---
title: "Best performance, worst expectations"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43032010.md"
description: "Hynix delivered its strongest quarterly report in history today (+557%), yet still fell 9.61%. The market attributes this to 'being too good at making HBM'—long-term contracts locked in prices, so they couldn't benefit from the spot price surge. Samsung's general DRAM accounts for a higher proportion, and it also fell 5.23% today. The same logic fails to explain both. The real reason: the market is re-evaluating 'how long the profits burned through heavy spending can be sustained.' Today, Apple's market cap broke $5 trillion, surpassing NVIDIA to reclaim the global number one spot. On the same trading day..."
datetime: "2026-07-29T10:16:37.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43032010.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43032010.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43032010.md)
author: "[陳信](https://longbridge.com/en/profiles/2081558728438448128.md)"
---

# Best performance, worst expectations

SK Hynix delivered its strongest quarterly report in history today (+557%), yet still fell 9.61%. The market says it's because they are 'too good at making HBM'—long-term contracts locked in prices, so they can't benefit from the surge in spot prices.  
Samsung's share of general-purpose DRAM is even higher, and it also fell 5.23% today. The same logic doesn't explain both.  
The real reason: The market is re-evaluating 'how long profits burned through cash can be sustained.'  
Apple's market cap broke $5 trillion today, surpassing NVIDIA to reclaim the global #1 spot. On the same trading day, Apple rose while storage stocks crashed—the market voted with hundreds of billions of dollars: 'Restrained capex + high returns' is more valuable than 'Crazy capex + uncertain returns.'  
Tomorrow, watch Samsung. The numbers don't matter (the forecast was released early); focus on three things:  
① Is the HBM4 outlook consistent with SK Hynix? Only independent confirmation from both makes it credible.  
② Have foundry + mobile segments improved? Cyclical resilience is the key to valuation.  
③ Will the Fed be dovish or hawkish tomorrow morning? When the policy floor and interest rate ceiling appear simultaneously, short covering will be fierce.  
SK Hynix hasn't gotten worse; the market has changed its mind. We've been talking about burning cash for two years; investors want returns, not more capex. Tomorrow's Samsung isn't just another earnings report; it's a battle for pricing power over 'who really makes money in the second half of the AI era.'

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