TLDR
- SK Hynix debuted on Nasdaq on July 10, 2026, raising $26.5 billion in the largest U.S. listing by a foreign company
- SK Hynix holds 56-58% of the HBM market; Micron and Samsung each hold around 21-22%
- Micron’s fiscal Q3 2026 revenue hit $41.46 billion, up 346% year-over-year, with gross margins of 84.9%
- Memory demand is forecast to outstrip supply through 2030, with 2027 expected to be the worst supply year in industry history
- Both stocks trade at steep discounts to the broader semiconductor sector despite strong earnings growth
SK Hynix and Micron are the two biggest names in AI memory right now. With SK Hynix’s massive Nasdaq listing now complete, investors are asking a clear question: which stock offers the better opportunity?
The AI Memory Boom
The surge in demand for high-bandwidth memory (HBM) is driven by the growth of generative AI. AI workloads require faster, higher-capacity memory chips than traditional servers use. As AI systems grow more complex, the memory needed per server rises sharply.
Supply is not keeping up. Advanced memory manufacturing requires specialized equipment like extreme ultraviolet lithography scanners. These facilities take years to build and cannot be expanded quickly.
SK Hynix CEO Kwak Noh-jung was direct about this in a July 10 interview. He said the company expects 2027 to be the worst year in industry history from a supply perspective. He added that customer demand will remain higher than supply capacity even beyond 2030.
Micron’s CEO made a similar point after the company’s Q3 earnings. He said Micron has no clear visibility into when chip output will finally meet customer demand.
UBS projects total memory industry revenues reaching $992 billion in 2026 and $1.76 trillion in 2027. The DRAM market is expected to stay structurally undersupplied through at least 2028.
Market Share and Financial Results
SK Hynix currently controls 56-58% of the global HBM market. Samsung and Micron each hold around 21-22%. SK Hynix’s lead is supported by a close partnership with Nvidia, the biggest buyer of HBM chips for AI accelerators.
That said, SK Hynix’s share has fallen from 69% a year earlier as Samsung begins HBM4 mass production and Micron ramps its own HBM output.
Micron posted fiscal Q3 2026 revenue of $41.46 billion, up 346% year-over-year. Earnings per share came in at $25.11, beating estimates. Gross margin reached 84.9%. Data center revenue grew over 650% year-over-year.
Valuation and Geopolitical Edge
Despite holding the largest HBM market share, SK Hynix trades at around 5.8 times forward earnings. Micron trades at roughly 6-7 times. Both are well below the broader semiconductor sector average of 26-30 times forward earnings.
Micron benefits from being the only major U.S.-based memory maker. It has raised its planned domestic investment to over $250 billion through 2035. Its New York facility, backed by more than $6.1 billion in CHIPS Act funding, is on track to be the largest chip manufacturing site in U.S. history.
SK Hynix plans to use its IPO proceeds to fund new fabrication plants and packaging facilities in South Korea.
SK Hynix reports its next earnings on July 29, 2026. Analysts expect record operating profit of 63.45 trillion won. Micron’s fiscal Q4 2026 report is expected in late September, with management guiding for around $50 billion in revenue.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
