<p>韩国两大内存芯片巨头三星电子和 SK 海力士警告称，全球供应紧张将持续且严重，几周前这两家公司披露了在中国晶圆厂增加投资以满足激增的人工智能需求。在三星的第一季度财报电话会议上，该公司表示其订单履行率已降至 “历史低点”。根据公司高管的说法，因担心短缺，客户已经开始预订 2027 年的内存产能，这在业界是罕见的举动。高管们表示，现有供应远远无法满足客户需求，并补充说下一代高带宽内存——HBM4 的生产准备产能已被完全预订。这两家韩国芯片制造商仍然是内存超级周期的最大受益者。爆炸性的人工智能需求，尤其是 AI 代理的快速采用，推动三星的收益达到了历史新高。季度收入同比增长 69%，达到 133.9 万亿韩元（902.5 亿美元），而营业利润几乎增长了八倍，达到 57.2 万亿韩元。三星对供需失衡的警告与竞争对手 SK 海力士的类似担忧相呼应，后者上周发布了创纪录的第一季度业绩。收入同比飙升近 200%，达到 52.6 万亿韩元，主要受先进内存芯片的结构性需求驱动。SK 海力士的首席财务官金宇贤在财报电话会议上表示，主要客户的需求在各个领域都在增加——包括 HBM、动态随机存取内存和企业固态硬盘——而供应商却难以提高产量。他补充说，目前的价格上涨周期预计将持续时间超过以往的行业周期。高盛在周三的一份研究报告中表示，紧张的供应形势和有利的定价环境预计将持续，强劲的传统内存价格将影响未来的 HBM 定价。为了应对供应限制，三星和 SK 海力士正在大幅增加资本支出，预计 2026 年将实现大幅同比增长。值得注意的是，中国在它们的生产扩张计划中扮演着越来越重要的角色。这次财报电话会议是在两家公司于 3 月披露去年在中国晶圆厂增加投资的举措后进行的。根据三星在 3 月中旬的文件，三星在其西安芯片厂投资了 4654 亿韩元，比去年增长 67.5%。SK 海力士在其无锡和大连的设施中分别增加了 5811 亿韩元和 4406 亿韩元的支出。与此同时，三星据报道正在考虑对其中国业务进行广泛重组，聚焦于半导体和智能手机部门，同时可能退出家电和显示器等领域，早在 4 月初，中国媒体《第一财经》援引匿名行业人士的消息称。除了韩国，其他中国和美国的内存芯片制造商在超级周期中也看到收入激增，根据他们周三发布的财报。中国的 GigaDevice，这家由 CXMT 联合创始人朱一鸣创办的闪存公司，其第一季度收入和利润分别同比增长 119% 和 523%；而美国数据存储公司希捷科技报告季度收入为 31.1 亿美元，超出预期。</p>

三星电子

SMSN

<p>三星电子和 SK 海力士警告称，由于人工智能需求激增，全球内存市场将面临严重的供应短缺。三星第一季度的收入增长了 69%，达到 133.9 万亿韩元，而 SK 海力士的收入则飙升近 200%，达到 52.6 万亿韩元。两家公司都在增加资本支出以应对供应限制，并在中国的晶圆厂进行重大投资。目前的供需失衡预计将持续，先进内存芯片的价格也在上涨</p>

