June 22, 2026 marked a historic moment for South Korea’s capital markets—SK Hynix (000660.KS) saw its intraday share price climb to 2.95 million KRW, pushing its market capitalization to 208.1 trillion KRW and, for the first time, surpassing Samsung Electronics (005930.KS) at 207.3 trillion KRW. This broke Samsung’s 26-year streak as the country’s most valuable company. Behind this milestone lies a power shift in the memory chip industry, driven by generative AI. At the heart of this transformation is HBM (High Bandwidth Memory).
Over the past two years, nearly every discussion about AI computing power has centered on GPUs. Stories of Nvidia’s chips being in short supply and TSMC’s advanced process nodes running at full capacity have been told time and again. Yet beneath the GPU spotlight, a more subtle but critical bottleneck has quietly tightened—HBM. Without enough high-bandwidth memory, even the most powerful compute chips are left idling.
In 2026, HBM is evolving from a niche segment of the semiconductor industry into a strategic, scarce resource that determines the pace of AI infrastructure expansion. This article will break down, across four dimensions—technical fundamentals, market dynamics, competitive landscape, and investment opportunities—why HBM has become the "golden memory" of the AI era.
HBM Technology: The 3D Stacking Revolution That Breaks the "Memory Wall"
To understand why HBM is so critical, we must start with a fundamental issue: the widening speed gap between processors and memory in modern computing architectures. CPU and GPU compute speeds double every 18 to 24 months, but memory bandwidth lags far behind. This mismatch is known as the "Memory Wall"—no matter how powerful the compute, if data can’t arrive in time, chips are left waiting.
HBM was created to address this bottleneck. It’s a high-performance memory architecture that vertically stacks multiple DRAM chips and uses through-silicon via (TSV) technology to achieve ultra-high-speed interconnects between chips. In simple terms, traditional memory lays DRAM chips flat on a circuit board, with data flowing through a limited number of pins. HBM, by contrast, stacks DRAM chips "like a tower," enabling thousands of ultra-fine channels to transfer data simultaneously—delivering bandwidth far beyond conventional DDR memory.
This unique design gives HBM unprecedented bandwidth density. Take the latest HBM4, for example: according to the JEDEC standard released in April 2025, HBM4 doubles interface width to 2,048 bits, with single-stack bandwidth reaching 2 TB per second. Samsung’s mass-produced HBM4 features a 12-layer stack, a base capacity of 36 GB per stack, a pin transfer rate of 13 Gbps, and total bandwidth per stack up to 3.3 TB/s.
This combination of "high bandwidth + low power" makes HBM an irreplaceable core component for AI training and inference. Large language models with hundreds of billions of parameters require massive data transfers between processor and memory for every forward and backward pass—only HBM can deliver the bandwidth needed to support these workloads.
Market Explosion: From $13.4 Billion to $54.6 Billion
The rapid expansion of the HBM market is redefining the growth trajectory of the entire memory chip industry.
According to Stratistics MRC, the global HBM market is projected to reach $13.4 billion in 2026, growing at a compound annual growth rate (CAGR) of 34.1% and potentially hitting $141 billion by 2034. SEMI offers an even more aggressive outlook—SEMI China President Li Feng noted at SEMICON China 2026 that the HBM market will surge 58% to $54.6 billion in 2026, accounting for nearly 40% of the DRAM market.
While the methodologies differ, both data sets point to the same conclusion: HBM is expanding at a pace far exceeding traditional semiconductor segments. The World Semiconductor Trade Statistics (WSTS) organization forecasts the global semiconductor market will reach $975 billion in 2026, with memory growing 250% year-over-year to surpass $800 billion. HBM is the fastest-growing and most profitable segment within the memory sector.
The core driver of this growth is the relentless expansion of AI infrastructure. Global AI infrastructure spending is expected to hit $450 billion in 2026, with inference workloads accounting for over 70% for the first time. As AI models shift from training to inference and agent-based AI, demand for high-performance memory is not slowing—in fact, it’s accelerating.
Supply-Demand Imbalance: Sold-Out Capacity and Structural Shortages
Rising market size has been accompanied by an increasingly severe supply-demand imbalance.
Although Samsung, SK Hynix, and Micron—the "big three" memory makers—have allocated 70% of new or flexible capacity to HBM, the supply gap remains at 50% to 60%. The HBM shortage rate was 45% in 2025 and is expected to stay high at 43.5% in 2026. Projections show a global DRAM supply gap of about 7% and an HBM gap of around 6% in 2026, with shortages worsening—by 2027, the DRAM and HBM gap could reach 9%.
What’s more, all HBM capacity from the big three for 2026 has already been locked in by downstream customers for the full year, with some key clients securing capacity through 2028. Micron’s management confirmed in its FY2026 Q3 earnings that it can only meet about 50% to 66% of actual customer demand. Goldman Sachs expects memory market shortages to persist through 2028.
