The buzz around artificial intelligence continues to reshape the landscape of the semiconductor industry in Madrid. According to data from its 2025 semiannual report, SK hynix reportedly generated approximately ₩10.89 trillion (around €7.2 billion) from a single customer: NVIDIA. This amount accounts for nearly 27% of its total revenues in the first half of the year (₩39.87 trillion), highlighting both the strength of the South Korean company in HBM memories and its increasing reliance on the American tech giant.
In 2023, no single client surpassed 10% of SK hynix’s revenues. However, by 2024, NVIDIA had become its leading buyer, representing 16%. The climb to 27% in 2025 confirms a strategic alliance unprecedented in the company’s recent history.
The Battle for Leadership in HBM Memories
SK hynix’s dominance in high-bandwidth memory (HBM) segments remains strong. TrendForce reports that the South Korean company is expected to hold a 52.3% share of the global market in 2025, far ahead of Samsung at 28.7% and Micron at 19%.
This gap widens considering Samsung is still facing delays in certifying its HBM3e 12Hi modules with NVIDIA, while Micron has made significant commercial progress, hinting that nearly all its HBM production for 2026 is already committed.
In this context, SK hynix’s position is somewhat paradoxical: it leads the market in volume and advanced technology — having been the first to deliver 12-layer HBM4 samples to strategic clients in March — yet negotiations to secure supply to NVIDIA in 2026 have taken longer than expected.
Financial Strength and Investment in New Factories
The relationship with NVIDIA not only boosts sales but also enhances SK hynix’s financial health. Business Korea reports that the company’s liquidity increased by over ₩2.8 trillion, while its debt decreased by more than ₩800 billion in the first half of the year. Cash on hand reached ₩16.96 trillion, a 75% rise from 2024.
With these figures, SK hynix announced plans to increase its capex for 2025, focusing on ensuring HBM supply and advancing strategic projects like the M15X factory in Cheongju and the Yongin mega-complex, aimed at solidifying South Korea’s semiconductor sovereignty.
Risks of Concentration and the “AI Bubble”
Despite strong numbers, high dependence on a single client poses risks. Relying heavily on NVIDIA, which drives SK hynix’s growth today, could become a vulnerability if the AI market slows down or NVIDIA diversifies suppliers to cut costs and strategic reliance.
Additionally, the surge in hefty investments in AI data centers demanding enormous amounts of HBM raises fears of a “technology bubble.” The big question in markets is whether this demand can be sustained in the medium term or if it will face a sudden correction, akin to past downturns in the semiconductor industry.
In this landscape, SK hynix walks a fine line between the historic opportunity to become an undisputed leader in advanced memories and the risk of over-reliance on one engine: NVIDIA and the current boom of artificial intelligence.
Frequently Asked Questions (FAQ)
What percentage of SK hynix’s revenue in 2025 comes from NVIDIA?
Approximately 27% of the company’s consolidated income in the first half of 2025.
Who is the leader in the HBM memory market?
SK hynix maintains the leadership with a 52.3% market share in 2025, followed by Samsung (28.7%) and Micron (19%).
Why is the relationship between SK hynix and NVIDIA strategic?
Because NVIDIA, a leader in AI GPUs, is the primary purchaser of HBM3 and HBM3e, securing SK hynix multimillion-dollar contracts and a key role in the AI supply chain.
Is there a risk of a bubble in the AI market?
Yes. The current rapid growth depends on large investments in data centers, but some analysts warn of potential overinvestment that could lead to a correction in the future.
via: TrendForce