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SK Hynix Soars to Record High as Big Tech AI Spending Fuels Chip Demand

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SK Hynix shares surged to record levels after major U.S. technology companies signaled even stronger artificial intelligence infrastructure spending, reinforcing investor confidence that the global AI semiconductor boom — particularly for advanced memory chips — is far from slowing.

The South Korean chipmaker, a major supplier of high-bandwidth memory (HBM) used in AI servers, benefited from renewed expectations that hyperscalers including Microsoft, Meta, Alphabet, and Amazon will continue aggressively expanding data center capacity despite soaring component costs. Combined AI-related capital expenditure from major U.S. tech firms is now expected to exceed $700 billion this year, significantly increasing pressure on already constrained semiconductor supply chains.

SK Hynix’s rally also reflects its strategic advantage in memory markets critical to AI accelerators. As advanced AI workloads increasingly depend on high-performance memory, SK Hynix has emerged as one of the most direct beneficiaries of infrastructure-scale AI deployment.

The company’s outperformance relative to Samsung also highlights investor preference for firms perceived as more directly leveraged to current AI demand without comparable labor or operational uncertainty. Samsung’s labor tensions have created additional caution despite broader industry strength.

Executives and central bank officials are increasingly suggesting this semiconductor cycle may differ from previous boom-bust patterns because AI demand is more structurally embedded in cloud computing, enterprise software, defense systems, and future digital infrastructure than earlier consumer-driven chip surges.

A critical factor remains supply scarcity. Big Tech executives have openly acknowledged that memory shortages and pricing inflation are becoming defining constraints on AI expansion. This dynamic is boosting pricing power for leading memory suppliers while reinforcing investor expectations that companies like SK Hynix may sustain elevated profitability longer than traditional semiconductor cycles.

The broader market takeaway is clear: as AI infrastructure spending accelerates globally, memory chipmakers are becoming foundational to the next phase of technological competition.

Samsung and SK Hynix to Supply Chips for OpenAI’s $500 Billion Stargate Project

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Samsung Electronics and SK Hynix, South Korea’s top semiconductor manufacturers, have signed letters of intent to supply memory chips for OpenAI’s massive Stargate project, marking a major step in Seoul’s growing role in global artificial intelligence infrastructure.

As part of the deal, OpenAI will collaborate with both companies to build two new AI data centers in South Korea, branded as “Korean-style Stargate,” aligning with President Lee Jae Myung’s goal of turning the country into an AI innovation hub in Asia. The decision leverages South Korea’s strong industrial base and its status as the world’s second-largest ChatGPT subscription market after the United States.

The agreements were announced on Wednesday following a high-profile meeting in Seoul between OpenAI CEO Sam Altman, President Lee Jae Myung, and the chairmen of Samsung Electronics and SK Hynix.

The Stargate project, unveiled by U.S. President Donald Trump in January, aims to invest $500 billion into developing next-generation AI infrastructure with global partners such as SoftBank, Oracle, and now the South Korean chip giants. The initiative seeks to secure the computing capacity needed to sustain AI’s rapid growth and maintain U.S. leadership in the field.

South Korea’s presidential adviser Kim Yong-beom revealed that OpenAI plans to order 900,000 semiconductor wafers by 2029 and establish joint ventures with Samsung and SK Hynix to operate two 20-megawatt-capacity data centers domestically.

“The significant part of the Stargate project would be impossible without memory chips from the two companies,” said Kim.

He added that South Korea may also participate in financing the project.

Altman, in his remarks, emphasized the strategic importance of Korea:

“Korea has an industrial base like nowhere else in the world that is critical for the development of AI. We’re very excited to build Stargate Korea with Samsung and Hynix to support the sovereign AI needs of the country.”

Together, Samsung and SK Hynix control about 70% of the global DRAM market and nearly 80% of the HBM (High Bandwidth Memory) market. HBM technology, introduced in 2013, stacks chips vertically to save space, boost performance, and reduce power consumption, making it vital for AI data processing.

Analysts estimate that 900,000 wafers of advanced DRAM could be worth more than 100 trillion won ($70 billion), though prices may fluctuate depending on market conditions.

In addition to the memory supply deals:

  • Samsung SDS, an IT services affiliate, signed a partnership with OpenAI to develop and operate AI data centers under the Stargate framework.

  • Samsung Heavy Industries and Samsung C&T will collaborate on floating offshore data centers, designed to reduce cooling costs and carbon emissions.

Meanwhile, Google has also been in talks with several South Korean companies to explore potential AI collaborations. In June, SK Group announced a 7 trillion won investment, including $4 billion from Amazon Web Services, to build another major data center in the country.

Despite optimism about AI’s transformative potential, some investors remain cautious, citing the risk of a tech infrastructure bubble as companies rush to build large-scale data facilities.

The Stargate project, delayed earlier by prolonged negotiations and site selection, is now poised to gain new momentum through this South Korea partnership, reinforcing the nation’s position at the heart of the global AI supply chain.