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Micron $MU vs. $SK Hynix
Who is the better buy?
SK Hynix is twice as cheap as Micron—this is the truly undervalued AI memory leader.
Micron and SK Hynix have nearly the same market cap, both around $1.2 trillion, but their valuations have diverged dramatically.
Based on FY2026 expectations, Micron’s full-year earnings per share (EPS) are about $73, with a forward P/E of roughly 15.5x; SK Hynix’s full-year EPS is expected to be about $219, with a forward P/E of only 7.9x—its valuation is nearly half of Micron’s.
Looking at FY2027, Micron expects EPS of $118, with a forward P/E of about 9.6x; SK Hynix expects EPS of about $303, with a forward P/E of only 5.7x—the advantage is still clear.
Why does this gap exist?
The core reason is that the Korean stock market has long suffered from a “Korea discount,” combined with the liquidity premium of the US market, which has kept Hynix undervalued for a long time.
Now SK Hynix is about to list on the US market. While the ADR issuance size is not large, the two storage-memory giants will be directly compared in the same market, and a valuation correction could become a new catalyst.
Finally, Brother Qiang’s conclusion: DYOR
Just looking at valuation, Micron is not cheap. SK Hynix not only has a lower P/E ratio, but it is also the leader in HBM4. In terms of cost-effectiveness, it is currently more attractive.