HBM prices have surged, and SK hynix shares have jumped as much as 10x over the past six months, but Samsung Electronics and Micron Technology are rapidly grabbing supply-chain share.

The last two pieces from Dolphin Research outlined the underlying logic and trajectory of the 'memory' rally from a tech lens, while this one shifts back to the company level. It zeroes in on the most representative HBM leader of this cycle — $SK Hynix(SKHY.US).

SK hynix’s current position is delicate. Memory prices have surged and HBM remains tight, driving a step-change in earnings.

On the other hand, Samsung and Micron are rapidly plugging into the supply chain of core customers such as Nvidia, shifting Hynix’s edge from exclusive to merely leading.

In the prior piece, Dolphin Research examined the underlying tech to explain why AI's demand for memory capacity 'suddenly' surged and why HBM became the preferred memory for high-performance GPUs. It also outlined the core concepts and rationale of HBM.

From today's vantage point, H2'25 was a pivotal inflection for the AI hardware stack. Until then, 'compute', led by Nvidia GPUs, was center stage. After that, 'storage' — DRAM, NAND and HDD — became the biggest bottleneck across the chain.

SK hynix released its FY26 Q2 results (quarter ended Jun 2026) after the U.S. close, in the morning of Jul 29 (Beijing time). Key takeaways: 1) Core metrics: revenue of KRW 79 tn (+51% QoQ), below consensus (KRW 85 tn).

Growth was driven by both DRAM and NAND, with memory price hikes the largest contributor. GPM was 83%, below street (84–85%)...

The following is Dolphin Research's Trans of $SK Hynix(SKHY.US) FY26 Q2 earnings call. It compiles key points from management's discussion.

Memory is one of the hottest—and most crowded—plays in global tech right now. AI has ignited HBM, DRAM, and NAND all at once, sending shares of SK hynix, Samsung, and Micron up several times over in six months.