NVIDIA, TSMC, SK Hynix 'AI Triangle Alliance' Dream Operating Profit Margin '4060'
NVIDIA, TSMC, and SK Hynix, which have formed a 'triangular alliance' in the artificial intelligence (AI) semiconductor ecosystem, are recording high operating profit rates through market dominance.
The operating profit rates of 40% recorded by TSMC and SK Hynix, which operate large-scale production facilities, are close to a 'dream number' in the manufacturing industry. NVIDIA, a semiconductor design specialist (fabless) company, has also maintained an operating profit rate of 60%, which is overwhelmingly higher than its competitors, for nearly a year.
NVIDIA CEO Jensen Huang is giving a keynote speech at CES 2025 in Las Vegas, USA on January 6 (local time). [Photo = Yonhap News]
◇ Design - HBM Manufacturing - Logic and Post-processing Structure
According to the semiconductor industry on the 25th, TSMC and SK Hynix, which recently announced their first quarter (January to March) performance, recorded operating profit margins of 48.5% and 42.2%, respectively. Although
SK Hynix has traditionally had an off-season in the first quarter, it recorded an operating profit margin higher than the 'semiconductor super cycle' period when DRAM prices surge. TSMC also left a margin of close to 50%, the highest among semiconductor foundry companies.
Nvidia's operating profit margin for the fourth quarter (November to January) announced in February was 64.9%. At that time, Nvidia had expected its operating profit margin guidance (estimate) for the first quarter (February to April) to be 62.6%.
What these companies have in common is that they are key players in the AI semiconductor market led by Nvidia.
SK Hynix produces the high-bandwidth memory (HBM) required for the AI chip designed by NVIDIA, and TSMC completes the chip by attaching the HBM to the entire substrate.
These chips are commercialized as the 'H100' and 'H20' series by several server assemblers in Taiwan. NVIDIA supplies the completed AI chips to big tech companies and governments around the world.
TSMC and SK Hynix have been communicating with NVIDIA since the early 2010s and have been collaborating on the development of AI accelerators, a type of high-performance graphics processing unit (GPU).
TSMC Chairman Wei Zhu is making an announcement at a press conference at the White House in Washington, D.C. on the 3rd (local time). [Photo = Yonhap News]
◇ NVIDIA-led AI ecosystem has no rivals yet
The situation in which the triangular alliance led by NVIDIA is sucking in the profits of the semiconductor industry like a black hole is expected to continue for the time being. Demand for AI data centers from countries around the world as well as big tech companies continues unabated, and the general opinion is that there is no product that can replace NVIDIA's AI chips.
Kim Woo-hyun, CFO of SK Hynix, said, "HBM agrees on supply volume with customers a year in advance, and demand this year remains unchanged," adding, "It is maintaining growth of about twice that of last year."
SK Hynix expects that sales of the current highest-spec HBM3E 12-layer product will account for more than half of total HBM3E sales starting in the second quarter.
TSMC Chairman Weijer Jia also said on the 17th, "We are aware of potential uncertainty and risks due to tariff policies, but there has been no change in customer behavior so far."
TSMC also maintained its initial forecast that AI-related sales would double this year.
This statement is also at odds with recent forecasts from the U.S. financial investment industry that big tech companies would scale back their data center construction plans.
Kevin Miller, vice president of Amazon Global Data Centers, said at a conference hosted by the U.S. Energy Ham Institute on the 24th (local time), "There has been no real change in AI investment," adding, "Demand continues to be very strong, not just for the next few years, but in the long term, and the numbers continue to grow."
Josh Parker, senior director of corporate sustainability at Nvidia, also said, "We are not seeing any (investment) reductions."
A semiconductor industry insider said, "I think this trend will continue unless a new semiconductor that is dramatically cheaper and more powerful than Nvidia's AI chips comes out," adding, "Not only our government, but also governments and big tech companies that have announced investments in AI data centers are still lining up with Nvidia and receiving orders in order."
SK Hynix's exhibition hall at the 'TSMC Tech Symposium' held in Santa Clara, California, USA. [Photo = SK Hynix Newsroom]
◇ The alliance of the three SK Hynix companies that showed off their triangular alliance at the TSMC Tech Symposium
is still solid. SK Hynix participated in the 'TSMC 2025 Technology Symposium' held in Santa Clara, California, USA, and exhibited its core memory solutions including the next-generation 'HBM4'.
SK Hynix also showed off its triangular partnership with Nvidia and TSMC. It showcased Nvidia's graphics processing unit (GPU) 'Blackwell' module 'B100' equipped with the HBM3E 8-layer produced by SK Hynix as a 3D structure.
It also revealed that the logic die used in the HBM4 that SK Hynix is preparing was produced in TSMC's foundry process.
SK Hynix said, "Through this symposium, we were able to confirm the industry's great interest in next-generation solutions such as HBM4," and "Through technical collaboration with partners such as TSMC, we will successfully mass-produce the HBM product line, expand the AI memory ecosystem, and further solidify our global leadership."
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