Samsung Q4 chip profit misses; 2027 HBM capacity sold out

The split between a near-term profit miss and a fully committed 2027 HBM book captures the tension in the memory cycle: demand visibility for advanced AI memory is strong enough to sell out capacity years ahead, yet current earnings still lag. That gap, plus a 60% capex increase and no shareholder return detail until January, is what drove the share reaction. The open questions are whether HBM4 ramp execution keeps pace with those commitments and whether the capex buildout in Korea and the US translates into returns rather than just capacity.