South Korean memory chip maker SK Hynix derives about 65% of its revenue from the United States, driven primarily by the AI infrastructure expansion rather than cryptocurrency mining or blockchain applications. In 2025, the company reported revenue of roughly $64.1 billion (97.1 trillion won) and net income of $28.3 billion (42.9 trillion won), fueled largely by its dominance in high-bandwidth memory (HBM) used in AI accelerators like Nvidia's GPUs.

Market Dominance and Demand

SK Hynix holds between 50% and 64% of the global HBM market share depending on the quarter, with 62% of shipments in Q2 2025 and 57% revenue share by Q3. The demand for HBM chips has been so strong that production is reportedly sold out well into 2026. The company is preparing next-generation HBM3E and HBM4 chips designed to meet the increasing computational requirements of advanced AI models.

The substantial US revenue portion reflects the concentration of AI infrastructure investment in the country, with major technology companies like Microsoft, Google, Meta, and Amazon continuing to expand their AI hardware capacity. Meanwhile, crypto-related demand remains negligible. This revenue split has not been highlighted in major crypto publications, indicating a clear disconnect between crypto mining and HBM chip consumption.

SK Hynix's recent Nasdaq listing in July 2026 raised $26.5 billion, marking the largest US offering by a foreign company and the second-largest share sale in US history after SpaceX. Listing on Nasdaq aims to position SK Hynix as a global AI infrastructure leader rather than a regional memory manufacturer, addressing the valuation discount historically assigned to South Korean chipmakers compared to US and Taiwanese counterparts.

Competition challenges persist as Samsung faces yield issues with its own HBM products, and Micron is far behind in market share. SK Hynix operates fabrication facilities in South Korea and China, exposing the company to geopolitical risks, especially since 65% of its revenue depends on the US market and its AI sector.

The information in this article is for informational purposes and should not be considered financial advice.