三星电子和SK海力士两大韩国芯片巨头在第二季度交出亮眼成绩单，但资本市场的反应却相悖。三星电子第二季度营业利润达89.5万亿韩元（约620亿美元），收入创历史新高至171.5万亿韩元（约119亿美元），营业利润同比增长超19倍[1]。SK海力士表现同样强劲，第二季度营收79.32万亿韩元同比增长257%，营业利润60.54万亿韩元同比暴涨557%[2]。两家公司的业绩增长主要受益于全球AI服务器芯片和高带宽存储芯片需求驱动的芯片价格上升[1]。
然而，创纪录业绩并未提振股市表现。SK海力士股价于7月29日开盘后高开低走，跌幅达9.6%，盘中最大跌幅接近20%[2]。三星电子股价本周也在韩国股市大幅下跌[1]。投资者的担忧焦点在于两家公司的大规模产能扩张投资回报前景不明朗，同时来自中国竞争对手的威胁也引发了市场疑虑[1]。SK海力士自6月高位以来市值蒸发规模接近6000亿美元[2]，反映出市场对AI基础设施可持续性的深层质疑正在加深。
Samsung Electronics achieved record-breaking second-quarter operating profit of 89.5 trillion won ($62 billion) [1], representing a surge of more than 19 times year-over-year [1]. The company's quarterly revenue reached 171.5 trillion won ($119 billion), marking a historic high [1]. Nearly all of this profit originated from Samsung's semiconductor business [1], driven by surging demand for AI server chips and high-bandwidth memory components that pushed chip prices higher [1].
SK Hynix, South Korea's other major memory chip manufacturer, similarly reported record-breaking quarterly results, with revenue of 79.32 trillion won and operating profit of 60.54 trillion won, representing increases of 257 percent and 557 percent respectively compared to the prior year [2]. The company has already achieved large-scale shipments of HBM4 chips in the second quarter and has secured long-term supply agreements with approximately ten major customers [2].
Despite these exceptional financial performances, both companies' stock prices declined sharply in the Seoul market this week as investors voiced concerns about returns on their massive capacity expansion investments and competition from Chinese rivals [1]. SK Hynix's stock fell more than 9.6 percent on July 29, with intraday declines reaching nearly 20 percent, causing market value to evaporate by approximately $6 billion [2]. Market skepticism regarding the sustainability of AI infrastructure demand has intensified, triggering valuation corrections across the memory chip sector [2].