SK Hynix, Samsung Sign $950B AI Chip Deals; Stocks Still Fall

Samsung Electronics and SK Hynix announced a combined $950 billion（約150兆円） in artificial intelligence chip supply deals with Nvidia and Broadcom over the weekend, marking a massive vote of confidence in AI infrastructure expansion. SK Hynix will supply $750 billion（約120兆円） in memory chips to Nvidia and other US companies over several years, with Nvidia putting its own portion of that deal at $500 billion（約80兆円）. The agreement covers new data centers targeted for 2027, and SK Hynix affiliate SK Telecom will build a cloud business on Nvidia's Vera Rubin systems. According to Nvidia enterprise vice president Raj Mirpuri, the deal secures a stable supply of high-bandwidth memory (HBM), the specialized chips that power AI processors and graphics cards. Samsung separately signed a memorandum of understanding worth an estimated $200 billion（約32兆円） with Broadcom to expand their memory and foundry collaboration, as announced in statements Friday.

Despite the scale of these announcements, both stocks declined in Monday trading—a disconnect that underscores how much of the AI rally has already been priced in. SK Hynix shares traded at 1,752,000 won Monday morning, down a little from Friday's close but down 11.38% over five sessions. Samsung fell 0.50% to 248,500 won, extending its own 10.05% five-day slide. Nvidia closed down 0.92% at $206.84 in Friday's session before edging higher in overnight trading. The two leaders in South Korea's KOSPI have been on a significant correction over the past month. The muted reaction fits a recent pattern: SK Hynix shares have slid even on positive news this month, while US investors already pay a premium for its shares compared with Seoul, a gap that opened after its blockbuster Nasdaq listing earlier in July. Both stocks are up sharply this year on AI demand, so traders appear to be booking profits rather than chasing another AI headline, regardless of the deal size.

The bigger test for investors comes later this week, when Samsung and SK Hynix report quarterly earnings that will show whether soaring chip orders are converting into profit. That result will tell investors whether this month's record deal flow deserves a second look, or whether it is already old news.

The $950 billion（約150兆円） in combined AI chip deals announced by SK Hynix and Samsung represent a massive endorsement of AI infrastructure investment by two of the industry's largest customers, Nvidia and Broadcom. SK Hynix's $750 billion（約120兆円） commitment secures a stable supply of high-bandwidth memory (HBM)—the specialized chips that power AI processors—over several years, with Nvidia anchoring the deal at $500 billion（約80兆円）. Samsung's $200 billion（約32兆円） memorandum with Broadcom deepens their collaboration in memory and foundry services. Yet the market's reaction reveals an important truth about AI valuations: the sector has already captured investor enthusiasm. SK Hynix shares fell 11.38% over five sessions and Samsung declined 10.05% over the same period, despite the record announcements. This disconnect reflects that both South Korean stocks have already surged this year on AI demand, and traders are taking profits rather than chasing another headline, no matter how large. The real test comes this week when both companies report quarterly earnings, which will reveal whether the soaring orders are translating into actual profit growth or whether the market's skepticism is justified.

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