After an excellent first quarter, Samsung (SSNLF +0.00%) is the top memory chipmaker by market share in 2026. It leads in both DRAM and NAND, the two major types of memory produced by memory chip manufacturers.
DRAM, or dynamic random-access memory, is the fast, working memory used by computers, smartphones, and video game consoles that gets wiped clean when the device is shut off. It also has a sub-type, high-bandwidth memory (HBM), that vertically stacks DRAM memory and provides much higher performance, making it the type of memory used with AI accelerators.
NAND flash memory is designed for storage, working more slowly than DRAM but retaining data after shutdown.
That distinction, along with each company's market share across different types of memory, is a key factor for investors in these semiconductor stocks. Exposure to the DRAM, HBM, and NAND markets varies widely across companies, and this determines which of them benefit the most from hyperscaler spending during the current AI memory cycle.
Samsung, SK Hynix, and Micron control nearly all DRAM revenue
The DRAM market is highly concentrated, with three companies accounting for 90% of the total revenue. Samsung took the lead over SK Hynix (SKHY +0.40%) in Q4 2025 and expanded that lead in Q1 2026 with $37.4 billion in DRAM revenue, 39% of all DRAM revenue. Samsung ownership has prioritized memory due to rising demand driven by AI growth.
However, Samsung doesn't lead the HBM market, which is crucial to the AI build-out. It's tied for second with Micron Technology (MU +2.30%), holding a 21% share, well behind SK Hynix's 56.4%. In an interesting twist, this was one of the main reasons Samsung overtook SK Hynix in total DRAM revenue.
Prices for conventional DRAM rose sharply over the second half of 2025. HBM prices didn't experience the same spike because all three suppliers have annual repricing mechanisms, and rates were set before the memory shortage. Consequently, conventional DRAM profitability surpassed that of HBM. The profitability gap works in Samsung's favor for now, since it dominates traditional DRAM, and SK Hynix dominates HBM.
Micron ranks third overall among DRAM manufacturers, but it has quickly gained HBM market share. In fairness, it started from a much smaller HBM base than SK Hynix and Samsung did, giving it more room for growth. Being the only U.S.-based HBM supplier is also an advantage, as Micron benefits from federal incentives and customers that prefer a domestic supplier. In addition, Micron began high-volume production and shipments of its HBM4 chips ahead of schedule.
