SK Hynix’s stock price plunged 15% last week, compared with a 5% decline in the Korea Composite Stock Price Index (KOSPI) and a 9% drop in Samsung Electronics, driven by market panic over three rumors: NVIDIA reducing its HBM chip procurement volume and pricing uncertainty, unclear timing for shareholder returns and a subsidiary IPO plan, and disclosure of substantial infrastructure-related capital expenditures. JPMorgan, in a research report issued on August 9, systematically debunked the rumors, stating that the reported 50% discount pricing was a misinterpretation, the capital expenditure aligns with previously disclosed plans, and the timeline for shareholder returns has been accelerated. Analyst Jay Kwon stated that “the worst is behind us” and expects sentiment to gradually improve on a medium-term basis. JPMorgan maintained its Overweight rating on SK Hynix with a target price of KRW 2.75 million (for June 2027), implying nearly 94% upside from last week’s closing price. The report identified three key catalysts over the next one to two months: an update on the shareholder return plan (by end of Q3), updated HBM contract pricing (by end of Q3), and an update on the U.S. subsidiary’s IPO plan (within one month). SK Hynix has disclosed in regulatory filings that it expects to finalize and announce the shareholder return plan by the end of Q3, a clear acceleration from management