SK Hynix Overtakes Samsung in HBM Market Share for First Time

SK Hynix Claims Market Leadership

SK Hynix Inc. captured an estimated 53% of the global high-bandwidth memory market in the fourth quarter of 2025, surpassing Samsung Electronics for the first time, according to research from TrendForce. Samsung held 38%, while Micron Technology accounted for the remaining 9%.

The shift reflects SK Hynix's 12-to-18-month technology lead in HBM manufacturing. The company began mass production of 12-layer HBM3E chips in mid-2024, while Samsung only achieved volume production of comparable products in the fourth quarter of 2025. SK Hynix is now shipping early samples of its next-generation HBM4 chips, expected to enter mass production in the second half of 2026.

Nvidia Partnership Cements Position

SK Hynix's dominant position is closely linked to its status as Nvidia's primary HBM supplier. Nvidia's H200 and B200 AI accelerators, which account for the vast majority of the AI training chip market, use SK Hynix's 8-layer and 12-layer HBM3E modules. Industry sources indicate that SK Hynix supplies approximately 70% of Nvidia's HBM requirements.

"SK Hynix moved first and moved fast," said Avril Wu, senior research vice president at TrendForce. "In a market growing at 80% annually, being six months ahead in qualification with the dominant GPU vendor translates directly into market share."

Revenue and Profitability Surge

SK Hynix reported record quarterly revenue of 19.8 trillion won ($14.8 billion) for Q4 2025, with the HBM product line alone generating an estimated 5.2 trillion won. The company's operating margin reached 32%, the highest among major memory manufacturers and more than double the 15% margin at Samsung's semiconductor division.

HBM chips sell for roughly five to six times the price of standard DDR5 DRAM modules per gigabyte, reflecting the complexity of stacking multiple memory layers with through-silicon vias and bonding them to a logic die.

Samsung's Response

Samsung acknowledged the competitive gap during its January earnings call and outlined an aggressive plan to regain share. The company is investing 8 trillion won in expanding HBM capacity at its Pyeongtaek campus and has restructured its memory product development team, appointing a new head of HBM engineering from its foundry division.

Samsung also secured qualification of its 8-layer HBM3E with Nvidia in December, later than planned but a critical milestone. Analysts at Citi expect Samsung's HBM market share to stabilize at 35% to 40% in 2026 as it ramps production.

Market Outlook

Global HBM revenue is projected to reach $35 billion in 2026, growing approximately 70% from 2025, according to estimates from Bloomberg Intelligence. The growth is driven almost entirely by AI accelerator demand from hyperscale data center operators including Microsoft, Google, Amazon, and Meta.

SK Hynix shares have gained 68% over the past 12 months, valuing the company at approximately $120 billion. The stock trades at 7.8 times forward earnings, a premium to Samsung's 1.3 times book value but still below the multiples seen at the peak of previous memory cycles.

Capacity Expansion Plans

SK Hynix plans to invest 15 trillion won in capital expenditure during 2026, with approximately 60% directed toward HBM and advanced DRAM production. The company is constructing a new fab in Yongin, scheduled for completion in 2028, that will be dedicated to next-generation memory including HBM4 and DDR6.