<p>Samsung Electronics and SK Hynix, South Korea’s two memory chip giants, are warning of a prolonged and severe global supply crunch, weeks after the two companies disclosed increased investments in their China wafer fabs to meet surging artificial intelligence demand. During Samsung’s first-quarter earnings call on Thursday, the company said its order fulfilment rate had plunged to a “record low”. In a rare move, customers worried about shortages were already pre-booking memory capacity for 2027, according to company executives. Available supply was far short of customer demand, executives said, adding that production-ready capacity for the next-generation high bandwidth memory – the HBM4 – was fully booked. The two South Korean chipmakers remain the largest beneficiaries of the memory supercycle. Explosive AI demand, especially from the rapid adoption of AI agents, has pushed Samsung’s earnings to record levels. Quarterly revenue jumped 69 per cent year on year to 133.9 trillion won (US$90.25 billion), while operating profit surged nearly eightfold to 57.2 trillion won. Samsung’s warning of supply-demand imbalance echoes similar concerns from rival SK Hynix, which released its own record-breaking first-quarter results last week. Revenue soared nearly 200 per cent year on year to 52.6 trillion won, driven by structural demand for advanced memory chips. Demand from major customers was increasing across the board – including HBM, dynamic random access memory and enterprise solid-state drives – while suppliers struggled to increase output, said Kim Woo-hyun, chief financial officer of SK Hynix, at the earnings call. He added that the current rising price cycle was expected to last longer than past industry cycles. The tight supply situation and favourable pricing environment were expected to persist, with strong conventional memory prices feeding into future HBM pricing, Goldman Sachs said in a research note on Wednesday. To address supply constraints, Samsung and SK Hynix are drastically increasing capital expenditure, anticipating substantial year-on-year increases in 2026. China, notably, is playing an increasingly important role amid their production expansion plans. The earnings call came after the companies in March disclosed moves to increase investments in their China wafer fabs last year. Samsung invested 465.4 billion won in its Xian chip plant in 2025, up 67.5 per cent from a year earlier, according to its filing in mid-March. SK Hynix also ramped up spending to 581.1 billion won and 440.6 billion won in its facilities in Wuxi and Dalian, respectively. Samsung, meanwhile, is reportedly considering a broad restructuring of its China business, sharpening focus on semiconductor and smartphone units while potentially exiting segments such as home appliances and displays, according to Chinese media outlet Yicai in early April, citing anonymous industry insiders. Beyond South Korea, other memory chipmakers in China and the US also saw revenue surge amid the supercycle, according to their earnings releases on Wednesday. China’s GigaDevice, the flash memory firm founded by CXMT co-founder Zhu Yiming, saw its first-quarter revenue and profit jump 119 per cent and 523 per cent year on year, respectively, while US data storage company Seagate Technology reported a quarterly revenue of US$3.11 billion, beating guidance.</p>
<div class="lb-trans"><p>韩国两大内存芯片巨头三星电子和 SK 海力士警告称，全球供应紧张将持续且严重，几周前这两家公司披露了在中国晶圆厂增加投资以满足激增的人工智能需求。在三星的第一季度财报电话会议上，该公司表示其订单履行率已降至 “历史低点”。根据公司高管的说法，因担心短缺，客户已经开始预订 2027 年的内存产能，这在业界是罕见的举动。高管们表示，现有供应远远无法满足客户需求，并补充说下一代高带宽内存——HBM4 的生产准备产能已被完全预订。这两家韩国芯片制造商仍然是内存超级周期的最大受益者。爆炸性的人工智能需求，尤其是 AI 代理的快速采用，推动三星的收益达到了历史新高。季度收入同比增长 69%，达到 133.9 万亿韩元（902.5 亿美元），而营业利润几乎增长了八倍，达到 57.2 万亿韩元。三星对供需失衡的警告与竞争对手 SK 海力士的类似担忧相呼应，后者上周发布了创纪录的第一季度业绩。收入同比飙升近 200%，达到 52.6 万亿韩元，主要受先进内存芯片的结构性需求驱动。SK 海力士的首席财务官金宇贤在财报电话会议上表示，主要客户的需求在各个领域都在增加——包括 HBM、动态随机存取内存和企业固态硬盘——而供应商却难以提高产量。他补充说，目前的价格上涨周期预计将持续时间超过以往的行业周期。高盛在周三的一份研究报告中表示，紧张的供应形势和有利的定价环境预计将持续，强劲的传统内存价格将影响未来的 HBM 定价。为了应对供应限制，三星和 SK 海力士正在大幅增加资本支出，预计 2026 年将实现大幅同比增长。值得注意的是，中国在它们的生产扩张计划中扮演着越来越重要的角色。这次财报电话会议是在两家公司于 3 月披露去年在中国晶圆厂增加投资的举措后进行的。根据三星在 3 月中旬的文件，三星在其西安芯片厂投资了 4654 亿韩元，比去年增长 67.5%。SK 海力士在其无锡和大连的设施中分别增加了 5811 亿韩元和 4406 亿韩元的支出。与此同时，三星据报道正在考虑对其中国业务进行广泛重组，聚焦于半导体和智能手机部门，同时可能退出家电和显示器等领域，早在 4 月初，中国媒体《第一财经》援引匿名行业人士的消息称。除了韩国，其他中国和美国的内存芯片制造商在超级周期中也看到收入激增，根据他们周三发布的财报。中国的 GigaDevice，这家由 CXMT 联合创始人朱一鸣创办的闪存公司，其第一季度收入和利润分别同比增长 119% 和 523%；而美国数据存储公司希捷科技报告季度收入为 31.1 亿美元，超出预期。</p>
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Samsung, SK Hynix flag record supply squeeze in memory market as AI demand soars

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随着人工智能需求的飙升，三星电子和 SK 海力士警告内存市场将出现创纪录的供应紧缩