Samsung и SK Hynix побили рекорды прибыли на AI-памяти, но акции продолжают падать

Samsung and SK Hynix, in the week of July 28, 2026, reported record results in the global memory industry valued at approximately $1 trillion — however, shares of both manufacturers continued to correct, wiping out a significant portion of year-to-date gains.

Records Amid the Skeptics

Both manufacturers gave a direct answer to those who doubt the AI boom: with record numbers and new strategic deals. According to Bloomberg, quarterly results reached all-time highs in the history of the nearly trillion-dollar industry. The main driver — explosive demand for HBM (High Bandwidth Memory), without which AI accelerators from NVIDIA, AMD and Google cannot function.

• The global memory chip industry (DRAM + NAND) is valued at nearly $1 trillion
• Samsung and SK Hynix together control over 70% of the global DRAM market
• SK Hynix is the leading supplier of HBM3E for NVIDIA, with this segment providing the main revenue growth in 2026
• Both companies recorded new quarterly operating profit records
• Simultaneously with the reports, major long-term deals in the AI segment were announced

"In a remarkable week, the titans of the nearly $1 trillion global memory industry smashed profit records," —

Bloomberg.

Why Shares Are Falling Despite Record Profits

A market paradox: record operating profit did not stop the sell-off. According to Bloomberg, Samsung and SK Hynix shares lost a significant portion of their gains from the beginning of 2026 — despite historically the best metrics the industry has ever posted.

The mechanics of the divergence are typical of the semiconductor cycle: the market prices not the current quarter, but future demand. Investors fear that hyperscalers — Microsoft, Google, Amazon, Meta — may cut AI infrastructure spending in the second half of 2026 or in 2027. A reduction in data center capital expenditures means reduced GPU purchases, followed by HBM and server DRAM. Memory manufacturer shares react to shifts in expectations one to two quarters ahead of the real cycle.

An additional pressure factor is the competitive race: Samsung, which ceded priority in HBM3E supply for NVIDIA to SK Hynix, is accelerating the release of next-generation HBM4, which requires massive capital investment and is already pressuring free cash flow.

What the New Deals Mean

The strategic agreements announced simultaneously with the results are characterized by Bloomberg as a direct response to AI skeptics. Long-term HBM supply contracts are typically concluded for periods of 12 to 36 months — their existence means that the largest buyers of AI infrastructure plan to maintain current procurement levels at least through 2027–2028.

"Big numbers and big deals" as a response to AI doubters — that is how

Bloomberg summarizes the week for Samsung and SK Hynix.

For the memory market, the new agreements are more important than quarterly records: they reduce uncertainty about future volumes and allow both manufacturers to plan production capacity utilization several years ahead.

What This Means

Samsung and SK Hynix's records confirm: the AI infrastructure cycle has not stopped, and memory manufacturers have become its key beneficiaries. The gap between operating results and share dynamics does not reflect an industry crisis, but rather the typical cyclicality of the semiconductor market — share prices are already discounting 2027 risks while companies report 2026 records. The new long-term deals are a weighty counterargument to the bears.

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