SK Hynix Locks In Microsoft’s In-House AI Push as HBM Capacity Stays Booked Through 2027

SK Hynix locks HBM3E supply for Microsoft's Maia 200 AI chip through 2026, with shortages extending to 2027; shares surge 180% YTD as cloud giants scramble for memory.

The battle for high-bandwidth memory is reshaping the semiconductor hierarchy, and SK Hynix has found itself at the center of a supply crunch that shows no signs of easing. With its HBM capacity entirely spoken for through 2026 and signs of tightness stretching into 2027, the South Korean chipmaker is cementing partnerships that go far beyond conventional supplier relationships. Microsoft is the latest hyperscaler to deepen ties, tapping SK Hynix as the exclusive provider of HBM3E memory for its Maia 200 accelerator.

Microsoft’s first in-house AI inference chip, Maia 200, is designed to run large language models more cost-effectively than outsourced GPU clusters. The chip packs 216 gigabytes of HBM capacity and delivers a memory bandwidth of 7 terabytes per second — precisely the combination needed to reduce bottlenecks during inference. SK Hynix CEO Kwak Noh-Jung attended the Microsoft CEO Summit 2026 in Redmond for closed-door discussions with Bill Gates and Satya Nadella, underscoring the strategic weight of the arrangement. Microsoft has earmarked roughly $190 billion in capital expenditure for 2026, much of it flowing into data centers and server components, providing a multi-year tailwind for memory suppliers.

The tightening grip on HBM supply has pushed cloud giants to take unusual steps. Meta, Google, and Amazon Web Services are all developing their own AI accelerators to reduce dependence on Nvidia GPUs, shifting the bottleneck to high-bandwidth memory instead. SK Hynix captured 57 percent of the global HBM market by revenue in the fourth quarter of 2025, and that dominance is now being fed by massive investment. In August, construction begins on the second phase of the company’s first fab in the Yongin semiconductor cluster in Gyeonggi Province. Total investment at the site is expected to reach around 31 trillion won ($20.8 billion), with four fabrication plants planned, embedded in a broader ecosystem of material and equipment suppliers.

Investors have taken notice. Shares closed at 1,970,000 won on Thursday, up 66.90 percent over the past 30 days and 180.06 percent since the start of the year. The stock sits just shy of its 52-week high, more than 70 percent above its 50-day moving average — a steep ascent that analysts say is backed by fundamentals. Daishin Securities raised its price target to 2,500,000 won, a 47 percent increase, citing structural growth in the AI inference market. The company’s market capitalization is now approaching $1 trillion, a milestone few South Korean stocks have ever touched.

Beyond HBM, the broader memory market is tightening. HSBC Global Research projects a 40 percent jump in average selling prices for DRAM products in the second quarter of 2026, driven by sustained data-center demand and a recovery in smartphones and PCs. SK Hynix’s finance chief confirmed in October that HBM capacity for 2026 is fully allocated, and management has signaled the supply deficit will persist into 2027. That dynamic also benefits the company on the pricing front: strong operating margins are expected to hold well into 2027.

A wild card comes from rival Samsung Electronics, where the threat of multi-day strikes looms at the end of May 2026. Should labor action disrupt Samsung’s production, additional memory orders could flow to SK Hynix and other suppliers, further tightening an already stretched market.

Meanwhile, SK Hynix is laying groundwork for the next generation. It plans to deliver samples of its HBM4E memory in the second half of 2026, with mass production targeted for 2027 — just as the demand for AI accelerators is expected to accelerate further. The company is also reportedly testing Intel’s EMIB 2.5D packaging technology, which would allow multiple chips to be interconnected on a compact substrate, though suitable materials for mass production are still under evaluation. The combination of a sold-out order book, rising prices, and next-generation products has turned SK Hynix into one of the most closely watched names in the global chip industry.