In the fourth quarter of 2024, the combined revenue from memory products (DRAM and NAND flash only) of Samsung Electronics, SK Hynix and Micron Technology still managed to grow quarterly, reaching almost US$39 billion. However, as the terminal inventory correction continues during the off-season, the memory revenue of the three major vendors in the first quarter of 2025 will decline to below US$33 billion.
Samsung is the worst of the three in terms of operating profit margin for the memory business, reflecting the problem arising from its slow progress in developing high bandwidth memory (HBM).
So far, Samsung is the only one of the three that has not supplied HBM3E to Nvidia. In response to adjustments in customer demand, the three companies continue to increase capital expenditures to advance manufacturing processes and develop new products, hoping to inject momentum into their businesses.
Chart 1: Global top-3 memory makers combined revenues, 4Q23-1Q25 (US$b)
Chart 2: Memory business revenues of top-3 makers, 4Q23-1Q25 (US$b)
Chart 3: Memory business operating profit margin of top-3 makers, 4Q23-1Q25
Chart 4: Status of Micron US capacity subsidized by CHIPS and Science Act
Chart 5: Status of SK Hynix US capacity subsidized by CHIPS and Science Act
Chart 8: NAND flash business roadmaps of top-3 memory makers
Chart 9: HBM volume production roadmaps of top-3 memory makers
Chart 10: SK Hynix NAND flash application revenue share, 4Q23 and 4Q24
Chart 11: Micron memory application revenue share, 4Q23 and 4Q24
