One-sentence summary
Following memory makers' HBM earnings calls means locking the release date, pulling segment revenue and margins, focusing on the HBM4 ramp and long-term agreements, and cross-checking shortage outlook and stock reaction while separating scale from earnings purity.
When to Use
- You need to systematically track Samsung Electronics and SK Hynix quarterly results and call commentary.
- You want share and price signals in the AI-server HBM demand cycle.
- You compare the two memory leaders' earnings structure and capex cadence.
Steps
- Lock the release date: Watch the IR calendar; Samsung released detailed results October 29 and SK Hynix posted 3Q26 on October 28. Read the preliminary guidance first, then wait for details.
- Pull segment data: Focus on the DS (chip) division's revenue and operating profit, separating group-wide earnings from memory contribution.
- Review HBM4 progress: Track when HBM4 shipments and revenue overtake HBM3E, whether HBM4E enters mass production, and QoQ DRAM/NAND ASP moves.
- Cross-check LTAs and shortage outlook: Check long-term agreements (SK Hynix has 14 customers locking 50%+ of 2027-2028 capacity) and record shortage outlooks (Samsung to 2028, SK Hynix to 2030).
- Compare stock and margins: Separate absolute scale (Samsung larger revenue) from earnings purity (SK Hynix higher margin), and watch stock swings on net-income misses.
Notes
- Memory margins sit at cycle highs, highly sensitive to AI capex and price turns.
- Cite GAAP vs non-GAAP and won vs USD calibers separately.
- HBM share competition is the key variable for future profit leverage.
Sources
- Samsung: 3Q 2026 Earnings Call (PDF)
- Securities Times: Shortage seen through 2028