Samsung & SK Hynix Ride AI Memory Boom, Combined Cash Exceeds 27 Trillion Won
Nashnova编辑部
AI memory demand drove Samsung and SK Hynix to add roughly KRW 117 trillion in cash in the first half of 2026, bringing their combined war chest to nearly KRW 278 trillion — how they deploy it will determine whether the boom translates into lasting competitive advantage.
KRW 117 trillion in six months — where did it come from?
As of Q2 2026, Samsung held KRW 189.99 trillion in cash equivalents and short-term financial products, up 50.97% from end-2025. SK Hynix held KRW 87.96 trillion, up 151.75%.
Combined: roughly KRW 277.95 trillion, with about KRW 117 trillion added in the first half alone.
This means → demand for HBM — high-bandwidth memory used in AI chips — is converting into real cash flow at extraordinary speed.
How does that compare with the rest of corporate Korea?
FnGuide data show that in Q1 2026, 138 listed Korean semiconductor firms held a combined KRW 103.46 trillion in cash equivalents, up 26.7% from end-2025.
All listed Korean companies grew cash equivalents by just 2.4% over the same period.
In plain terms = the chip sector's cash growth ran more than 10× the market average, and Samsung plus Hynix left even the broader chip sector far behind — the money is flowing almost entirely to the top two AI-memory players.
Just how profitable are they?
Samsung posted Q2 2026 revenue of KRW 171.5 trillion and operating profit of KRW 89.5 trillion. The DS division — chips and memory — was the main profit driver. Operating cash flow reached KRW 105.08 trillion.
SK Hynix reported revenue of KRW 79.32 trillion and operating profit of KRW 60.54 trillion, for an operating margin of 76%.
This means → Hynix keeps KRW 76 out of every KRW 100 in sales — a margin almost unheard of in hardware manufacturing, signalling that AI memory is deeply supply-constrained and pricing power sits entirely with the sellers.
Where will all this cash go?
Samsung is channelling funds into HBM4 (fourth-generation high-bandwidth memory), next-gen DRAM, foundry services and advanced packaging, while building out the Yongin and Pyeongtaek semiconductor clusters.
SK Hynix expects 2026 capex of KRW 45–49 trillion, earmarked for Yongin Phase 1, advanced packaging, NAND flash and other new semiconductor complexes.
In plain terms = both companies are ploughing profits straight back into capacity expansion — betting that AI memory demand is a structural trend, not a short-lived spike.
Beyond capex, what else is the market watching?
Beyond capital spending, the market is also watching for M&A, strategic investments and shareholder returns.
This reflects a deeper question: once cash reserves swell to this scale, capital-allocation decisions themselves become the key test of whether the AI memory boom can convert from a short-term profit surge into lasting competitive advantage.
This means → in coming earnings seasons, investors will look past the profit numbers to where the money actually flows — more capacity bets, or the start of meaningful shareholder payouts.
Content is for reference only, not financial advice.