SK Hynix reported a fivefold increase in operating profit for the first quarter of 2026, reaching 37.61 trillion won (approximately $25.4 billion), driven by surging demand for AI memory chips.
Revenue missed estimates but still grew sharply year-on-year
Revenue came in at 52.6 trillion won ($35.5 billion), slightly below the 53.6 trillion won forecast by analysts, yet nearly triple the year-earlier figure and the first time surpassing the 50 trillion won threshold.
HBM dominance fuels profitability with record 72% operating margin
The company’s operating margin hit a record 72%, a rare level of profitability in the cyclical semiconductor industry, largely due to its leadership in high-bandwidth memory (HBM) chips used in Nvidia’s AI accelerators.
SK Hynix holds 57% share of HBM market, preparing next-gen HBM4E
According to Counterpoint Research, SK Hynix controls 57% of the HBM market, outpacing Samsung and Micron, and plans to deliver samples of its seventh-generation HBM4E chips in the second half of 2026, with mass production set for 2027 to support Nvidia’s upcoming “Vera Rubin” architecture.
Wafer shortage risks extend to 2030, boosting pricing power
SK Group Chairman Chey Tae-won warned that wafer supply constraints could persist until 2030 due to lagging capacity expansion, creating a potential deficit exceeding 20% and reinforcing SK Hynix’s ability to set prices as customers prioritize availability over cost.
Stock dips on profit-taking despite strong fundamentals
Although the stock edged lower after initial gains, the decline reflects profit-taking following a 30% rise over the prior four weeks, with analysts noting the results reinforce bullish sentiment in the semiconductor sector.
What is driving SK Hynix’s profit growth?
The primary driver is explosive demand for high-bandwidth memory (HBM) chips, which are essential for AI data centers and Nvidia’s accelerator systems, allowing SK Hynix to capitalize on its market leadership.
How does SK Hynix’s HBM market share compare to competitors?
SK Hynix holds a 57% share of the HBM market, according to Counterpoint Research, maintaining a clear lead over Samsung and Micron amid intensifying competition.
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