According to a report by South Korean news agency Yonhap News, SK Hynix recently released its first-half 2026 financial report, showing that as of the end of June, the company's total revenue reached 131.895 trillion won (approximately $93.35 billion). Among this, the US market was particularly outstanding, generating 84.5648 trillion won ($59.85 billion) in revenue, accounting for a staggering 64.1% of SK Hynix's total sales. Compared to 27.8344 trillion won in the same period last year, revenue from the US market surged by 203.8% in the first half of this year.
This historic breakthrough is primarily attributed to the continued supply-demand imbalance in high-bandwidth memory (HBM), commodity DRAM, and NAND flash memory, which has kept product prices on a strong upward trajectory.
"Mystery Major Client" Emerges as Client Base Diversifies; Nvidia Accounts for 13.4% of Total Revenue
In terms of its client structure, SK Hynix is gradually reducing its over-reliance on a single customer. Industry estimates indicate that SK Hynix generated 17.6087 trillion won (approximately $12.46 billion) in revenue from Nvidia in the first half of this year, accounting for 13.4% of total sales. This represents a significant 61.7% increase compared to the 10.8906 trillion won recorded in the same period last year.
However, what has drawn even more attention is that another major tech company officially joined the ranks of SK Hynix's core clients starting in the first quarter, with its revenue contribution surpassing 10% of total sales. This client's procurement volume in the first half reached 17.1874 trillion won, nearly matching Nvidia's scale. Although the specific name of the client was not disclosed in the filing, industry insiders widely speculate it is one of the world's top tech giants, such as Microsoft or Google. This shift marks that while locking in Nvidia, SK Hynix has successfully extended its reach to other AI computing power giants.
HBM4 Enters Mass Production; Negotiations for 2027 Supply Underway
On the product and technology front, SK Hynix continues to solidify its absolute leadership in the high-end memory sector. Currently, the company is stably supplying cutting-edge memory chips, including HBM3E and HBM4, to tech companies such as Nvidia.
During the second-quarter earnings conference call, SK Hynix management explicitly stated that mass production and supply of HBM4 to major clients began in the second quarter, while samples of the next-generation HBM4E have already been delivered to customers. Furthermore, the company is actively negotiating with its core clients regarding HBM supply volumes and pricing for 2027, securing certainty for future revenue growth in advance.
China Market Revenue Surges Over Fourfold Year-on-Year
In addition to its aggressive expansion in the US market, SK Hynix's performance in China also exceeded market expectations. In the first half of this year, revenue from the Chinese market reached 32.4783 trillion won (approximately $22.99 billion), accounting for 24.6% of total sales. Compared to 7.3650 trillion won in the same period last year, revenue from the Chinese market achieved a staggering fourfold increase, demonstrating strong regional market resilience and demand potential.
