SK Hynix Nasdaq Listing Sharpens AI Memory Fight With Micron as HBM Leader Holds 56.4%
Updated
Updated · The Motley Fool · Jul 14
SK Hynix Nasdaq Listing Sharpens AI Memory Fight With Micron as HBM Leader Holds 56.4%
3 articles · Updated · The Motley Fool · Jul 14
Summary
SK Hynix’s Nasdaq debut has pushed its AI-memory contest with Micron into U.S. markets, with both companies now riding a demand surge tied to generative AI servers.
56.4% HBM share gives SK Hynix the lead, while Micron has narrowed the gap through execution; its data-center revenue jumped more than 650% year over year and gross margin more than doubled.
Capacity remains tight because advanced DRAM and HBM output needs EUV tools, complex stacking and cleanroom space, while both chipmakers have avoided the overbuilding that hurt earlier memory cycles.
Expansion plans reflect that discipline: SK Hynix is using IPO proceeds for new South Korean fabs and packaging, while Micron has lifted planned U.S. investment to more than $250 billion across New York, Idaho and Virginia.
Valuations still look restrained despite 2026 gains, with Micron trading near 6 times forward earnings and SK Hynix near 8—both well below the S&P 500’s roughly 21.