SK hynix is finalizing 2027 HBM supply and pricing with major customers: it’s not just about DRAM prices

SK Hynix’s second-quarter earnings reveal that the company is in talks with major customers over the 2027 supply scale and pricing for HBM. HBM4 has entered mass production and shipments, and capacity will be expanded.
(Background: Nvidia and the SK Group put forward a $50 billion plan: 2GW AI data centers to begin operating in 2027, targeting HBM4 supply)
(Additional context: HBM memory already accounts for 63% of the cost of AI chips; Hynix, Samsung, and Micron are effectively collecting the pricing power for compute)

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• HBM4 has entered mass production and shipments; production will be expanded in the second half of the year
• Share price jitters after hours, with market value down nearly $50 billion
• It’s not just price negotiations—there’s also the AI investment timetable

In an earnings conference call for its second quarter, SK Hynix disclosed that it is negotiating with major customers on the supply scale and pricing of high-bandwidth memory (HBM) for 2027, and that negotiations are progressing smoothly.

SK Hynix stressed that HBM pricing logic is not simply following traditional DRAM price trends. Instead, it takes into account multiple factors, including wafer costs, advanced process technology, silicon through-holes (TSV), packaging technology, capacity investment, technical complexity, opportunity cost, and product value—then negotiates with each customer individually.

HBM4 has entered mass production and shipments; production will be expanded in the second half of the year

Alongside the earnings release, SK Hynix confirmed that HBM4 has entered mass production and shipments in the second quarter of 2026. The company plans to expand capacity in the second half of the year. Engineering samples of HBM4E were delivered to customers in the first half of the year, using the best process that balances technical maturity and mass-production stability.

What the market is focused on is that SK Hynix holds a leading global advantage in HBM market share, and the outcome of 2027 pricing negotiations will directly affect the cost structure of the AI chip supply chain. Industry estimates say HBM memory already accounts for more than 63% of the total cost of AI chips. In effect, the memory makers’ pricing power is also the pricing power for AI compute.

Share price jitters after hours; market value erodes by nearly $500B

Despite the strong earnings, South Korea’s stock market saw selling pressure on Tuesday. The KOSPI index plunged 10.84%, SK Hynix fell more than 14% at the close, and Samsung Electronics dropped more than 13%. On Wednesday, SK Hynix briefly rebounded by 2% at the open, but then weakened; as of this midday, the decline had widened to over 8.3%.

Andy Wong, head of multi-asset at Pictet Hong Kong, said the current debate in the market centers on whether storage-chip profits are being split too much across the supply chain. “Investors want to see certain factors that would change the view that SK Hynix is capturing too much profit from the supply chain.”

Not just price negotiations—there’s also the AI investment timetable

In the same meeting, SK Hynix responded to concerns that AI infrastructure investment might slow down, saying that moves by large technology companies are “not a process of cutting AI investment, but rather a process of improving utilization and accelerating the monetization of large-scale AI infrastructure.” The company believes that the widespread adoption of efficient AI models is unlikely to reduce demand for infrastructure and memory.

SK Hynix said it will continue to consolidate its leading position in the HBM space by leveraging its综合 advantages, including stable supply supported by high quality and high yields, cost competitiveness, and among the industry’s highest performance capabilities, to achieve long-term sustainable growth.