DRAM巨头，史上最惨

Core Viewpoint - Samsung Electronics has lost its position as the world's largest DRAM manufacturer for the first time in over 30 years, with SK Hynix taking the lead due to strong demand for AI memory chips and exclusive supply agreements with Nvidia [1][2]. 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 [1]. - In contrast, SK Hynix's market share has increased from 27.7% in 2022 to 29.9% in 2023, and is projected to reach 33.4% in 2024. In the first half of this year, SK Hynix's share reached 36.3%, surpassing Samsung for the first time in 33 years [1]. 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 [1][2]. - The company's DRAM operating profit from HBM accounted for 54% in Q1 of this year [2]. Strategic Partnerships - SK Hynix has maintained its position as the largest supplier to Nvidia since March 2024, when it began delivering HBM3E chips [2]. - The company has strengthened its collaboration with major U.S. tech firms through its Silicon Valley subsidiary, which recently underwent a leadership change [2]. Investor Sentiment - There has been a shift in investor interest, with SK Hynix's retail shareholder base growing by 21.3% in the first half of the year, compared to Samsung's 18.9% [2]. Product Development and Challenges - Samsung plans to diversify its DRAM product offerings to regain market share, focusing on high-capacity AI servers and products like HBM, high-capacity DDR5, and LPDDR5x for servers [3]. - Samsung is facing challenges in supplying HBM to Nvidia due to unmet thermal standards, signal quality issues, and lower yield rates compared to competitors [4][5][6]. Competitive Landscape - The introduction of NVLink aims to ensure rapid response from AI semiconductors, but Samsung's HBM has performance issues that affect data recognition and AI model performance [6]. - Samsung's lower yield rates hinder timely contract fulfillment and weaken its negotiating position [6].