三星DRAM，史上最大跌幅

Core Viewpoint - Samsung Electronics has lost its position as the world's largest DRAM manufacturer to SK Hynix, driven by strong demand for AI memory chips and exclusive supply agreements with Nvidia [2][3]. Market Share Changes - Samsung's global DRAM market share has decreased by 8.8 percentage points over the past six months, marking the largest decline since 1999 [2]. - SK Hynix's market share has increased from 27.7% in 2022 to 36.3% in the first half of 2023, surpassing Samsung for the first time in 33 years [2]. Financial Performance - SK Hynix's U.S. subsidiary reported sales of 24.7 trillion KRW (approximately 177.9 billion USD) in the first half of the year, a 103% increase from the previous year [3]. - The company's DRAM operating profit from HBM accounted for 54% in Q1 2023 [3]. Strategic Partnerships - SK Hynix has maintained its position as the largest supplier to Nvidia since delivering HBM3E chips in March 2024 [3]. - The company has strengthened collaborations with major U.S. tech firms through its Silicon Valley subsidiary, which recently underwent leadership changes [3]. Investor Sentiment - Retail investor interest has shifted, with SK Hynix's retail shareholder base growing by 21.3% compared to Samsung's 18.9% [3]. Product Development and Challenges - Samsung plans to diversify its DRAM product lineup to regain market share, focusing on high-capacity AI servers and products like HBM and DDR5 [4]. - Samsung is expected to start shipping its fifth-generation HBM3E products to Broadcom in the second half of the year, but has faced delays due to quality testing by Nvidia [5]. Technical Challenges - Samsung has struggled to meet Nvidia's stringent thermal requirements, which are twice as strict as those of Broadcom [5][6]. - Issues with signal quality when Samsung's HBM is connected to Nvidia's NVLink have also been reported, affecting performance [6][7]. - Samsung's lower yield rates for HBM have hindered timely deliveries and weakened its negotiating position [7].