TLDR
- Micron posted record revenue of $23.86B in fiscal Q2 2026, with margins and cash flow hitting all-time highs
- SK Hynix held about 57% of the global HBM market in Q4 2025, making it the clear HBM leader
- SK Hynix overtook Samsung in June 2026 to become South Korea’s most valuable listed company
- Micron’s fiscal Q3 2026 results showed revenue of $41.46B and net income of $28.86B
- Both stocks are driven by AI server demand, but SK Hynix offers purer HBM exposure while Micron offers broader memory coverage
Two memory chipmakers are sitting at the center of the AI hardware boom. Micron and SK Hynix are both winning from the surge in demand for high-bandwidth memory, or HBM, but they offer investors a different way to play the same trend.
Micron’s Numbers Are Hard to Ignore
Micron reported record revenue of $23.86 billion in fiscal Q2 2026. Gross margin came in at 74.4% and net income hit $13.79 billion. Operating cash flow was $11.9 billion.
The company’s Cloud Memory Business Unit brought in $7.75 billion in quarterly revenue. Its Core Data Center Business Unit added another $5.69 billion. These numbers show the shift away from smartphones and PCs toward AI infrastructure.
Micron’s fiscal Q3 2026 results went even further. Revenue hit $41.46 billion, gross margin rose to 84.9%, and net income reached $28.86 billion. Every segment hit record levels.
The driver is AI. Hyperscalers are spending heavily on AI server buildouts, and memory is one of the key bottlenecks. Micron has exposure across DRAM, NAND, and HBM, giving it a broad base in this cycle.
SK Hynix Leads on HBM
SK Hynix posted revenue of 52.6 trillion won in Q1 2026, with operating profit of 37.6 trillion won. The company said it expects AI chip demand to exceed its manufacturing capacity.
The HBM market share numbers tell the story. SK Hynix held about 57% of the global HBM market in Q4 2025. Micron had 21% and Samsung had 22%.
That dominance helped SK Hynix overtake Samsung Electronics in June 2026 to become South Korea’s most valuable listed company. It is a direct reflection of how much the market values HBM leadership.
SK Hynix is also exploring a U.S. stock market debut. Reuters reported in July that the company is pursuing this move as investor appetite for AI stocks stays strong.
What Sets Them Apart
The choice between the two comes down to breadth versus focus. Micron covers more of the memory market. SK Hynix is more tightly tied to HBM, which is the part of the memory stack most linked to Nvidia and AI servers.
If HBM demand stays strong, SK Hynix may offer more upside. If parts of the memory cycle slow, Micron’s broader mix could provide more stability.
Both companies are reporting extraordinary results right now. The question for investors is whether they want a broad memory franchise or the most direct bet on the AI server buildout.
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