HBM两大巨头，握手言和

Core Viewpoint - The conflict between SK Hynix and Korea-US Semiconductors appears to be easing, as they signed a contract worth 1.5 billion KRW for HBM manufacturing equipment, indicating a potential recovery in their relationship [1]. Group 1: Contractual Developments - Korea-US Semiconductors announced a contract with SK Hynix for HBM manufacturing equipment, valued at 1.5 billion KRW, although it does not include the critical TC Bonder equipment [1]. - The signing of this contract suggests the possibility of more orders in the future, despite the current contract being relatively small [1]. Group 2: Supply Chain Dynamics - SK Hynix has shifted to a multi-supplier model for TC Bonder equipment, moving away from relying solely on Korea-US Semiconductors, which had been their exclusive supplier since 2017 [2]. - This change is seen as essential for supply chain security, as SK Hynix also procures from Hanwha Semiconductor [2]. Group 3: Market Context - SK Hynix is preparing for the mass production of HBM4 chips, which are expected to start next year, leading to an anticipated increase in orders [1]. - The sales of Korea-US Semiconductors have shifted significantly, with 82% of their sales coming from exports in the first half of this year, compared to 58.7% from domestic sales in the same period last year [2]. - Delays in Micron's supply of HBM4 chips to Nvidia due to design issues could impact the overall supply chain, making SK Hynix's orders from Korea-US Semiconductors critical [2].