Why Nvidia's Earnings Move Memory Stocks

Nvidia does not make memory, but it buys a great deal of it. Its AI accelerators carry high-bandwidth memory (HBM), stacks of DRAM chips, and Nvidia’s annual report names the companies it buys memory from: SK hynix, Micron Technology and Samsung. So when Nvidia reports, investors in those three read the numbers for what they say about memory demand.

How big is Nvidia’s memory bill?

Nvidia does not break out what it pays each supplier, but its filings show the scale. In the quarter ended July 26, 2026, data center products brought in $89.0 billion of its $96.2 billion revenue, or 92.5%. Its supply commitments grew “from $119 billion last quarter to $279 billion,” the company said, “primarily related to the procurement of memory.” The annual report adds that “to secure future supply and capacity, we have paid premiums, provided deposits, and entered into long-term supply agreements.”

The memory makers say the same from their side:

Company	What it has said about Nvidia
SK hynix	“SK hynix’s HBM4 is slated to be adopted in NVIDIA’s next-generation Rubin platform” (March 17, 2026); a multiyear technology partnership with Nvidia was announced June 7, 2026
Samsung Electronics	Began “the industry’s first mass product sales of HBM4 and SOCAMM2 for NVIDIA’s Vera Rubin platform” (April 30, 2026)
Micron	Its 12-high HBM3E “is also designed into” Nvidia’s GB300 NVL72 and HGX B300 platforms (March 18, 2025)

None of the three discloses how much of its revenue comes from Nvidia. Micron’s annual report says no customer reached 10% of its revenue in fiscal 2026, after one customer was 17% in fiscal 2025, without naming either. How Samsung and SK hynix Compare in HBM covers the two Korean makers’ HBM businesses.

When does Nvidia report?

Nvidia’s fiscal year ends on the last Sunday of January, so its fiscal 2027 runs from January 26, 2026 to January 31, 2027, a 53-week year. Its quarters end in late April, July, October and January, and it has reported about three to five weeks later:

Quarter ended	Reported (US Eastern date)
Late April	Late May (May 20, 2026)
Late July	Late August (August 26, 2026)
Late October	Third week of November (November 19, 2025)
Late January	Late February (February 25, 2026)

Nvidia’s investor-relations site lists the results for its third fiscal quarter, which ends in late October, for November 17, 2026. The memory makers keep different calendars: Samsung and SK hynix use calendar quarters, and Micron’s fiscal year ends in late August or early September, as Micron’s Fiscal Calendar explains.

Why do Asian memory stocks trade on it first?

Nvidia releases results after the US close: in the last 12 quarters its filings reached the SEC between 4:20 and 4:31 p.m. New York time. That is about 5 or 6 a.m. the next morning in Seoul and Tokyo, depending on US daylight saving time. Nvidia’s shares can trade after hours in the US, but the Korea Exchange opens at 9 a.m. with the results already out, hours before Nvidia’s next regular session. So the first full session to react is in Seoul.

What did memory stocks do after the last 12 reports?

The table shows each stock’s move in its first regular session after the report: the next KRX session for SK hynix and Samsung, and the next US session for Micron and Nvidia.

Nvidia quarter	Reported	SK hynix	Samsung	Micron	Nvidia
Q3 FY24	Nov 21, 2023	−0.53%	0.00%	+0.50%	−2.47%
Q4 FY24	Feb 21, 2024	+5.03%	+0.14%	+5.42%	+16.39%
Q1 FY25	May 22, 2024	+1.16%	+0.77%	−0.01%	+9.32%
Q2 FY25	Aug 28, 2024	−5.35%	−3.14%	+0.75%	−6.38%
Q3 FY25	Nov 20, 2024	−1.06%	+1.99%	+4.47%	+0.54%
Q4 FY25	Feb 26, 2025	−1.87%	−0.53%	−6.03%	−8.48%
Q1 FY26	May 28, 2025	+1.92%	+0.36%	+0.65%	+3.25%
Q2 FY26	Aug 27, 2025	+3.27%	−1.42%	+3.62%	−0.79%
Q3 FY26	Nov 19, 2025	+1.60%	+4.25%	−10.87%	−3.15%
Q4 FY26	Feb 25, 2026	+7.96%	+7.13%	−3.13%	−5.45%
Q1 FY27	May 20, 2026	+11.17%	+8.51%	+4.11%	−1.77%
Q2 FY27	Aug 26, 2026	+2.49%	+1.72%	−0.32%	+8.74%

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A few things stand out:

• SK hynix rose after 8 of the 12 reports, including the last 6. Samsung rose after 8 and Micron after 7.
• The memory stocks often went the other way from Nvidia. After the four reports from August 2025 to May 2026, Nvidia fell in its next regular session each time, while SK hynix rose each time, by 1.60% to 11.17%. Over all 12, SK hynix moved the same way as Nvidia’s next session 7 times, Samsung 8 times and Micron 6 times.
• Big Nvidia moves did not carry over evenly. After the February 2024 report, Nvidia rose 16.39% and SK hynix 5.03%, but Samsung only 0.14%.

These are single sessions, and each stock had its own news on those days; the moves show timing, not cause. SK hynix’s and Samsung’s sessions also come before Nvidia’s, so they trade on the report and on the after-hours reaction, not on Nvidia’s regular-session close.

What should a reader take from it?

That Nvidia’s report is one of the few scheduled events that the memory makers’ investors all watch, because Nvidia is a large and named buyer of all three. It does not say which way they will move. For who makes DRAM, NAND and HBM, see Who Makes What in Memory; for how the US chip index weighs Nvidia against the memory makers, see the SOX heatmap explainer.