SK Hynix Locks In 70% of Nvidia's Next-Gen AI Memory Orders — But Can the Stock Keep Climbing After a Record-Smashing Quarter?

Reports emerged in recent weeks that SK Hynix has captured roughly 70% of Nvidia's next-generation high-bandwidth memory orders — the specialized chips that act as the brain's short-term memory inside AI data centers. SK Hynix has reportedly locked up roughly 70% of Nvidia's HBM4 orders for the upcoming Vera Rubin AI platform. For shareholders, this isn't just a supply deal — it's the clearest signal yet that one company is pulling away in the most profitable corner of the semiconductor business.

  • A Multi-Year Partnership That Looks More Like a Fuel Contract Than a Purchase Order. In June 2026, the two companies formalized a multi-year co-development agreement extending through 2030, complete with advance payments from Nvidia.

Companies are no longer making one-off procurement decisions. They're signing multi-year supply agreements with advance payments, treating AI compute components the way energy companies treat long-term fuel contracts. For SK Hynix, that means locked-in revenue visibility stretching years into the future — a rarity for a cyclical chipmaker.

  • The Numbers Already Back Up the Hype. SK Hynix's most recent quarter was staggering. Q1 2026 revenues hit 52.6 trillion won (~$35.5 billion), with operating profit of 37.6 trillion won and a record 72% operating margin.

Q1 2026 alone generated more operating profit than the entire fiscal year 2024. That kind of profitability — keeping 72 cents of every dollar earned — comes from selling expensive, hard-to-make chips that only three companies on Earth can produce.

  • Samsung and Micron Are Qualified but Playing Catch-Up. Counterpoint Research predicts SK Hynix will capture 54% of the global HBM4 market in 2026, followed by Samsung at 28% and Micron at 18%.

SK Hynix's share significantly exceeds earlier estimates that pegged it closer to 50%. Samsung began shipping its own next-gen memory nearly a year after SK Hynix started delivering samples — a timing gap that matters enormously when customers are pre-booking capacity years ahead.

  • Wall Street Is Bullish, but the Stock Has Room to Run — or Stall. The consensus rating from 37 analysts is "Strong Buy," with 35 recommending buying and zero suggesting selling.

Yole Group estimates total HBM revenue will surge from ~$35 billion in 2025 to ~$60 billion in 2026 — and SK Hynix stands to collect the largest slice. Yet the stock has traded volatile recently; the price declined in 7 of the last 10 trading days, falling roughly 28% over that stretch. The question for investors: is this a buying opportunity or a sign that record margins are already priced in?