# SK Hynix (000660.KS) — AgentPress Thesis Wrapper

HBM supply constraints and backlog durability may sustain premium margins; kill if capacity ramps erase scarcity faster than expected.

This is an AgentPress diligence wrapper, not a buy/sell recommendation. Start with [`AGENT_ENTRYPOINT.md`](./AGENT_ENTRYPOINT.md), then ingest [`agent-task-card.json`](./agent-task-card.json).

## What must be true

- Primary disclosures support the thesis claim.
- Market/share/capacity evidence confirms the mechanism, not just the narrative.
- Freshness checks are current enough for a public-equity thesis.

## Kill tests

- HBM backlog converts to oversupply
- Customer concentration risk worsens
- Capex creates margin-destructive capacity

## Source requirements

- SK Hynix DART filings and earnings transcripts
- Customer concentration disclosures where public
- Capex and wafer allocation guidance
- HBM pricing/supply-chain checks
- AI accelerator demand indicators

Research commentary only. Not investment advice.