A trillion-dollar memory giant sees net profit surge by 216%! Its memory chips are already sold out through 2029.

HBM4 will become the mainstream product in Q4. Xin Dongxi reported on October 28 that SK Hynix today released its fiscal 2026 Q3 financial results. The company achieved approximately ₩104.62 trillion (RMB ¥520.65 billion) in revenue for the quarter—its first-ever quarterly revenue exceeding ₩100 trillion—representing a 32% sequential increase and a 328% year-on-year growth. Additionally, its operating profit reached ₩83.33 trillion (RMB ¥414.70 billion), up 38% sequentially and 632% year-on-year; net profit stood at ₩39.78 trillion (RMB ¥197.97 billion), with a net margin of 38%, up 216% year-on-year. Its gross profit for the quarter amounted to ₩89.65 trillion (RMB ¥446.15 billion), with a gross margin of 86%—up 3 percentage points sequentially and significantly higher than last year’s 57%. SK Hynix stated that both quarterly revenue and operating profit hit record highs, driven by AI-memory demand pushing up product prices and increased shipments of high-value-added products. CEO and President Roh Jung-gu noted that, based on already-signed long-term supply agreements (LTAs) plus current and ongoing customer negotiations, DRAM and HBM production capacity is effectively sold out for the next three years—through 2029. SK Hynix expects the imbalance between memory demand and supply—constrained by the technical difficulty of advanced process nodes and the lengthy time required to build new fabrication lines—to persist until 2030. In Q4, HBM4 shipments and revenue are projected to surpass those of HBM3E, making it the dominant product. Capital expenditures in 2027 will rise significantly compared to 2026, and the Yongin Phase I fab will enter full-scale operation. As of yesterday’s market close, SK Hynix’s share price stood at $145.36 per share (RMB ¥969.3), up 1.92% from the previous close of $142.62 (RMB ¥951.1), with a total market capitalization of approximately $103 billion (RMB ¥690 billion). 01. DRAM accounts for over 70% of revenue; shareholder returns for the year reach ~₩100 trillion SK Hynix’s core businesses are DRAM and NAND flash memory. By product category, DRAM contributed approximately ₩78.5 trillion (RMB ¥390.49 billion) in Q3 revenue—75% of total revenue—while NAND generated ₩25.1 trillion (RMB ¥124.96 billion), accounting for 24%; other businesses accounted for 1%. By application, server and graphics (including HBM) segments’ share of DRAM revenue has risen quarter after quarter, while PC, consumer electronics, and mobile segments’ shares have correspondingly shrunk—reflecting the sustained structural impact of AI server demand on DRAM revenue. On the NAND side, SSD revenue share has grown annually from Q3 2025 to Q3 2026, while mobile, USB drive, and memory card business shares have declined—enterprise SSDs now constitute the primary source of NAND revenue. SK Hynix’s guidance indicates that DRAM shipment volume in Q4 is expected to grow ~20% sequentially, driven by expansion of the 1c-node process and ramp-up of the M15X product line; NAND shipment volume is expected to grow in the low single digits (including Solidigm), propelled by sales of 321-layer eSSDs.

Revenue up 17-fold and profitability achieved ahead of schedule: Moore Threads delivers on profits—but its market value has shrunk by over RMB ¥280 billion from its peak.

By Yang Jianyong In the first three quarters of 2026, Moore Threads achieved revenue of RMB ¥3.289 billion, up 319% year-on-year; net profit reached RMB ¥37.7 million, marking its successful transition from continuous losses to profitability. Specifically, Q3 revenue totaled RMB ¥1.552 billion—a staggering 1773% year-on-year increase—with net profit of RMB ¥49.26 million. Profitability delivered ahead of schedule—but market cap down RMB ¥280 billion from peak More milestone-worthy than the multiple-fold revenue growth is Moore Threads’ successful crossing of the profitability threshold—the critical leap from persistent losses to sustainable profit—ushering the company into a new developmental phase and signaling that the commercialization path for domestic high-performance GPUs is gradually becoming viable. Notably, profitability had previously been forecast for 2027; it has now arrived significantly earlier. Regrettably, despite delivering strong financial results, Moore Threads suffered a sharp 12.45% market decline, bringing its market capitalization to RMB ¥15.7 billion. Of course, market fluctuations stem from multiple factors. At the end of last year, branded as “China’s first GPU IPO,” Moore Threads enjoyed extraordinary investor enthusiasm, creating an unprecedented capital-market phenomenon: within just five trading days, its share price surged 723%, catapulting its market cap to RMB ¥44.23 billion. Today, compared to that peak, its market cap has contracted by RMB ¥28.53 billion—a dramatic 65% drop. Indeed, following its initial five-day rally post-listing, the stock entered a sustained period of volatility and decline. This author has previously noted that although AI chips represent a super-high-growth sector—and Moore Threads benefits deeply from both the AI large-model boom and the domestic substitution trend, fueling exponential revenue growth— a market cap exceeding RMB ¥40 billion clearly far outstripped its actual revenue scale and profitability capacity. Crucially, the looming share unlock wave added further pressure. After ~25.77 million shares became freely tradable on September 7, another 185.9 million shares—39.55% of total outstanding shares—are scheduled to unlock on December 7. This phenomenon isn’t unique to Moore Threads:沐曦股份 (MetaX), another heavyweight GPU player, once reached a market cap of RMB ¥41 billion but now stands at RMB ¥18.29 billion—a 55% correction. Clearly, market valuation of GPU chip companies has shifted from exuberant euphoria into a “bubble-deflation” phase, prompting a sober reassessment of commercial execution and profit realization expectations. Accelerating commercialization and breakthroughs in domestic computing power Notably, Moore Threads’ quarterly revenue surged 17-fold while achieving profitability—evidence that domestic GPU commercialization is accelerating rapidly, propelling the industry toward a profitable era. Key drivers include soaring compute demand fueled by AI large models; simultaneously, restrictions on acquiring high-end NVIDIA chips have accelerated domestic substitution, steadily increasing penetration rates of indigenous computing-power chips—not only opening vast market opportunities for domestic AI chips, but also enabling gradual maturation of hardware-software ecosystems, thereby providing domestic AI chipmakers with vital technical validation and commercialization pathways. As large models continue iterating—from cloud to edge—AI applications are becoming ubiquitous. Chips, as the foundational infrastructure of AI, deliver efficient compute services essential for training and refining large models—making them a pivotal enabler for the entire AI industry’s forward momentum, and driving global semiconductor market size toward the trillion-dollar mark.

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