8月3日，韩国存储芯片市场遭遇重创[1]。SK海力士股价下跌8.93%，三星电子下跌8.19%，韩国综合股价指数KOSPI大幅下跌5.4%[1]。这轮调整反映出市场对存储芯片景气前景的重新评估。
驱动股价下滑的主要因素是存储价格涨幅过大，已超出下游客户的承受范围[1]。手机DRAM价格在二季度环比涨幅超过80%[1]，传统DRAM合约价季度涨幅从一季度的93%-98%降至二季度的58%-63%，三季度预计进一步放缓至13%-18%[1]。OPPO、vivo等头部手机厂商已明确拒绝接受三星三季度的涨价报价[1]。与此同时，HBM芯片的高昂成本促使系统厂商做出调整[1]。英伟达原计划在Rubin Ultra中搭载HBM4E 12-Hi 384GB，但因内存成本过高而改为HBM4 8-Hi 192GB，容量直接砍半[1]。这一降配使单机架成本从约800万美元回落至640万美元[1]，内存成本占比也从接近40%降至28%[1]。尽管SK海力士二季度营业利润达60.54万韩元创历史新高[1]，但市场对后续需求疲弱的担忧已成为压低股价的主要因素。
South Korean memory chip manufacturers faced a sharp market correction on August 3rd as storage prices reached levels customers found unacceptable.[1] SK Hynix shares fell 8.93% and Samsung Electronics declined 8.19%, while the KOSPI index dropped 5.4% as of 8:30 AM.[1] The selloff reflected mounting pressure from both device makers and system vendors responding to soaring memory costs.
The price escalation has become untenable across multiple segments of the industry. Mobile DRAM prices surged more than 80% quarter-over-quarter in the second quarter, prompting leading smartphone manufacturers including OPPO and vivo to reject Samsung's proposed price increases for the third quarter.[1] Traditional DRAM contract prices, which climbed 93-98% in the first quarter, moderated to 58-63% growth in the second quarter and are projected to rise only 13-18% in the third quarter.[1] Faced with these elevated costs, major systems vendors have begun scaling back specifications. Nvidia has reconfigured its planned Rubin Ultra server architecture, switching from HBM4E 12-Hi with 384GB capacity to HBM4 8-Hi with 192GB capacity—cutting capacity in half.[1] This downgrade reduced memory costs' share of the server's bill of materials from nearly 40% to 28%, bringing the total system cost down from approximately $8 million to $6.4 million after initially reaching $8 million due to HBM price increases.[1]
Despite these headwinds, SK Hynix achieved a record operating profit of 605,400 won in the second quarter,[1] though the current market dynamics suggest the industry's pricing power may be reaching its limits as customers seek alternative configurations rather than absorb further increases.
