Nvidia's Earnings Surprise and the Realignment of the Domestic Semiconductor Value Chain: Analysis of SK Hynix and Samsung Electronics
As Nvidia's Q2 FY27 earnings surprise reaffirms global AI semiconductor demand, we analyze the stock and fundamental impacts on SK Hynix and Samsung Electronics, the core domestic value chains.
Nvidia's Q2 Earnings and the Persistence of AI Demand
Nvidia's financial results for the second quarter of fiscal year 2027, announced on August 26, 2026, exceeded market expectations and reaffirmed the long-term durability of artificial intelligence (AI) infrastructure investments. Revenue reached $96.2 billion, representing a 106% increase year-over-year, while non-GAAP earnings per share (EPS) stood at $2.22. The core data center segment drove the overall performance, generating $89.0 billion in revenue—a 117% increase from the previous year. This suggests that the aggressive capital expenditure (CAPEX) trajectory of major cloud service providers remains robust.
Nvidia's management provided a third-quarter revenue guidance of approximately $108.0 billion. This figure outpaces market consensus and indicates that the current 'supply-constrained' environment—where AI computing demand significantly outstrips supply—will persist in the near term. CEO Jensen Huang emphasized that AI has reached an inflection point, generating tangible productivity and revenue. Following the earnings release, Nvidia's stock rose approximately 4% in after-hours trading, serving as a critical catalyst to improve investor sentiment across the entire global semiconductor value chain.
SK Hynix: Synergy Between HBM Leadership and Capital Return Policies
Nvidia's strong performance directly triggered a massive inflow of foreign institutional buying into SK Hynix, a primary supplier of High Bandwidth Memory (HBM). Closing higher on the KOSPI market on the 28th, SK Hynix once again demonstrated its irreplaceable position within the global AI semiconductor supply chain.
Beyond its technical edge, the 40 trillion won share buyback and cancellation program announced by SK Hynix in mid-August is contributing to a structural re-evaluation of its corporate value. Stable cash flow generation, driven by its leading position in the HBM3E and next-generation HBM4 markets, has translated into expanded shareholder return policies. Market experts analyze that the convergence of improving fundamentals and favorable supply-demand metrics will sustain SK Hynix's valuation premium.
Samsung Electronics: The Challenge of Securing Next-Generation Memory Dominance
During the same period, Samsung Electronics successfully reversed early intraday losses to close in positive territory, reflecting broader market expectations for global AI semiconductor demand growth. However, its stock price elasticity remained relatively constrained compared to its rival, SK Hynix.
Although Samsung announced a preemptive shareholder return program of up to 110 trillion won in late August to support its stock, the market is demanding more fundamental proof of competitiveness. Two essential tasks remain: expanding its market share within the HBM supply chain and stabilizing yield rates in advanced foundry processes. Institutional investors are looking beyond capital allocation policies, identifying the successful completion of quality tests for major big tech clients, including Nvidia, and the subsequent mass production timeline as the primary variables for future price momentum.
Macro Variables and Future Outlook
Nvidia's Q2 earnings surprise proved that the structural megatrend of AI infrastructure expansion continues to drive capital markets, even amidst macroeconomic uncertainties such as the Bank of Korea's consecutive base rate hikes. While there is a possibility of short-term profit-taking as asset prices reach psychological resistance levels following recent rallies, the mid-to-long-term growth momentum remains intact.
Moving forward, investments in the memory semiconductor sector will likely focus less on the recovery speed of the commodity DRAM cycle and more on the differentiation of corporate profitability based on advanced packaging capabilities and custom AI memory supply capacity. Investors should closely monitor capital flows not only into core semiconductor equipment stocks but also into related sectors, such as data center power equipment driven by grid replacement demand, and AI software companies with proven earnings like Salesforce and CrowdStrike.