Memory Analysis
High Bandwidth Memory (HBM) is essential for AI training. SK Hynix and Samsung control over 95% of global HBM production, with chronic supply shortages.
Key Metrics
HBM Share (%) = (Supplier HBM output / Global HBM output) × 100
Stack Yield ≈ Π(Die yield per layer) × TSV/bump yield × packaging yield
What matters in this layer
HBM capacity, binning, and reliability determine effective accelerator throughput. When HBM is short, compute is short. The constraint is as much packaging and qualification as it is DRAM wafer capacity.
A small set of firms controls most HBM output. This amplifies shocks, makes long‑term contracts valuable, and turns ramp decisions into strategic levers.
HBM availability depends on advanced packaging throughput and substrates. Memory cannot be analyzed in isolation from the packaging layer.
SK Hynix Dominates HBM Market for AI
SK Hynix controls over 50% of the HBM market, with supply agreements locked in with NVIDIA and AMD through 2026.
Samsung Ramps HBM3E Production
Samsung has qualified its HBM3E memory with major GPU manufacturers and is rapidly scaling production.
Micron Breaks Ground on New York Memory Fab
Micron has begun construction on a $100 billion memory fab complex in New York, strengthening US domestic production.