SK hynix turns its HBM4 promise into shipments

SK hynix began mass shipments of HBM4 in the second quarter as revenue reached a record 79.3 trillion won, up 257% year over year, according to its second-quarter results. Our analysis of Nvidia and SK’s memory pact argued that the headline letter of intent did not guarantee HBM volume; today’s evidence shows the underlying product has crossed into shipments, but SK still disclosed no Nvidia allocation or take-or-pay quantity. The verdict therefore moves one notch toward execution while holding on contract certainty: builders can treat HBM4 as shipping silicon, not as proof that Nvidia’s promised supply is reserved.