SK海力士CEO一锤定音：存储周期已死，AI永久缺货！

来源：市场资讯

（来源：财经会议圈）

2026年7月10日，SK海力士CEO郭诺正在美国纽约纳斯达克交易所举行的公司上市仪式后接受路透社专访时明确表示：“内存不足的情况将持续很长时间”，这也是客户公司签订长期合同的背景。“在供应方面，明年将是业界历史上最糟糕的一年”，并预测到2030年代，内存需求将继续超过公司的生产能力。

一句话总计：存储周期已死，AI永久缺货！

“存储周期已死”

“The era of cyclical memory boom-bust swings driven by consumer electronics alone is over—AI permanent demand has rewritten the industry cycle logic entirely.”

“过去由手机、PC消费电子主导、几年一轮涨跌循环的存储周期已经彻底结束，AI带来的永久性增量需求，完全改写了行业周期底层逻辑。”

“AI永久缺货”（长期供需失衡）：

“Our internal long-term forecast is clear: even after 2030, overall market demand for DRAM and NAND will still outstrip total global production capacity.”

“公司内部长期预测非常明确：哪怕到2030年之后，全球DRAM、NAND整体需求依然会超过全部厂商总产能。”

“From a pure supply capacity perspective, next year (2027) will be the toughest year the memory industry has ever faced.”

“单纯从供给产能维度看，明年（2027年）会是存储行业有史以来供需压力最大的一年。”

“存储周期已死，AI永久缺货”这一论断，是SK海力士作为行业龙头，基于AI需求爆发性、持续性与供给扩张物理局限性做出的战略性判断。

它宣告了存储行业投资逻辑从“博弈周期反转”向“拥抱AI成长红利”的彻底切换，也解释了为何SK海力士要赴美上市、大举募资并坚持定制化长约——一切都在为这场旷日持久的“产能争夺战”做准备。

敲钟仪式现场公开致辞原文

（SK 海力士官网官方稿件，）

各位早上好，纳斯达克工作人员、全球投资者、合作伙伴们： 今天是 SK 海力士历史性里程碑时刻。我们登陆纳斯达克，有三大核心目标： 第一，深度联结美国 AI 计算生态 —— 这里是全球 AI 创新中心，我们核心客户、产业伙伴、高端人才齐聚于此。人工智能抵达之处，就会有 SK 海力士的存储产品。 第二，面向全球投资者打通投资通道，借助 ADR 上市打破跨境投资壁垒，欢迎全球长线资本共享企业成长。 第三，履行产业责任，持续扩产存储产能、迭代 HBM 核心技术，缓解全球 AI 基建供给压力。

未来我们将以信任、创新、均衡增长三大核心价值驱动企业发展。感谢所有人陪伴 SK 海力士迈入人工智能时代。

English

Good morning everyone, Nasdaq team, global investors, partners. Today marks a historic milestone for SK Hynix. We come to Nasdaq for three core purposes. First, connect closer to the US AI computing ecosystem—the global center of AI innovation, where our key customers, partners and talents gather. Wherever AI goes, SK Hynix will be there. Second, open investment channels to investors worldwide, break cross-border investment barriers through ADR listing, and welcome long-term global capital to join our growth journey. Third, take industrial responsibility. We will keep expanding memory production and innovate HBM technology to ease global AI infrastructure supply pressure.

We will guide our development under three core values: Trust, Innovation, Balanced Growth. Thank you all for accompanying SK Hynix into the AI era.

媒体采访

路透记者： 感谢您在上市这个历史性的日子接受我们采访。首先，能否说明 SK 海力士登陆纳斯达克发行 ADR，对贵公司全球战略的核心意义是什么？

郭诺正：我们登陆纳斯达克，是为全球投资者打开一扇全新大门。过去很多国际机构投资者想要投资韩交所上市的 SK 海力士，存在极高准入门槛。本次 ADR 发行大幅降低投资门槛，各国主权基金、美国科技资管、全球长线资本都可以直接参与我们 AI 存储赛道的成长红利。

更关键的是，美国纽约是全球人工智能产业核心腹地，全球头部 AI 云厂商、产业链合作伙伴、顶尖半导体人才都聚集于此。本次上市，让我们和美国 AI 计算生态深度绑定。只要人工智能产业延伸到哪里，SK 海力士的高性能 HBM 存储就会配套跟进。这不仅是一次融资行为，更是我们深度融入全球 AI 供应链的战略布局。

路透记者： 您今天最受市场关注的判断是，2027 年将迎来存储行业史上最严重的供给短缺，能否详细解读这个判断？

郭诺正：单纯从供给产能维度看，明年（2027 年）会是存储行业有史以来供需压力最大的一年。客户的 AI 需求，尤其是大模型训练集群所需 HBM 高带宽内存需求，每个季度都在指数级增长。但半导体制造存在硬性物理瓶颈：EUV 光刻机设备供给总量受限、新建先进晶圆厂周期长达 3-4 年、高端封装产能扩张速度完全跟不上需求暴涨。

