Samsung's Q2 Operating Profit Hits World No. 1 at 89.4 Trillion Won, SK Hynix ADR Draws Strong Demand
Samsung Electronics reported preliminary Q2 revenue of 171 trillion won and operating profit of 89.4 trillion won, far exceeding the consensus of 84.8 trillion won. Revenue rose over 27% and operating profit rose 56% quarter-on-quarter. Factoring in an estimated 20 trillion won bonus provision, operating profit would have exceeded 110 trillion won without it — a figure that would top every major global tech giant including Nvidia, Apple, Microsoft, Amazon and TSMC for the quarter.
Despite this, shares fell 8-9%. Analysts attributed the drop to technical adjustment, foreign profit-taking, and lingering half-year rebalancing effects rather than any fundamental issue. Foreign ownership of Samsung fell to a 16-year low. Concerns lingered, however, over whether hyperscalers' AI capex appetite can sustain this level of memory demand, compounded by reports that the U.S. Treasury is internally discussing AI bubble risks.
SK Hynix showed strong early demand ahead of its U.S. ADR listing. Three cornerstone investors — UK-based Baillie Gifford, a U.S. hedge fund called Coatue, and AI-focused investor Situational Awareness — reportedly committed to purchase a combined $7 billion, securing roughly 25% of the total offering before broad bookbuilding even began. A successful listing is expected to trigger a re-rating in the U.S. market that could lift domestic shares as well.
Separately, semiconductor research firm SemiAnalysis reported that Nvidia's next-generation AI server 'Kyber Rack' could be delayed by about a year due to PCB substrate defects, triggering sharp declines in substrate makers Murata and Samsung Electro-Mechanics, the latter down about 10% again on this day. Nvidia denied any delay, and Nvidia and Micron both closed modestly higher on Wall Street, resolving the concern within a day. Panelists urged investors to separate unverified reports from earnings fundamentals and supply-demand-driven price swings.