AI memory trio war: How Micron, Samsung, SK Hynix are rewriting the 2026 semiconductor landscape?

On June 24, 2026, global capital markets experienced a severe shock.

The night before, the U.S. tech sector suffered a major setback— the Nasdaq index fell 2.21%, the Philadelphia Semiconductor Index plunged more than 7%, and Micron Technology (Micron) was down more than 13% at one point during the day. South Korea’s stock market was also hit by panic selling on June 23: the KOSPI index plunged 9.99%, with both Samsung Electronics and SK Hynix down by about 12%.

However, just 24 hours later, the situation was completely reversed. After market close on June 24, Micron Technology released its Q3 fiscal 2026 earnings report. Revenue rose approximately 346% year-over-year to $41.46 billion, while net profit surged nearly 15 times year-over-year. In after-hours trading, the stock price briefly jumped 16% to $1,214. On the same day, Samsung Electronics announced plans to spend 90 trillion Korean won (about $68 billion) to repurchase shares. The stock rose nearly 10%, reclaiming the 340,500 Korean won level. SK Hynix rebounded 2.58%, closing at 2,621,000 Korean won.

This dramatic turnaround was not coincidental. It reflects an industrial reality that is accelerating: AI memory is no longer a niche segment within the semiconductor industry, but a strategic stronghold that determines the competitiveness of global computing infrastructure. From Micron to Samsung, from SK Hynix to NVIDIA, a global arms race centered on High Bandwidth Memory (HBM) is now fully underway.

More importantly, for global investors, this race is no longer out of reach. In June 2026, Gate officially launched real stock trading functionality. Users can trade stocks and ETF assets of major securities markets such as Micron, Samsung Electronics, and SK Hynix directly within the platform using USDT. This means that investment pathways from crypto assets to global technology leaders have been fully opened.

HBM: The “blood of computing” in the AI era

To understand the underlying logic of this race, we first need to understand HBM’s core position in the AI computing ecosystem.

HBM (High Bandwidth Memory, high-bandwidth memory) vertically integrates multiple DRAM die chips using 3D stacking technology. With extremely short data pathways, it achieves bandwidth density far beyond that of traditional memory. In large model training and inference scenarios, no matter how powerful the GPU’s computing capability is, if memory bandwidth cannot keep up, computing power will be “starved.” As one industry analysis puts it, “the effectiveness of AI computation depends on the memory architecture that supplies it.”

In a research report, Morgan Stanley noted that HBM’s global total capacity has surged from about 10 TB in 2020 to about 18 PB in 2026, representing growth across multiple orders of magnitude. SEMI predicts that the global HBM market size will grow 58% to $54.6 billion in 2026, accounting for nearly 40% of the overall DRAM market.

Even more critical is the supply-demand gap. Although the three major original equipment manufacturers—Samsung, SK Hynix, and Micron—have shifted about 70% of new capacity toward HBM, the capacity shortfall is still as high as 50% to 60%. The full-year capacity of the three suppliers was already fully booked by Q1 2026, and the shortage is expected to continue through 2028. HBM has upgraded from “a commodity that can be restocked anytime” to “the scarcest strategic resource in the global AI arms race.”

Competition among the three giants: Who is leading, and who is catching up

According to data for Q1 2026 released by the market research firm Counterpoint Research, the global DRAM market revenue shares were: Samsung Electronics 38%, SK Hynix 29%, and Micron 22%. After Samsung regained the No. 1 spot in DRAM in Q4 2025, it has maintained the lead for two consecutive quarters.

But in the high-value HBM niche, the picture is completely different.

SK Hynix: Advantages and concerns of the defender

In Q1 2026, SK Hynix secured the No. 1 position in the global HBM market with a 58% revenue share. However, this number has fallen by 11 percentage points from 69% in the same period of 2025. TrendForce predicts that SK Hynix’s full-year 2026 HBM share could further decline to about 50%.

