SK Hynix listing volatility gives way to earnings focus

Shares in SK hynix Inc. (KRX: 000660) fell sharply on Monday, July 13, marking a steep decline following the memory-chip maker's US listing on July 10, amid broader profit-taking.

The South Korean chipmaker is due to report second-quarter results on July 23. Visible Alpha consensus estimates point to another quarter of exceptional growth, driven by robust demand for AI memory and elevated memory pricing.

Analysts expect Q2 revenue to rise 260% year-on-year to $52 billion. DRAM, which remains the company's largest business, is expected to generate $40.4 billion of revenue, up 265% from a year earlier, while NAND flash revenue is projected to climb 330% to $13.1 billion.

Within the DRAM segment, conventional DRAM revenue is expected to jump 448% to $35 billion, while high-bandwidth memory (HBM) revenue is forecast to increase 32% to $6.1 billion, driven by the continued strength of AI-related demand.

Much of the sharp increase in revenue expectations is being driven by pricing even though volumes also remain strong. Average selling prices (ASPs) for DRAM are expected to rise 212% from a year earlier, while NAND ASPs are expected to increase 295%, highlighting a memory market that has tightened significantly.

Visible Alpha’s Industry Segmentation enhancement provides a broader view of rising expectations across other players in the memory semiconductor sector, helping compare revenue trends and demand drivers ahead of upcoming second-quarter results.

Consensus estimates indicate that the AI-led memory upcycle extends well beyond SK Hynix, with consensus pointing to triple-digit memory-chip revenue growth across major producers in 2026, while forecasts have been revised sharply higher since the start of the year.

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This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.