The memory stock is SK hynix Inc.; U.S. investors can identify its American Depositary Shares by the Nasdaq ticker SKHY. The clearest evidence for its position is in high-bandwidth memory (HBM), a high-value product used in the AI-server market. But “gaining share” needs a qualification: the available figures show SK hynix held large HBM shares at different points in 2025; they do not establish a like-for-like increase in share during 2026.
What the headline means by “gaining share”
Market share is not one interchangeable number. HBM shipment share measures units shipped; HBM revenue share measures sales value. Neither is the same as share in the broader DRAM market or NAND market. The HBM figures available here come from different quarters, so they show the scale of SK hynix’s position, not a directly comparable trend proving that its share rose from one period to another.
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| Measure | Reported figure | What it establishes |
|---|---|---|
| HBM shipments | 62% as of Q2 2025, according to Counterpoint Research figures relayed by SK hynix on its January 5, 2026 outlook page | SK hynix had a majority of HBM shipments in that reported period; this is not a 2026 share figure. |
| HBM revenue | 57% as of Q3 2025, according to Counterpoint Research figures relayed by SK hynix on its January 5, 2026 outlook page | SK hynix accounted for a majority of HBM revenue in that period; the different quarter and denominator mean it cannot be read as a change from the shipment figure. |
Those figures support the view that SK hynix was a major HBM supplier. They do not show whether its current share is rising, nor do they establish the company’s share of all memory products. A Motley Fool article dated October 9, 2026, also describes SK hynix as holding more than half the HBM market, but that characterization is not a substitute for a current, consistently defined market-share series.
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Why SK hynix is attracting attention
Recent earnings reflect a powerful AI-memory market
In its preliminary Q2 2026 results, released July 29, SK hynix reported revenue of 79.3187 trillion won and operating profit of 60.5426 trillion won, describing both as quarterly records. The company attributed the performance to high-value products including HBM, AI-server DRAM, and enterprise SSDs, amid demand for AI infrastructure. These are the company’s reported results and explanation as of July 29, 2026; they do not establish that the same growth or profitability will continue.
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HBM4 shipments have started
SK hynix said mass shipments of HBM4 began in Q2 2026 and that production would ramp in the second half of the year. That is evidence of a product transition and a stated production plan, not independent confirmation of future shipment volumes, customer adoption, or profit.
Customer agreements offer visibility, not a guarantee
The company said it had finalized long-term agreements with around 10 customers, including key strategic partners, while continuing discussions with other major industry clients. Such agreements may help with planning production and customer supply, but the statement does not disclose their full terms or guarantee a particular level of future revenue.
How it differs from Micron and Sandisk
SK hynix and Micron have exposure to DRAM as well as HBM, while SK hynix also reported NAND-related enterprise SSD sales among the products supporting its Q2 2026 result. The Motley Fool’s October 9, 2026 article characterizes Sandisk as a NAND-focused storage company. That distinction matters: a comparison of the three stocks is also a comparison of product mix, not simply a contest over one HBM market-share number.
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|---|---|---|
| SK hynix | Its reported portfolio includes HBM, DRAM, and NAND/enterprise SSD products. It reported record Q2 2026 revenue and operating profit and said HBM4 mass shipments began that quarter. | Whether its current market shares, margins, or earnings can be sustained. |
| Micron | The Motley Fool article compares Micron with SK hynix and Sandisk and gives a dated forward-earnings multiple estimate. | A current relative valuation or an apples-to-apples comparison of product-level market share. |
| Sandisk | The Motley Fool article describes Sandisk as a NAND-focused storage company and gives a dated forward-earnings multiple estimate. | How its prospects compare with SK hynix’s HBM business without a shared metric and period. |
The available evidence does not provide comparable, current DRAM, NAND, or HBM market-share figures for all three companies. Treat broad claims that one is “winning” as incomplete unless they specify product, metric, and period.
What the valuation snapshot can—and cannot—tell you
The Motley Fool article, citing Marketscreener, reported forward earnings multiples of five times for SK hynix, six times for Micron, and seven times for Sandisk in its 2026 snapshot. These are dated estimates, not fixed valuation facts. Forward multiples depend on share prices and forecast earnings, both of which can change; in a cyclical memory business, forecast earnings can also move sharply as supply, demand, and pricing change. The figures alone do not establish which stock is cheaper on a current basis or which offers better returns.
The main risks to the SK hynix thesis
- Memory cyclicality: strong results in one quarter do not show that pricing, profits, or margins will persist through a downturn.
- Capacity and execution: the HBM4 ramp depends on production execution and supply capacity, not just product announcements.
- Demand durability: AI infrastructure spending supports the company’s stated rationale for demand, but current performance does not prove how long that demand will last.
- Customer concentration and commitments: long-term agreements with around 10 customers are a company-reported indicator, but their undisclosed terms limit what can be concluded about future sales.
- Valuation assumptions: a low forward multiple can reflect optimistic earnings estimates that may not survive a change in the memory cycle.
- Share-data ambiguity: HBM shipments, HBM revenue, and broader DRAM or NAND market share answer different questions. A figure should not be presented as a current gain without matching periods and definitions.
What to check before treating it as a share-gain story
- Confirm the metric and period. Look for a same-source comparison of HBM shipment share or HBM revenue share across consecutive periods, rather than combining different measures.
- Track the product ramp. Compare SK hynix’s stated HBM4 production plans with subsequent company disclosures and customer-related shipment evidence.
- Read earnings beyond the headline totals. Follow product mix, profitability, and company commentary on supply and demand; one record quarter is not a through-cycle forecast.
- Recheck valuation inputs. Treat forward multiples as snapshots and verify the share price and earnings estimates at the time of any investment decision.
Nasdaq identifies the U.S.-traded security as SKHY, but the Nasdaq page reviewed for this article returned no quote data. No current share price is therefore stated here.
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