Minotaur Global Opportunities Fund on SK hynix Inc.

Minotaur believes the July selloff in SK hynix represents a repricing of memory stocks rather than a breakdown in the AI demand thesis. The fund argues that AI memory demand is outrunning supply, meaningful new capacity does not arrive before 2027 and customers are increasingly signing multi-year supply agreements. SK hynix reported record June-quarter results, while management indicated unmet demand is rolling into next year and industry tightness may persist into 2028. At roughly 3 times 2027 consensus earnings at the 29 July close, Minotaur believes the stock does not require the memory cycle to last indefinitely, only longer than the market currently assumes. The fund retained SK hynix at full size through its June de-concentration because its conviction case had been formally re-underwritten.