SK Hynix's 70% share of Nvidia's HBM4 orders concentrates AI memory supply, raising risks for GPU-dependent sectors like crypto mining as Nvidia gears up for Vera Rubin.
Alpha Score of 73 reflects strong overall profile with strong momentum, weak value, strong quality, strong sentiment.
SK Hynix has locked up about 70% of Nvidia's orders for the next-generation HBM4 memory chips that will power the Vera Rubin AI platform, people familiar with the matter said.
The share, roughly 70%, exceeds earlier analyst estimates of about 50%. That positions SK Hynix as the dominant supplier in what is set to be a critical memory technology cycle.
SK Hynix achieved the world's first 12-layer HBM4 development in September 2025. The company is preparing for mass production, with Nvidia as the launch customer. In June 2026, the two companies signed a multi-year co-development agreement extending through 2030. The deal includes advance payments from Nvidia, a structure that resembles long-term fuel contracts in the energy industry.
The partnership is not new. SK Hynix previously supplied HBM3E memory for Nvidia's Blackwell GPUs, which now form the core of much AI training infrastructure. Samsung and Micron are both qualified by Nvidia to produce HBM4. SK Hynix holds the largest market share by a wide margin.
The concentration of memory supply around a single vendor introduces risk. A production disruption at SK Hynix could cascade through Nvidia's product timeline and affect every industry that depends on advanced GPUs, including crypto mining.
Crypto miners rely on the same GPU supply chain that serves AI training networks. Tighter integration between Nvidia and SK Hynix means mining hardware availability will increasingly track SK Hynix's production schedule. Any delays in HBM4 mass production could ripple through the entire GPU market.
Nvidia shares traded at $202.81 in Friday's session, down 2.21%. The stock carries an Alpha Score of 69 out of 100, rated Moderate, according to AlphaScala's proprietary model. (NVDA stock page)
The co-development agreement runs through 2030. No date has been announced for first shipments of the Vera Rubin platform.
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