKHY is an important watershed for the AI memory sector. It allows US stock investors to directly bet on HBM leaders for the first time. If you believe that AI training will continue to burn money and data centers will continue to expand, then SK Hynix deserves long-term attention. But don't rush in on the first day of going public, good companies also need good prices. In a super cycle, the biggest risk is not buying the wrong thing, but believing at the highest point that the story will never end.