SK Hynix reached a $1 trillion market capitalization milestone after a more than 10% rally in Seoul trading, briefly triggering circuit breakers on the Kospi index. The move made it the third chipmaker ever to cross $1 trillion, following Nvidia and TSMC, and the first dedicated memory specialist to do so. Shares have risen about 900% over 24 months, reflecting a compressed and volatile HBM cycle. Full-year 2026 HBM capacity is sold out, and shortages are forecast to persist through 2027. The company’s position in Nvidia’s supply chain is central, with UBS estimating about 70% of HBM4 orders for Nvidia’s Vera Rubin platform. Rubin units require 288GB of HBM4 across eight stacks, with systems rated at 22 TB/s bandwidth. Competitive conditions favor SK Hynix as Samsung lags on HBM4 qualification and faces ramp delays, while Micron holds smaller shares of Rubin design wins and the broader HBM market.
"The competitive picture is also unusually friendly. Samsung, the world's largest memory firm, has spent 2026 visibly behind on HBM4 qualification and is dealing with an industrial-relations dispute that has slowed its memory ramp. Micron, the third leg of the global memory tripod, has captured a smaller share of the Rubin design wins and a smaller share of the broader HBM mark."
Read at TNW | Business
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