HBM Allocation Deal

The most likely outcome is a commercially meaningful but not transformative supply arrangement for high-bandwidth memory tied to OpenAI’s Stargate buildout. Because SK Hynix capacity is already sold out through 2029, the deal likely depends on reserved HBM4 output, prepayments, and incremental Samsung supply rather than a sudden large expansion.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.