J.P. Morgan Sees SK Hynix HBM Contract Price Gains Below 40% vs Market Hopes of 50%+

J.P. Morgan's Asia-Pacific technology commentary, released on August 11 and reported by BlockBeats, flags a gap between investor expectations and the bank's own forecast for SK Hynix. Investors, according to the note, broadly expect the memory maker's shareholder returns to reach at least 50% of Samsung Electronics' level, relying on management's indication that an update would arrive by the end of the third quarter. Market consensus also points to 2027 fiscal year HBM contract pricing surging more than 50%, driven by tight supply-demand dynamics for bulk D5. However, J.P. Morgan analyst Jay takes a more conservative stance. He predicts annual contract price increases of under 40%, citing Nvidia's strategic importance and SK Hynix's ability to reprice contracts every year. The note thus contrasts a bullish market positioning with a more measured estimate from the bank.