회사 소식 Samsung memory virtually printing money

Samsung nearly hit its first‑ever ₩200‑trillion quarterly revenue in Q3 2026, as booming AI‑fueled demand for HBM, DRAM and NAND lifted semiconductor pricing. Revenues reached ₩195.3 trillion ($145.5 billion), up 121.8 % year‑on‑year, alongside an operating profit of ₩107.4 trillion ($80 billion). These landmark figures have become the new baseline, making Samsung Electronics the world’s first tech firm to top ₩100 trillion ($74.5 billion) in quarterly operating profit.

Samsung’s Device Solutions (DS) semiconductor division contributed 72 % of group‑wide Q3 revenue at ₩147 trillion ($109.6 billion), rising 15 % quarter‑on‑quarter. Memory chips generated the overwhelming bulk of this total at ₩140.7 trillion ($104.8 billion), accounting for 95.7 % of DS revenue, driven by scaled‑up HBM4 shipments and strong server‑SSD order intake.

Rival SK Hynix posted Q3‑2026 revenues of ₩104 trillion ($78.9 billion) and an operating profit of ₩39.8 trillion ($30 billion), trailing Samsung’s comparable DS unit on both top and bottom lines.

Samsung’s remaining business divisions delivered far smaller returns: ‑ DX (mobile / TV / home appliances): ₩52.1 trillion ($38 billion), +8 % QoQ, with an operating loss of ₩0.8 trillion ($600 million) ‑ SDC (displays): ₩8 trillion ($6 billion), +14 % QoQ ‑ Harman (automotive & lifestyle): ₩4.3 trillion ($3.2 billion), +14 % QoQ

Harman’s $3.2‑billion quarterly result is impressive for audio hardware and dwarfs peer Sonos’ latest‑quarter $375‑million revenue. Even so, Harman makes up merely 2.2 % of DS division revenue, amounting to little more than a rounding error.

Memory oligopolies reap enormous profits by constraining supply for high‑demand chips, with each new fab carrying entry costs of around $30 billion. Samsung noted robust server‑oriented demand pushed pricing higher across all end‑use segments. Manufacturing these advanced memory components poses major technical challenges, yet yields outsized financial returns. Samsung’s Foundry business saw meaningful revenue and earnings improvement thanks to growing HBM base‑die sales, expanded advanced‑node output, and fresh design‑win deals for 2‑nm HPC chips targeting major hyperscale cloud operators.

Samsung forecasts persistent semiconductor‑sector strength. Its Memory division expects AI‑centered industry competition to sustain infrastructure investment next quarter. Memory‑segment growth will center around products built for next‑generation CPU and GPU platforms, while rising QLC‑SSD uptake ties to expanding personal‑AI‑agent services. The firm plans further volume increases for HBM, server DRAM and SSDs, specifically ramping high‑speed DDR5 server chips and QLC SSDs.

Its forward outlook is notably bullish: AI‑related capital expenditures in 2027 will surpass 2026 levels as the AI ecosystem expands. Management states “AI‑driven demand will far exceed the industry supply in comparison with 2026.”

Samsung intends to fund new fabs and supporting infrastructure to satisfy heavy AI and HPC requirements. It will also return substantial capital to shareholders through dividends and share buybacks.

Commentary

Wealthy venture‑capital and private‑equity investors are observing the memory sector’s massive revenue and profit expansion amid supply shortages. They are evaluating whether this is a transitory boom set to fade circa 2031, or a durable long‑term paradigm that could sustain current earnings levels through to 2040 or even 2050. If the latter holds true, investors might acquire smaller‑scale memory players and finance large‑scale capacity expansion to compete against established incumbents: Samsung, SK hynix / Solidigm, Micron, Kioxia and Sandisk. Analysts are running financial scenarios for such potential plays, building on past precedent where private‑equity interests separated Kioxia out from Toshiba.

One further observation: Samsung’s historically balanced divisional structure is now heavily skewed, with the dominant DS unit vastly out‑earning other segments. This imbalance may trigger large‑scale internal reorganization. Similar pressures face the SK Group, as SK Hynix likewise enjoys skyrocketing revenue growth.

Beijing Qianxing Jietong Technology Co., Ltd.
Sandy Yang/Global Strategy Director
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Email: yangyd@qianxingdata.com
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