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L1 · Silicon & Compute000660.KS

SK Hynix

SK Hynix is the world's second-largest memory chipmaker, leading in AI high-bandwidth memory (HBM).

Updated April 2026

Overview

Founded
1983
Headquarters
Icheon, South Korea
Segment
Memory & Storage Silicon

Product overview

SK Hynix manufactures DRAM, NAND flash, SSDs, CMOS image sensors, and high-bandwidth memory (HBM) chips critical for AI GPUs.. Customers include Nvidia, Microsoft, Apple, Dell, HP, and hyperscalers for servers, PCs, mobiles, and data centers.. It stands out as the HBM market leader with world-firsts like 12-layer HBM3E/HBM4 and 321-layer NAND, outpacing Samsung and Micron in AI memory share..

Revenue model

Primarily from direct sales of DRAM (60-70%, including HBM to Nvidia ~27% of Q3 2025 revenue), NAND flash, and SSDs to OEMs and hyperscalers; 2025 revenue reached 97 trillion KRW driven by AI HBM demand., .

Moat

SK Hynix's key competitive moat is its technological leadership and first-mover advantage in High Bandwidth Memory (HBM), particularly as the first to mass-produce HBM3 for AI accelerators, securing long-term supply agreements with Nvidia and other AI chip leaders amid limited supplier competition. This is bolstered by robust R&D, a strong IP portfolio, economies of scale in production, and strategic customer relationships that create high switching costs and barriers to entry in the high-growth AI memory segment.