SK Hynix jumped nearly 5% and Samsung Electronics rose about 3% on Friday as memory stocks rebounded, helped by easing bond yields and a warning that the industry’s supply squeeze may be far from over.
SK Hynix rose 4.47% while Samsung gained 2.97%, after Micron climbed 5.5%, Nvidia added 2.54%, and the Philadelphia Semiconductor Index rose 3.14% overnight.
Intel chief executive Lip-Bu Tan warned that memory prices have risen five to sevenfold and shortages could worsen as customers struggle to secure enough chips.
Intel made the memory shortage harder to dismiss
Tan said memory production capacity remains “very limited” and warned that projects are being delayed because companies cannot secure enough supply.
“As you know, they have gone up 5, 6, or 7 times,” Tan said.
That matters for Samsung and SK Hynix, which sit at the centre of DRAM and high-bandwidth memory supply.
It also reinforces the bullish case outlined by KB Securities.
Kim Dong-won, head of research at KB Securities, told Maeil Business Newspaper that customers are receiving only about 60% of the memory they want from Samsung, SK Hynix and Micron.
Kim said roughly 70% of total production capacity is covered by binding long-term supply contracts, while orders remain strong despite concerns that slower AI development could weaken infrastructure spending.
The shortage argument is coming from both suppliers and major customers.
SK Hynix stock is outperforming as macro pressure eases
SK Hynix’s move reflects its heavier exposure to HBM, where AI-related demand remains intense.
The company also has a catalyst after reports that it is exploring a US manufacturing arrangement with Intel.
Discussions remain preliminary, with options reportedly including leasing part of Intel’s Ohio facility or forming a joint venture.
The macro backdrop has become less hostile.
The US 10-year Treasury yield eased to 4.94% on Friday after touching its highest level since 2007, while Brent crude slipped about 1%.
Lower yields reduce valuation pressure that hit semiconductor shares after the Federal Reserve’s rate increase.
Han Ji-young of Kiwoom Securities told ChosunBiz that “with the FOMC as a turning point, macro uncertainty is passing its peak.”
She said seven consecutive sessions of foreign selling were difficult to interpret as evidence of deteriorating fundamentals.
The rally puts the peak-memory call under pressure
The rebound does not settle where the memory cycle goes next.
BNK Investment & Securities analyst Lee Min-hee warned this week that “memory prices are unlikely to rise further and demand elasticity is weakening,” according to Seoul Economic Daily.
BNK cut Samsung’s target to 270,000 won from 300,000 won and downgraded the shares to Hold, arguing that aggressive capacity expansion could weaken the supply-demand balance.
That view now sits directly against the shortage evidence.
Intel says scarcity is severe enough to delay projects. KB says customers are receiving only around 60% of requested supply.
BNK believes pricing power is approaching its limit as producers add capacity and buyers become more price-sensitive.
The next test will be whether DRAM, NAND and HBM prices keep rising into 2027 as new capacity comes online.
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