Alphabet’s Bigger 2026 Capex Lift Sends Micron Higher and Tightens SK Hynix ADR Supply
The capex increase signals stronger AI data‑center memory demand and raises near‑term pressure on HBM inventories.
Overview
- Alphabet raised its 2026 capital‑expenditure guidance to $195 billion–$205 billion, and that announcement pushed Micron about 3.5% higher and SK Hynix ADRs roughly 6.7% in premarket trading on Thursday.
- SK Hynix has hit the 2.5% cap on converting Seoul‑listed shares into U.S. ADRs, which stops new ADR supply to the U.S. and has amplified price moves for the U.S. listing.
- SK Hynix’s board approved a ₩7.09 trillion advanced packaging plant in Cheongju and the company is set to report Q2 results on July 29, making execution and earnings the next key milestones for investors.
- Elon Musk publicly thanked Micron for securing Tesla memory allocations, underscoring how tight HBM supply has become for major AI and auto customers.
- High‑bandwidth memory is a stacked DRAM used with AI accelerators, and whether current shortages ease will hinge on chipmakers’ multi‑year capacity builds, tool availability and yield ramps.