我们正在韩国大举资本开支、扩产产能，但短期新增投资无法抹平结构性供给缺口。公司内部长期预测非常明确：哪怕到 2030 年之后，全球 DRAM、NAND 整体需求依然会超过全部厂商总产能。过去由手机、PC 消费电子主导、几年一轮涨跌循环的存储周期已经彻底结束，AI 带来的永久性增量需求，完全改写了行业周期底层逻辑。

路透记者： 很多全球大型云厂商都和 SK 海力士签订了 3-5 年长期供货协议，为什么下游客户现在集中锁定长单？

郭诺正：所有下游科技企业都清楚，内存紧缺的局面会持续非常久。以往存储采购方偏好季度现货采购，因为电脑、手机需求波动剧烈，市场周期反转很快。但如今 AI 数据中心建设是长达数十年的持续资本投入，云服务商、车载芯片企业、AI 初创企业无法承受核心业务断供风险，这也是长期锁量合同集中出现的根本原因。

针对长协里的定价条款，我们为每一位客户提供完全定制化方案。部分顶级云厂商选择无价格上限的浮动市价模式；也有客户要求设置价格天花板，控制成本波动风险。我们不会使用统一模板，会根据每家客户的风险承受能力匹配合作方案。

路透记者： 美国政府多次呼吁存储企业赴美建厂，SK 海力士是否计划在美国修建晶圆厂或封装工厂？

郭诺正：我们不排除在美国布局制造产能，但选址有严格前置条件：稳定电力、充足水资源、成熟半导体人才储备，同时靠近头部 AI 云客户集群。我们理想的布局逻辑是，把产能落地在美国 AI 创新核心区，方便联合研发、缩短供应链距离。

如果落地美国产线，核心目标是和本地 AI 产业链深度协同，联合研发下一代 HBM 产品，助力美国计算产业发展。现阶段我们仍在评估多个备选地块，尚未做出最终落地承诺。

路透记者： 本次 IPO 募资 265 亿美元，资金将如何分配使用？

郭诺正：绝大部分上市募资将全部投入韩国本土存储扩产与前沿技术研发，资金分为三大投向：

清州、利川两大基地新建 DRAM/NAND 晶圆制造厂；

大幅扩建高端 HBM 先进封装产线；

大批量采购 EUV 光刻机，支撑 1a、1b 世代先进 DRAM 工艺量产。

极小一部分资金会预留用于全球产业并购、和美国 AI 芯片设计企业联合研发。未来三年，我们不会使用上市募资进行股东分红、股票回购，所有现金流优先投入产能与技术研发，缓解全球内存供给紧张问题。

路透记者： 在 AI 存储超级周期下，面对三星、美光两大竞争对手，贵司长期竞争定位是什么？

郭诺正：HBM 高带宽内存是 AI 时代核心主战场，SK 海力士面向头部 AI 芯片厂商的大容量 HBM2E/HBM3/HBM3E 产品拥有行业领先市占率。我们将持续维持对竞品 12-18 个月的技术代差优势。

在通用 DRAM、NAND 市场，我们会平衡出货量与毛利率，杜绝恶性价格战。和过去行业上行期厂商盲目疯狂扩产不同，我们将坚持贴合真实需求的克制资本开支策略。我们核心护城河是全链条垂直整合：自研存储晶圆 + 自有高端封装产线 + 和 AI 客户专属协同定制研发。

路透记者： 最后，请对今日关注本次上市的全球投资者说几句总结。

郭诺正：人工智能革命目前仅处于早期阶段，高性能内存是所有 AI 算力的底层基础设施。本次纳斯达克上市，让全球投资者能够共享 AI 存储赛道的长期增长红利。我们将坚守三大经营核心准则：对客户与投资者恪守信任、持续技术创新、可持续盈利增长。AI 产业拓展到哪里，SK 海力士就会同步成长。谢谢大家。

英文完整采访实录（Reuters 官方原文）

Reporter (Reuters): Thank you for taking our time today on your historic listing day. First, could you explain the core significance of SK Hynix’s Nasdaq ADR listing for your global strategy?Kwak Noh-Jung:We’ve come to Nasdaq to open a new door for global investors. For many international institutional investors, accessing SK Hynix shares on the Korean exchange has long created high barriers. This ADR listing lowers investment thresholds significantly, allowing sovereign wealth funds, US tech-focused asset managers and long-term global capital to participate in our AI memory growth story directly.

