Past performance does not predict future results. Informational only, not investment advice.
SK Hynix, a major supplier of high-value-added DRAM, faces emerging competitive risk from CXMT's advances in server memory—a segment both companies target. CXMT's growing market share (10% globally in Q2 2026 vs. 4% a year prior) and technological ambitions threaten premium DRAM margins.
SKM is a pre-IPO proxy for Anthropic exposure and benefits from redirected retail demand that would normally flow to direct IPO offerings.
SK Telecom holds 3.7M Anthropic shares marked at ~$1.0B, implying a ~$350–380B Anthropic valuation. The bull case is a directional bet on Anthropic's valuation continuing to rise and being monetized (via IPO or secondary), with a mature telecom business providing a floor underneath. Recent FY2025 audit confirms Anthropic gross margin improved to ~50% and is projected to reach ~77% by 2028.
SK Telecom holds a hidden 0.54% stake in Anthropic (valued at $4T in the author's analysis), which alone implies $20.5B equity value. Combined with core telecom operations (18% upside), data center assets, and other AI investments, the total equity value is $38.2B vs. current $15B market cap, implying 155% upside to $99.57 per ADR.
SKM offers superior Anthropic exposure relative to AMZN due to a $2-3b stake (worth >20% of their $14b market cap) acquired at favorable valuation, plus data center partnership with Anthropic. A potential South Korean foreign ownership limit breach could create additional upside via ADR premium.
Stable wireless business in South Korea with core valuation of 10-11B, plus ~5B value from 0.5% Anthropic stake (valued at 1T). Author believes implied Anthropic exposure per dollar of SKM (~0.3 per share) provides leveraged upside to Claude AI upside.
End of results.