Samsung Has Thrived Without Directly Relying On Nvidia

Samsung achieved record memory revenue growth, climbing 5.7x year-over-year, without direct reliance on Nvidia as a top customer. Memory now accounts for 70% of Samsung’s total revenue, with a highly diversified customer base—no single customer exceeds 10% of revenue. Samsung is set to lead in SOCAMM2 supply for Nvidia’s Vera Rubin platform in 2026, marking increased future exposure to Nvidia’s AI memory demand.

My thesis is that Samsung (SSNLF) has thrived without directly relying on Nvidia (NVDA) in the last year. Most of Nvidia’s memory purchases are on the DRAM side, primarily high bandwidth memory (“HBM”) for the GPU.