The share decline is not because SK Hynix has lost competitiveness. Instead, the competitive landscape is shifting from “one dominant player” to a “three-way standoff.” SK Hynix’s current HBM business revenue share has surpassed 40%, forming a clear competitive advantage in the HBM market. In terms of product schedule, SK Hynix originally planned to provide HBM4E samples in the second half of 2026, but has advanced delivery to June and July to major customers. The 12-layer stacked HBM4E samples showcased at COMPUTEX 2026 feature a maximum single-pin data rate of 16 Gbps and a per-stack bandwidth of up to 4 TB/s, representing an improvement of about 38% versus HBM4.

From the stock performance perspective, SK Hynix’s stock price has increased by more than 340% cumulatively since the beginning of 2026. HSBC Research maintains a “Buy” rating and raised its target price from 2.9 million Korean won to 4 million Korean won, believing that HBM price hikes will bring strong momentum to the second half of 2026 and into 2027, and that a potential ADR listing is also a positive catalyst.

Samsung Electronics: From falling behind to launching a counterattack

Samsung Electronics experienced a difficult period in the HBM3E era— it failed to cross NVIDIA’s quality certification threshold, and in Q1 2025, it handed the No. 1 position in the DRAM market to SK Hynix. But starting with HBM4, the situation reversed.

In February 2026, Samsung became the first globally to achieve mass production and shipment of HBM4. In May, Samsung supplied the first batch of 12-layer stacked, 48 GB HBM4E samples to global customers. According to industry data, just four months after HBM4 entered the market, Samsung’s cumulative sales exceeded $1 billion.

Samsung’s share in the global HBM market rose from 13% in Q1 2025 to 21% in Q1 2026, an increase of 8 percentage points. Counterpoint Research expects Samsung’s market share to gradually rise as it supplies HBM4 to NVIDIA. TrendForce predicts Samsung’s full-year 2026 HBM market share will be about 28%.

From an investment perspective, in a report dated June 25, 2026, Nomura Securities stated that Samsung Electronics’ stock price was 340,500 Korean won, implying upside potential of 96.8%. UBS raised its target price for Samsung by 45% to 400,000 Korean won and maintained a “Buy” rating.

Micron Technology: A structural leap behind the “explosive” earnings

Micron is the most surprising variable in this competition.

In Q3 of fiscal 2026 (ending May 31), Micron’s revenue reached $41.46 billion, up approximately 346% year-over-year. Non-GAAP adjusted earnings per share reached $25.11, up nearly 14 times year-over-year. The company said that AI system performance is increasingly dependent on memory performance and capacity, which has transformed memory from “an accessory to bulk commodities” into “a strategic asset.”

In the HBM market, Micron’s share in Q1 2026 was 21%, tying with Samsung for second place. TrendForce expects Micron’s full-year 2026 HBM market share to be about 22%. Although Micron still trails SK Hynix in share, its quarterly revenue growth rate of 81.6% indicates it is rapidly narrowing the gap.

Citi raised its target price for Micron from $840 to $1,200, believing that the DRAM supercycle has only just begun. Micron’s expected DRAM bit supply capacity growth rate in 2026 is only 42%. Combined with the rigidity of conventional DRAM supply and the continuing surge in demand from AI data centers, this forms the core logic behind the bullish view on Micron.

Capacity, technology, and customer lock-in: Three-dimensional competition

The competition among the three giants is not merely a numbers game of market share; it unfolds comprehensively across three dimensions: capacity, technology, and customer lock-in.

On the capacity front, all three firms have shifted most of their incremental capacity to HBM. However, a capacity gap of 50% to 60% means supply-side tightness is likely to persist. Notably, SK Hynix has recently been reported to be adjusting its capacity allocation—cutting back some HBM expansion plans and shifting toward the general DRAM market—because general DRAM profitability has overtaken HBM. Bernstein’s estimates show that in 2026, allocating capacity to ordinary DRAM results in more than twice the revenue per wafer compared with HBM, and gross profit is nearly three times higher.

