NextFin News - On January 27, 2026, shares of SK Hynix Inc. surged as much as 7.7% on the Korea Exchange, approaching an all-time high as investors reacted to reports of a landmark supply agreement with Microsoft Corp. According to the Maeil Business Newspaper, citing industry sources, SK Hynix has secured an exclusive contract to provide its advanced High Bandwidth Memory (HBM3E) for Microsoft’s next-generation artificial intelligence accelerator, the Maia 200. Each Maia 200 unit is expected to utilize six units of SK Hynix’s HBM3E, a configuration designed to meet the massive data throughput requirements of modern generative AI workloads. While a spokesperson for SK Hynix declined to confirm specific customer details, the market response was immediate, driving the company’s valuation toward the $400 billion mark and effectively neutralizing early-session volatility triggered by trade policy uncertainties from U.S. President Trump.
The reported deal represents a significant strategic victory for SK Hynix, which has successfully leveraged its early-mover advantage in the HBM sector to become the primary partner for the world’s leading AI hardware designers. By securing an exclusive position within Microsoft’s custom silicon ecosystem, SK Hynix is diversifying its revenue streams beyond its well-established relationship with Nvidia Corp. This move is particularly critical as hyperscalers like Microsoft increasingly seek to reduce their dependence on third-party GPU providers by developing in-house chips tailored to their specific cloud infrastructure. The Maia 200, succeeding the Maia 100, is a cornerstone of Microsoft’s strategy to optimize its Azure AI services, and the integration of SK Hynix’s HBM3E is a testament to the South Korean firm’s technical superiority in memory density and thermal management.
From a technical perspective, the shift to HBM3E for the Maia 200 highlights the escalating power and performance demands of AI hardware. Industry data suggests that the Maia 200 operates within a 750W power envelope, necessitating not only high-speed memory but also sophisticated cooling solutions. According to Bloomberg, the demand for such high-performance components is driving a broader rally in the AI sector, with SK Hynix’s stock price having increased tenfold over the past three years. This growth trajectory is supported by the company’s ability to maintain high yields on complex HBM packaging, a feat that has historically challenged its larger rival, Samsung Electronics Co.
However, the competitive landscape is rapidly shifting. While SK Hynix currently enjoys a near-monopoly on the most advanced HBM tiers, Samsung is reportedly preparing to commence production of HBM4 chips as early as next month to challenge for Nvidia’s business. This looming "memory war" suggests that while SK Hynix’s current exclusive deals provide a robust short-term moat, the long-term sustainability of its record-high margins will depend on its roadmap for HBM4 and beyond. Analysts note that the transition to HBM4 will likely involve more integrated "base die" designs, potentially requiring closer collaboration with logic foundries like TSMC, a partnership SK Hynix has already begun to cultivate.
Looking ahead, the impact of the Microsoft deal extends beyond the balance sheet of a single memory maker. It signals a maturation of the custom AI silicon market. As U.S. President Trump’s administration continues to navigate complex global trade dynamics and tariff threats, the reliance of American tech giants on South Korean high-tech components creates a unique geopolitical interdependency. For SK Hynix, the challenge will be to scale production rapidly enough to meet the "Fairwater" program requirements—Microsoft’s massive AI data center initiative—while maintaining the technological lead that has made it indispensable to the AI revolution. If the Maia 200 achieves wider deployment than its predecessor, SK Hynix is positioned to capture a disproportionate share of the value in the AI infrastructure stack for the remainder of 2026.
