Growth Surges Over 60%! Memory Chip Boom Propels South Korean Exports

Chiplet News Translated by Cui Yuanwei Chiplet News, August 28 — According to Reuters, the median forecast of ten economists indicates that South Korea—the world’s barometer of global trade and Asia’s fourth-largest economy—is expected to see its August exports rise 62.6% year-on-year, nearly matching July’s robust 63% growth. Analysts point out that the core driver behind this export surge is memory chip giants Samsung Electronics and SK Hynix; the global AI investment boom has lifted chip prices, enabling both companies to reap substantial benefits. At the end of July, the two memory titans separately released their second-quarter financial results for fiscal year 2026, both reporting explosive growth. SK Hynix released its results first on July 29: total revenue for Q2 reached ₩79.32 trillion (approx. RMB 388.67 billion), up 51% quarter-on-quarter and 257% year-on-year; operating profit hit ₩60.54 trillion (approx. RMB 296.65 billion), up 61% quarter-on-quarter and 557% year-on-year. Samsung Electronics disclosed its results on July 30: consolidated revenue for Q2 totaled ₩171.5 trillion (approx. RMB 840.4 billion), up 28% quarter-on-quarter and 130% year-on-year; operating profit amounted to ₩89.5 trillion (approx. RMB 438.55 billion), up 56% quarter-on-quarter and a staggering 1,814% year-on-year.

29-Page In-Depth Report on Semiconductor Cleanrooms: Market Demand Drivers, Layouts by Leading Enterprises, Construction Status of Major Wafer Fab Sites, and AI Server Shipment Structure

Demand for HBM from AI servers will remain strong. According to TrendForce, AI server shipments in 2026 are projected to grow 28.30% year-on-year. North American cloud service providers (CSPs) continue intensifying investments in AI infrastructure. The five major North American CSPs—Google, AWS (Amazon Web Services), Meta, Microsoft, and Oracle—are expected to increase their combined capital expenditures in 2026 by as much as 40% year-on-year. These investments not only support large-scale foundational infrastructure deployment but also include replacements for general-purpose servers purchased during the cloud investment boom of 2019–2021. AI Server Shipment Structure, 2023–2026 II. Supply Side: Cleanroom Facility Construction Timelines Constrain Short-Term Memory Capacity Ramp-Up, Extending Downstream Expansion Cycles Micron, Samsung, and SK Hynix—the three leading memory manufacturers—have all stated in investor briefings that cleanroom facility construction represents a structural bottleneck limiting DRAM/HBM capacity growth, with time cost being the largest cost component. According to Micron’s official website, constructing a wafer fab in Taiwan takes approximately 19 months; in Singapore and Malaysia, about 23 months; in Europe, roughly 34 months; and in the United States—the longest—up to 38 months. In its prepared remarks for the FY2026 Q3 earnings call, Micron noted that supply growth in the memory industry hinges on large-scale new wafer fab expansions—projects that are massive, complex, and time-consuming. Construction speed is further constrained by multiple factors, including lengthy global wafer fab construction timelines, shortages of skilled technical workers, and complex regulatory requirements (including permitting approvals). Moreover, cleanroom-related capital expenditures constitute the primary driver behind rising corporate capex. Micron forecasts that construction-related capex in FY2027 will increase by $10 billion year-on-year. Micron and SK Hynix Revenue, FY2024–FY2026 H1 III. Profitability Perspective: This Upturn in the Memory Cycle, Coupled with Product Portfolio Upgrades, Jointly Amplifies Memory Manufacturers’ Profitability Reviewing four prior traditional memory cycles—in 2010, 2013–2014, 2017–2018, and 2021—memory manufacturers’ performance improvements were primarily driven by broad-based increases in memory pricing. Rising demand from downstream consumer electronics and general-purpose servers pushed up DRAM and other product prices. In contrast, during this cycle, manufacturers have proactively adjusted their shipment mix toward high-value AI products such as HBM and enterprise-grade DRAM. As the revenue share of high-margin products rises, the synergy between product-mix optimization and price appreciation jointly amplifies manufacturers’ profitability. According to Samsung’s official news center, during Q2 FY2026, the company continued expanding its share of high-value-added AI products—thereby enhancing both gross margin and profit elasticity in this memory cycle. SK Hynix likewise stated on its official news center that high-performance products targeting AI servers drove further price increases in Q2 FY2026, allowing the company to once again break its own record set in the previous quarter—the highest ever achieved. Consequently, SK Hynix’s cumulative revenue for the first half of FY2026 exceeded ₩100 trillion for the first time. Year-on-year, revenue and operating profit rose 257% and 557%, respectively—achieving the company’s best-ever profitability.

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