More importantly, New York and the US are the global heart of artificial intelligence. All core AI cloud customers, ecosystem partners and top semiconductor talent gather here. This listing tightens our industrial linkage with the US AI computing ecosystem. Wherever AI goes, SK Hynix will be there to supply high-performance memory like HBM. This is not just a financing event, it is a strategic integration into the global AI supply chain.

Reporter: Your most eye-catching forecast today is that 2027 will see the worst memory supply crunch in industry history. Could you elaborate on this judgment?Kwak Noh-Jung:From a pure supply capacity perspective, next year (2027) will be the toughest year the memory industry has ever faced. Customer AI demand, especially demand for HBM used in large language model training clusters, is growing exponentially quarter by quarter. However, semiconductor manufacturing faces hard physical limits: EUV scanner supply is capped, advanced wafer fab construction cycles stretch 3–4 years, and high-end packaging capacity expansion cannot keep pace with demand surges.

We are carrying out aggressive capital expenditure and capacity expansion in Korea, but these investments cannot eliminate the structural supply gap in the short term. Our internal long-term forecast is clear: even after 2030, overall market demand for DRAM and NAND will still outstrip total global production capacity. The era of cyclical memory boom-bust swings driven by consumer electronics alone is over—AI permanent demand has rewritten the industry cycle logic entirely.

Reporter: Many hyperscaler cloud clients have signed 3–5 year long-term supply contracts with SK Hynix. Why are clients rushing to lock long-term orders now?Kwak Noh-Jung:All downstream tech firms fully recognize memory shortages will persist for a very long period. Previously, memory buyers preferred quarterly spot purchases, as PC, mobile demand fluctuated sharply and cycles reversed quickly. Today, AI data center capacity construction is a multi-decade sustained capital expenditure plan. Cloud operators, auto chip firms and AI startups cannot afford supply disruptions for their core business. That’s the fundamental driver behind the wave of long-term fixed-volume contracts.

Regarding price clauses in long-term agreements, we adopt fully customized terms for each customer. Some large hyperscalers choose floating market prices without caps; others request fixed price ceilings to control cost volatility. We do not impose uniform contract templates, we match solutions to each client’s risk appetite.

Reporter: The US government has repeatedly encouraged memory manufacturers to build domestic fabs in America. Does SK Hynix plan to construct wafer factories or packaging facilities in the US?Kwak Noh-Jung:We do not rule out building manufacturing capacity in the United States, but we have strict preconditions for site selection: stable electricity supply, abundant water resources, mature semiconductor talent pools, and proximity to major AI cloud customer hubs. Our ideal layout would place production close to US AI innovation centers to deepen joint R&D and shorten supply chains.

If we move capacity to the US, our core goal is to cooperate closely with local AI ecosystem players, co-develop next-generation HBM products, and contribute to the US computing industry’s development. At this stage, we are still evaluating multiple potential locations without final commitments.

Reporter: How will you allocate the USD 26.5 billion raised from this IPO?Kwak Noh-Jung:Nearly all IPO proceeds will be invested in memory capacity expansion and advanced technology R&D in South Korea. The capital will cover three core directions:

Construction of new DRAM/NAND wafer fabrication plants in Cheongju and Icheon;

Massive expansion of high-end HBM advanced packaging production lines;

Mass procurement of EUV lithography equipment to support 1a, 1b generation DRAM process mass production.

A small portion of funds will be reserved for global M&A and joint R&D cooperation with US AI chip designers. We will not use listing proceeds for shareholder dividends or share buybacks in the next three years—all cash flows prioritize production and technology to ease global memory supply constraints.

Reporter: What is your long-term competitive positioning against Samsung and Micron amid the AI memory super cycle?Kwak Noh-Jung:HBM is the core strategic battlefield of the AI era, and SK Hynix holds leading market share in high-capacity HBM2E/HBM3/HBM3E products supplied to leading AI chip designers. We will maintain 12–18 months of technological generation lead over competitors on advanced bandwidth memory.

For mainstream DRAM and NAND, we will balance volume output and profit margins, avoid reckless price competition. Unlike past cycles where players flooded capacity during price surges, we will stick to disciplined, demand-aligned capex plans. Our core competitive moat lies in end-to-end vertical integration: self-developed memory wafers + self-owned advanced packaging + exclusive customized co-design with AI customers.

Reporter: Closing words for global investors watching your listing today?Kwak Noh-Jung:The AI revolution is only in its early stage, and high-performance memory is the foundational infrastructure of all artificial intelligence computing. This Nasdaq listing allows global investors to share the long-term growth of AI memory. We will uphold three core management principles: trust with customers and investors, continuous technological innovation, and sustainable profitable growth. Wherever AI expands, SK Hynix will grow alongside it. Thank you.