Nvidia’s $500 Billion Memory Pact With SK Hynix Comes as Huang Dismisses Chip Delay Rumors
Published on 07/26/2026 at 20:02 | Redaktion boerse-global.de
Nvidia has locked in one of the largest supply agreements in semiconductor history, securing memory chips from South Korea’s SK Hynix in a deal that could be worth up to $500 billion over several years. Yet the stock barely budged on Friday, closing at €182.00, down 0.80 percent — a sign that even blockbuster announcements are failing to excite a market that had already priced them in.
The muted reaction belies a busy stretch for the chipmaker. On the same day the SK Hynix deal was unveiled at an AI summit in San Francisco attended by South Korean President Lee Jae Myung, Nvidia CEO Jensen Huang used a developer conference to push back against rumors that the company’s next-generation “Vera Rubin” architecture was facing delays. Huang stated flatly that Vera Rubin is “already in production” and promised “massive production volumes,” directly contradicting research firms that had warned of potential setbacks pushing the full rollout of the Rubin Ultra platform into 2028.
The twin announcements — a massive memory supply chain deal and a reaffirmed product roadmap — underscore the delicate balancing act Nvidia faces as it tries to maintain its breakneck innovation pace while ensuring it has the components to feed insatiable demand for AI hardware.
A $500 Billion Bet on HBM Memory
Under the terms of the SK Hynix agreement, Nvidia has secured a multi-year supply of high-bandwidth memory (HBM) chips critical for its AI systems. The deal includes plans to build large-scale data centers that are expected to come online in 2027. SK Hynix’s subsidiary, SK Telecom, will build a cloud business around Nvidia’s Vera Rubin systems, with Nvidia planning capacity requiring 2 gigawatts of power — the equivalent of several hundred thousand graphics processors.
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The partnership extends beyond simple supply. A Nvidia executive said the companies will jointly develop the next generation of SK Hynix memory, ensuring Nvidia has a stable pipeline of HBM chips. That’s no small consideration given that SK Hynix controls roughly half the global HBM market, with Samsung holding most of the rest.
The Korean connection doesn’t end there. Nvidia is also investing $1 billion in Korean cloud firm Naver, which is building data centers around Nvidia GPUs. Together with Canadian investor Brookfield, the trio is tripling the capacity of South Korea’s state-backed AI factory, GAK Sejong, from 55 megawatts to 200 megawatts by 2028. Brookfield has committed up to $9 billion as the exclusive capital partner, though the term sheet is non-binding. Nvidia’s own $1 billion contribution is contingent on Naver closing at least $9 billion in committed financing.
Samsung Joins the Party
The flurry of Korean AI announcements wasn’t limited to Nvidia. Samsung Electronics signed a memorandum of understanding with chip designer Broadcom valued at roughly $200 billion to expand cooperation on memory and foundry technologies for next-generation AI infrastructure. The parallel deal highlights how supply chain alliances in Asia have become the central battleground for AI hardware supremacy.
The Stock Story: Neutral Territory
Nvidia shares have recovered 30.20 percent from their September 2025 low of €139.78, but remain 10.12 percent below the 52-week high of €202.50 reached in mid-May. The stock sits just above its 50-day moving average of €180.82, which has recently served as support. The 14-day relative strength index of 52.6 signals a neutral posture — neither overbought nor oversold.
That neutrality could be broken this week as three of Nvidia’s biggest customers — Microsoft, Meta, and Amazon — report quarterly earnings. For Nvidia watchers, the key number isn’t revenue growth at the hyperscalers but their capital expenditure plans for AI infrastructure. Those figures have been the most reliable leading indicator for demand for Nvidia’s H200 and Blackwell chips. Alphabet already sent positive signals in its most recent update, and if the other three follow suit, it would reinforce the demand narrative around Blackwell and the upcoming Rubin generation.
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UBS analysts see no threat to Nvidia from the trend toward open-source AI models. If anything, they argue, companies seeking to optimize internal AI applications will demand more powerful GPUs, not fewer.
What’s Next
The next quarterly report from Nvidia isn’t due until late August. In the meantime, the market will be watching two things: whether Brookfield’s non-binding financing commitment becomes a signed contract, and how quickly the SK Hynix memory deliveries translate into firm purchase orders. For a company that has made a habit of defying expectations, the coming weeks will test whether the stock can break out of its neutral range — or whether the market’s patience with even half-trillion-dollar deals is wearing thin.
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