Third Point LLC on SK hynix Inc.

Third Point identifies SK Hynix as one of the portfolio's major beneficiaries of continued AI infrastructure spending. The company supplies memory chips used in AI workflows, while large technology companies have shown no sign of slowing their capital expenditure. Memory and semiconductor positions generated strong gains for the fund during the first half of 2026. Third Point views the later selloff across the AI infrastructure ecosystem as primarily driven by global deleveraging rather than deterioration in company or industry fundamentals. With valuations normalized, leverage reset and positioning less concentrated, the manager believes the balance between risk and opportunity has improved.