Nvidia’s earnings beat sends a tailwind toward SK Hynix and Samsung
🎧 Post Summary
Nvidia posted fiscal Q2 revenue of $96.2 billion and non-GAAP EPS of $2.22, beating market expectations on both counts. Data center revenue came in at $89 billion, and Q3 revenue guidance was set as high as $110.1 billion. Shares wobbled briefly after the report before rebounding more than 4%. Because the results are directly tied to demand for HBM (high-bandwidth memory) — supplied jointly by SK Hynix, Samsung Electronics, and Micron — this is a key data point for Korean chip-stock investors as well.
Does the old formula — “when Nvidia’s earnings are strong, Korean chip stocks rally too” — hold up again this time? This quarter’s results were more than just an earnings beat; they served as a test of who holds the upper hand in the HBM supply chain heading into the second half of the year. Here’s a look at how the realignment among SK Hynix, Samsung Electronics, and Micron is playing out.
① Nvidia’s Q2 results, by the numbers
Nvidia reported its fiscal Q2 2027 results after the market close on August 26 (local time). Revenue reached $96.2 billion, up 18% quarter-over-quarter and 106% year-over-year, well above the $92.3 billion consensus estimate. Non-GAAP EPS of $2.22 topped the expected range of $2.06–$2.09. Data center revenue in particular came in at $89 billion, beating the $85.7 billion estimate.
| Metric | Actual | Estimate |
|---|---|---|
| Revenue | $96.2B | $92.3B |
| EPS (non-GAAP) | $2.22 | $2.06–$2.09 |
| Data Center Revenue | $89B | $85.7B |
| Q3 Revenue Guidance | $105.8B–$110.1B | Beat expectations |
CEO Jensen Huang said on the earnings call that the AI industry had reached an inflection point, with compute itself now translating directly into revenue, and that demand continues to accelerate. Shares opened lower after the announcement but rebounded more than 4% by the close as buying interest picked up following the conference call.
② HBM supply chain reshapes into a three-way race
SK Hynix, Samsung Electronics, and Micron have all secured a place supplying HBM4 for Nvidia’s next-generation “Vera Rubin” AI platform. Industry research projects that in 2026, SK Hynix will hold roughly 50% of the HBM market by revenue — retaining the top spot — while Samsung climbs to around 29% as it closes the gap. Micron is estimated to account for the remaining 21% or so.
That marks a notable shift from last year, when SK Hynix’s share stood at 58–61%. Samsung and Micron have clearly picked up the pace of their pursuit. That said, the overall HBM market is expanding rapidly, meaning SK Hynix’s absolute revenue is still growing even as its share declines.
③ SK Hynix: still the clear leader
SK Hynix began mass shipments of HBM4 in Q2 this year and is ramping up production significantly in the second half. SK Group Chairman Chey Tae-won recently said he expects the HBM supply shortage to persist through 2030, and outlined plans to double the company’s wafer production capacity within five years. Given how dependent SK Hynix is on Nvidia, this quarter’s earnings beat and raised Q3 guidance are read as a positive signal for its second-half HBM shipment growth.
④ Samsung aims for a comeback with HBM4
Samsung Electronics began mass production and commercial shipments of HBM4 in February this year and has been accelerating supply since. Having passed Nvidia’s HBM4 qualification tests and secured a supply deal with AMD, Samsung is seen as building an independent order base rather than depending on Nvidia alone. Still, some analysts remain cautious about whether the technology gap with SK Hynix has truly closed.
⑤ How will the KOSPI react today?
U.S. stocks were already rallying ahead of Nvidia’s earnings, led by chip stocks. The Dow rose 0.3%, the S&P 500 rose 0.3%, and the Nasdaq rose 0.7%, marking a third straight day of gains, with AMD (+4.9%) and Micron (+2.5%) among the standout chip names. That said, macro headwinds — an escalating U.S.-Canada trade dispute and consumer confidence at a seven-month low — remain in play, so today’s KOSPI reaction in chip stocks will likely reflect both earnings momentum and macro concerns at once.
📌 Notes for Investors
- The HBM market share figures cited here are industry research estimates and may differ from actual outcomes.
- Chip stocks are sensitive not only to Nvidia’s earnings but also to currency, interest rate, and geopolitical developments.
- Sharp short-term price swings are often driven by more than earnings momentum alone, making a diversified approach worthwhile.
- Any individual investment decisions should be made with reference to the latest disclosures and brokerage research reports.
Nvidia’s latest results suggest the AI semiconductor supercycle has not yet run its course. With SK Hynix cementing its lead and Samsung mounting its comeback at the same time, investors in Korean chipmakers may want to keep a close eye on each company’s HBM4 production ramp-up and supply deal announcements.
References
- Fortune – “Nvidia doubles Q2 revenue to $96 billion…” (fortune.com)
- Yahoo Finance / Zacks – “Stock Market News for Aug 26, 2026” (finance.yahoo.com)
- Etoday – “Samsung and SK on alert ahead of Nvidia earnings” (etoday.co.kr)
- NewDaily – “Nvidia’s supply chain decided the HBM race” (biz.newdaily.co.kr)
- DataNews – “HBM three-way race: SK Hynix leads as Samsung and Micron close in” (datanews.co.kr)
- Bloomberg – “Nvidia Second Quarter Earnings” live blog (bloomberg.com)
- The Motley Fool – “Nvidia Earnings on August 26” (fool.com)