$NVDA just gave the memory supply chain a roadmap — and Korea is paying close attention.
Management guided fiscal 2028 sales growth to roughly 70%, well above the 44–45% consensus had penciled in. The message was simple: AI infrastructure demand is outrunning supply, and memory is one of the bottlenecks.
The numbers already tell the story. Fiscal Q2 2027 revenue hit $96.2 billion, up 106% year-over-year. Data Center alone did $89 billion, up 117%. Next quarter's guide is $108 billion. Supplier and capacity commitments doubled from $119 billion to $279 billion, with a large chunk earmarked for memory.
That shift helps memory makers but squeezes NVIDIA's own margin. Gross margin is expected at 74% in Q3 and 71–72% in Q4, with rising memory prices doing most of the damage.
Mirae Asset kept a Buy on SK Hynix with a 2.8 million won target, arguing memory stays tight through 2028 and that Chinese accelerator vendors will also lift HBM demand. KB Securities noted U.S. and China AI data-center capacity could climb from 95 GW in 2026 to 201 GW by 2030, and that less-efficient Chinese chips may require more memory per workload — another tailwind for Samsung.
The question isn't whether NVIDIA is committing. It's how fast those $279 billion in commitments turn into actual shipments and revenue for Samsung and SK Hynix, rather than sitting in backlog.
Memory pricing has to hold. Supply has to ship. If both happen, Korea's memory makers are in for a long cycle.
Management guided fiscal 2028 sales growth to roughly 70%, well above the 44–45% consensus had penciled in. The message was simple: AI infrastructure demand is outrunning supply, and memory is one of the bottlenecks.
The numbers already tell the story. Fiscal Q2 2027 revenue hit $96.2 billion, up 106% year-over-year. Data Center alone did $89 billion, up 117%. Next quarter's guide is $108 billion. Supplier and capacity commitments doubled from $119 billion to $279 billion, with a large chunk earmarked for memory.
That shift helps memory makers but squeezes NVIDIA's own margin. Gross margin is expected at 74% in Q3 and 71–72% in Q4, with rising memory prices doing most of the damage.
Mirae Asset kept a Buy on SK Hynix with a 2.8 million won target, arguing memory stays tight through 2028 and that Chinese accelerator vendors will also lift HBM demand. KB Securities noted U.S. and China AI data-center capacity could climb from 95 GW in 2026 to 201 GW by 2030, and that less-efficient Chinese chips may require more memory per workload — another tailwind for Samsung.
The question isn't whether NVIDIA is committing. It's how fast those $279 billion in commitments turn into actual shipments and revenue for Samsung and SK Hynix, rather than sitting in backlog.
Memory pricing has to hold. Supply has to ship. If both happen, Korea's memory makers are in for a long cycle.