内存市场新王者诞生！HBM优势下，SK海力士Q2首次击败三星领跑全球

华尔街见闻2025-07-31

得益于人工智能浪潮下对高性能计算的爆炸性需求，SK海力士凭借其在高带宽内存（HBM）领域的绝对优势，首次在季度营收上超越长期霸主三星电子，成为全球最大的内存制造商。三星电子于周四公布的业绩显示，其截至6月的三个月内，包括DRAM和NAND在内的内存业务营收降至21.2万亿韩元（约合152亿美元）。这一数字低于其竞争对手SK海力士一周前公布的21.8万亿韩元，标志着SK海力士在公司历史上首次登顶。...

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With the advantage of HBM, SK Hynix defeated Samsung for the first time in Q2 to lead the world","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDS.UK":0.6,"2NVD.UK":0.6,"NVIW.SI":0.6,"3NVD.UK":0.6,"NVD":0.6,"NVD3.UK":0.6,"NVDU":0.6,"SNVD.UK":0.6,"NVDY":0.6,"HBM":1,"NVD2.UK":0.6,"NVDS":0.6,"NVDD":0.6,"NVDX":0.6},"content_text":"得益于人工智能浪潮下对高性能计算的爆炸性需求，SK海力士凭借其在高带宽内存（HBM）领域的绝对优势，首次在季度营收上超越长期霸主三星电子，成为全球最大的内存制造商。\n三星电子于周四公布的业绩显示，其截至6月的三个月内，包括DRAM和NAND在内的内存业务营收降至21.2万亿韩元（约合152亿美元）。这一数字低于其竞争对手SK海力士一周前公布的21.8万亿韩元，标志着SK海力士在公司历史上首次登顶。\n这一变化的驱动是AI芯片领导者英伟达等客户对HBM的强劲需求。市场研究机构Counterpoint Research的数据显示，SK海力士目前占据了至关重要且利润丰厚的HBM市场高达62%的出货份额，而三星的市场份额仅为17%，并且仍在努力为其最先进的内存产品争取到英伟达的认证。\n面对不利局面，三星正计划采取更具攻击性的市场策略。有报道称，三星可能对其HBM3E内存进行降价，以吸引关键客户。三星方面也承认，由于供应增长超过需求增长，其HBM产品面临价格压力，这可能迫使整个市场进入新一轮的价格博弈，并直接影响投资者对行业利润前景的预期。\n错失HBM主导权，三星寻求降价求生\nSK海力士与三星的增长轨迹在2024年上半年开始分化，其根本原因在于市场对HBM的需求激增。HBM通过将多个DRAM芯片垂直堆叠，实现了远超传统内存的数据处理速度，已成为训练和运行AI大模型的关键组件。\nCounterpoint研究总监MS Hwang表示 ：\n\n“我们刚刚目睹了SK海力士历史上首次成为整体内存市场第一的重大转变。”\n\n他补充说，这一分化完全是由英伟达AI产品及其配套HBM的需求推动的。\n对于三星而言，第二季度的业绩敲响了警钟。财报显示，其芯片业务的营业利润遭遇了高达94%的断崖式下滑。尽管公司近期宣布与特斯拉达成了一项价值165亿美元的芯片供应协议，并在HBM领域获得了AMD等客户的采用，但未能进入英伟达的先进HBM供应链，始终是其最大的痛点。\n为了打破僵局，三星似乎准备动用价格武器。据ZDNet报道，三星在一场财报电话会议上表示：\n\n“对于HBM3E产品，由于供应增加超过了需求的增长速度，预计供需关系将发生变化。我们预期这暂时会对市场价格产生影响。”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2555334378","isCrawlerRequest":true}