Minotaur Global Opportunities Fund / Minotaur Capital Management Pty Ltd on SK hynix Inc.

Minotaur believes the memory cycle is being structurally extended by AI demand that is outrunning available supply, with meaningful new capacity unlikely before 2027. Customer behavior has also changed, with multi-year supply agreements creating a firmer floor under the cycle than in prior memory booms. SK hynix reported record results, yet the stock fell sharply as expectations and leverage unwound, which the fund views as a positioning event rather than a fundamental break. The shares were trading at roughly 3x 2027 consensus earnings at the end of July, so the fund believes the valuation does not require the cycle to last forever, only longer than the market assumes. Minotaur retained SK hynix as its highest-conviction memory position through the June de-concentration.