On the technology front, HBM4E has become the core node of the next phase of competition. The fact that Samsung led with early sampling, SK Hynix followed ahead of schedule, and Micron accelerated its catch-up indicates that whoever can first pass mass-production verification and secure top-tier customer certification for HBM4E will gain the advantage in order allocation for 2027.

On the customer lock-in front, NVIDIA remains the key variable that determines the outcome. SK Hynix’s HBM4E is expected to enter NVIDIA’s next-generation AI accelerator platform, “Rubin Ultra.” During COMPUTEX, NVIDIA CEO Jensen Huang visited SK Hynix’s booth and wrote on the HBM4E wafer, “Please produce more.” Meanwhile, Samsung has become one of the first companies supplying HBM4 to NVIDIA. Micron, backed by its U.S. domestic capacity advantage, holds a unique position among North American data center customers.

How to trade the stocks of the AI memory three giants on Gate

For investors looking to participate in this AI memory arms race, Gate offers an unprecedentedly convenient channel.

Overview of Gate’s stock trading feature

On June 1, 2026, Gate officially launched real stock trading services. Users can trade stocks and ETF assets from major U.S. securities markets directly within the platform using USDT. By June 2026, Gate had supported more than 12,500 stocks and ETF assets, covering five major U.S. exchanges such as the NYSE and Nasdaq.

For the three targets focused on in this article, Gate provides full coverage:

• Micron Technology: NASDAQ ticker MU
• Samsung Electronics: Korea KOSPI ticker 005930
• SK Hynix: Korea KOSPI ticker 000660

Core advantages: Why trade stocks on Gate

Zero holding cost. Compared with the funding rate in perpetual contracts and swap fees and overnight fees in CFD products, Gate’s stock spot trading has 0 holding cost—no funding rate, no swap fee, and no overnight fee.

Extremely low threshold for fractional-share trading. Gate stock trading supports fractional-share trading as low as 0.01 share, allowing investors to participate with an amount less than the price of a whole share.

USDT direct settlement, no exchange-rate loss. There is no need to exchange for Korean won or U.S. dollars. You can buy directly with USDT, and once sold, it is settled directly into USDT.

Independent account security architecture. Gate’s stock trading uses an Omnibus comprehensive account structure, fully separated from contract accounts and spot accounts, with funds managed separately. Even if a contract account is liquidated or a spot account incurs losses, the assets in the stock account will not be affected.

One-account multi-market trading. One account allows you to trade Hong Kong stocks in the day, follow Korean stocks in the afternoon, and trade U.S. stocks at night, with funds seamlessly flowing within the same pool.

Fee discounts. Gate stocks are fully integrated into the platform’s VIP tier system. Users only need to hold 2,000 USDT to upgrade to VIP and enjoy a dedicated lowest fee rate of 0.023% for stock trading.

Three-step operation guide

Step 1: Prepare your account and funds. Complete Gate account registration and basic KYC verification. Deposit or transfer USDT to the unified account/trading account.

Step 2: Enter the stock trading section. In the App’s top navigation bar, find “Finance/Trading” → “Stocks.”

Step 3: Search and place an order. Search the corresponding stock ticker—search “MU” for Micron, “005930” for Samsung, and “000660” for SK Hynix. Enter the purchase amount or number of shares, confirm the order, and you can complete the trade. Korean stock trading hours are 08:00 - 14:30 Beijing time (no midday break).

At the current point in time: Which stock has more potential?

Based on the latest market data and institutional research reports, the three targets each have their own highlights at this point:

Micron Technology (MU): Citigroup’s target price is $1,200, with still upside potential compared with the stock price after the earnings release. Micron expects the average DRAM price in 2026 to rise 200%. There is a 5% global supply gap, and HBM prices are expected to continue climbing in 2027. Micron expects full-year 2026 capital expenditures to reach approximately $27 billion, accelerating global factory construction and equipment procurement.

