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$SKHYNIX's performance is off the charts, yet the stock price shows huge divergence! Revenue, operating profit, and net profit all hit record highs. Operating profit surged 557% year-over-year! But revenue and operating profit still missed market expectations. This earnings report is far more complex than just the word "positive"! SK Hynix's Q2 revenue reached 79.32 trillion KRW, operating profit was 60.54 trillion KRW, and net profit soared to 93.92 trillion KRW. However, the market's prior expectations were higher, with both revenue and operating profit falling short, while net profit significantly exceeded expectations driven by investment gains. The divergence is directly reflected in the stock price: SKHY US shares plunged nearly 9% during regular trading hours, while the Korean domestic shares rebounded about 4%. It's not that memory demand suddenly collapsed, but the company's high-end HBM proportion continues to increase, combined with long-term contracts locking prices with about 10 core customers, resulting in stronger earnings stability but reduced short-term profit elasticity from spot price surges. The good news is that HBM4 began mass shipments in Q2 and will continue to ramp up in the second half; HBM4E samples have also been delivered. The real market debate is not whether AI memory demand exists, but how long such high profit growth can be sustained. $ETH $SNDK #海力士业绩创纪录但不及预期，存储股剧烈波动 #交易所定价异常致海力士永续暴跌 The data is already strong, but market expectations are even more frenzied. This is not a fundamental collapse, but rather high valuations starting to face harsher scrutiny.