Top Technology Fund Plans to Buy SK Hynix, Betting on Worsening Memory Chip Shortage
Taylor Wilson
Janus Henderson's $8.3 billion tech fund is planning to open a position in SK Hynix, betting that tightening HBM chip supply will drive outsized profit growth as multi-year contracts reprice higher.
Who is this fund, and why does its move matter?
Janus Henderson's Global Technology Leaders Fund manages $8.3 billion and has beaten 96% of peers this year, with a three-year cumulative return of 36%.
The fund already holds Micron and Sandisk but does not yet own SK Hynix — this would be a new position, not an add-on.
This means → a top-tier tech fund that already has memory-chip exposure wants *more*, signaling rising conviction in the HBM trade specifically.
Why SK Hynix over the other two?
Counterpoint Research data shows SK Hynix took 57% of global HBM chip revenue in Q4 2025. Samsung held 22%, Micron 21%.
Co-manager Richard Clode said he prefers "pure memory plays" — Samsung's consumer-electronics arm is dragging on group profitability due to rising costs.
In plain terms = SK Hynix has the largest share and the cleanest exposure to HBM. If your thesis is HBM shortage, it is the most direct bet.
What is actually causing the shortage?
In 2023, memory makers suffered what Clode called "the worst losses in a generation" and slashed capex and delayed new fabs.
Those decisions typically take two to three years to reverse — capacity cannot be switched on overnight.
This reflects a structural lag: today's shortage is the delayed consequence of an industry-wide pullback two years ago, and Clode believes it will worsen next year.
What unusual signals are coming from customers?
Clode noted that hyperscalers — the largest cloud operators — are signing unusually aggressive long-term contracts.
His words: "Customers are willing to sign these contracts on terms you would consider quite onerous."
This means → downstream buyers would rather lock in high prices than risk supply disruption — which is itself the most direct evidence of how tight the market has become.
Shares have already rallied — are they still cheap?
Micron trades at roughly 10× forward earnings. SK Hynix and Samsung both trade at about 7× — far below the Philadelphia Semiconductor Index at 27×.
Clode's view: in a shortage this severe, stock selection matters less than simply being in the trade.
Put simply = these stocks are getting cheaper as they rise, because earnings are growing faster than the share price. Clode's point is that the priority now is not *which* name — it is being on the bus at all.
Content is for reference only, not financial advice.