Samsung Electronics (005930): Nomura’s report indicates implied upside potential of 96.8%. UBS has a target price of 400,000 Korean won with a “Buy” rating. Samsung’s 2026 HBM bit shipment volume is expected to triple year-over-year to 11.2 billion Gb.

SK Hynix (000660): HSBC Research’s target price is 4 million Korean won, maintaining a “Buy.” HBM operating profit margin is expected to improve from about 57% in 2026 to about 70% in 2027. SK Hynix has submitted confidential filings to the SEC and plans to issue ADRs on Nasdaq as early as August 2026, which could raise approximately $14 billion.

It is worth noting that Gate is currently running a stock trading incentive campaign. New users who complete their first stock trade (cumulative 500 USDT in SK Hynix or Samsung Electronics) can share a $17,000 SK Hynix stock reward. Those who meet trading volume targets may also have the chance to receive an air drop of up to 2 shares of SK Hynix stock.

Conclusion

From Micron’s “explosive” earnings to Samsung’s epic share repurchase, from SK Hynix defending its HBM position to the three giants racing on HBM4E, the global AI memory arms race is entering a completely new phase.

At its core, this race is a reassessment of the infrastructure layer in the era of computing democratization. HBM has grown from a niche DRAM category into a $54.6 billion strategic market. Memory has evolved from “silicon sold by the pound” into “a strategic asset that determines AI system performance.” The three giants’ competition across capacity, technology, and customer dimensions will not only determine the power landscape of the global semiconductor industry over the next three to five years, but is also creating unprecedented participation opportunities for global investors.

And for users in the crypto market, Gate’s stock trading feature—supporting direct buy/sell with USDT, zero holding cost, fractional-share trading, and an independent account security architecture—means the barrier to participating in this AI memory investment wave has been lowered to an unprecedented level. Whether it’s Micron’s DRAM supercycle, Samsung’s comprehensive HBM catch-up, or SK Hynix’s leadership defense and ADR listing expectations, all three targets are worth continued attention in the second half of 2026.

FAQ

1. What is HBM? Why is it so important for AI?

HBM (High Bandwidth Memory) is a DRAM product that achieves ultra-high bandwidth through 3D stacking technology. In AI large model training and inference, GPU computing power must be paired with sufficient memory bandwidth to fully perform. HBM’s bandwidth density is far higher than that of traditional memory, making it one of the most critical companion components for AI accelerator chips.

2. What are the HBM market shares of Samsung, SK Hynix, and Micron?

In Q1 2026, based on revenue, SK Hynix led the global HBM market with a 58% share. Samsung Electronics and Micron each had 21%, tying for second place. TrendForce expects SK Hynix’s full-year 2026 share to be about 50%, Samsung about 28%, and Micron about 22%.

3. How can I trade Micron, Samsung, and SK Hynix stocks on Gate?

After completing Gate account registration and KYC verification, deposit USDT into your account. In the App’s top navigation bar, find “Finance/Trading” → “Stocks.” Search for the corresponding codes—Micron “MU,” Samsung “005930,” and SK Hynix “000660”—and then place an order to trade.

4. How is Gate stock trading different from traditional stock trading?

Gate supports buying and selling stocks directly with USDT without needing to exchange fiat currency. It supports fractional-share trading as low as 0.01 share, with an extremely low threshold. Stock spot trading of U.S. shares has 0 holding cost, with no funding rate and no overnight fee. Stock accounts are completely independent from contract accounts, ensuring fund safety.

5. What is the current investment outlook for Micron, Samsung, and SK Hynix?

Citi raised its target price for Micron to $1,200; Nomura Securities indicated that Samsung has implied upside potential of 96.8%; HSBC Research raised its target price for SK Hynix to 4 million Korean won. All three targets have received institutional “Buy” ratings, but stock investments involve market volatility risks—please make decisions carefully.