This imbalance isn’t a short-term blip; it’s the result of multiple structural forces. On the demand side, ever-larger AI models and surging inference workloads create rigid support. On the supply side, the complexity of TSV processes, advanced packaging yield ramp-up, and long equipment lead times mean new capacity won’t come online until 2028–2029 at the earliest. International investment banks broadly agree: HBM undersupply is a multi-year industry trend.
The Big Three Battle: The Power Game of SK Hynix, Samsung, and Micron
The HBM market is consolidating into an oligopoly dominated by SK Hynix, Samsung Electronics, and Micron Technology.
SK Hynix is the clear leader in HBM. TrendForce data shows SK Hynix holds about 50% of global HBM bit production in 2026, with Samsung at 28% and Micron at 22%. Counterpoint Research offers a more granular view: SK Hynix is projected to hold 54% of the HBM4 market in 2026, Samsung 28%, and Micron 18%. This leadership is reflected in capital markets—SK Hynix posted Q1 2026 revenue of 52.58 trillion KRW, up 198% year-over-year and 60% quarter-over-quarter, breaking the 50 trillion KRW mark for the first time. UBS forecasts SK Hynix’s total 2026 revenue at 355.1 trillion KRW, with operating profit of 28.6 trillion KRW.
Samsung, after facing hiccups with HBM3E certification and supply, is mounting a strong comeback with HBM4. On February 12, 2026, Samsung launched HBM4 mass production at its Cheonan campus, and within just four months cumulative sales exceeded $1 billion—the first in the global memory industry to reach this milestone. By the end of June, HBM4 cumulative sales are expected to surpass $1.2 billion. Samsung plans to ramp its 1c DRAM node to 150,000 wafers per month by year-end for HBM4 production.
Micron, though smaller in share, is growing rapidly. In FY2026 Q3 (ending May 31), Micron reported $41.46 billion in revenue, up 346% year-over-year, with gross margin at 84.9% and adjusted EPS of $25.11, up 1,215%. Micron’s HBM4 12-layer product ramped twice as fast as its HBM3E 12-layer version, with over $1 billion in cumulative HBM4 revenue delivered. Management expects HBM supply tightness to persist beyond 2027.
In the broader DRAM market, Samsung still holds the overall advantage. In Q1 2026, Samsung’s DRAM revenue reached $37.32 billion, up 93.4% quarter-over-quarter with a 38.5% market share; SK Hynix posted $27.98 billion, up 62.5% with a 28.8% share. This contrast shows SK Hynix’s market cap lead is not due to dominance in the overall DRAM market, but rather the valuation premium from its commanding position in the high-profit HBM segment.
Investment Opportunities Across the HBM Value Chain
HBM’s supercycle is cascading down the industry chain, creating differentiated investment opportunities at every level.
Tier One: The Big Three Memory Makers. SK Hynix, Samsung Electronics, and Micron Technology benefit from technological dominance and scarce capacity, capturing the lion’s share of excess profits with gross margins exceeding 70% or even 80%. These three are the most direct and core beneficiaries of the HBM boom.
Tier Two: Advanced Packaging and Testing. HBM capacity expansion is directly driving demand for advanced packaging. In the A-share market, leaders in packaging and testing such as JCET, Tongfu Microelectronics, and Huatian Technology are attracting capital. Semiconductor equipment companies like NAURA and Advanced Micro-Fabrication Equipment Inc. (AMEC) are also benefiting from increased global memory capex.
Tier Three: Domestic Memory Chip and Materials Companies. With ongoing global DRAM and NAND supply tightness, domestic memory chip makers are seeing a window for import substitution. Companies like GigaDevice, Beijing Junzheng, Dongxin, and PuRang are gaining market attention. Since June, A-share computing hardware concept stocks have risen an average of 19.05%.
Tier Four: HBM Equipment and Materials. This includes HBM equipment (Wanrun, HongSu), packaging and testing (Powertech, King Yuan Electronics), and AI server manufacturers (Quanta, Wistron, Wiwynn) in various segments.
Crypto Industry Parallels: HBM’s Indirect Link to Digital Assets
For crypto industry professionals and investors, HBM’s boom cycle is also worth watching—while HBM and digital assets are distinct sectors, there’s a clear logical connection.
First, the expansion of AI computing infrastructure directly drives GPU demand, and GPUs are the largest buyers of HBM. Nvidia, as the world’s top HBM purchaser, has its chip production and shipment pace directly impacting the HBM supply-demand balance. The crypto mining industry, as a major downstream GPU market, also feels this dynamic—when AI demand soaks up GPU capacity, crypto mining hardware becomes more expensive and harder to source.
Second, the stock performance of the HBM big three has become a barometer for AI infrastructure investment sentiment. In June 2026, Gate officially launched real stock trading, allowing users to trade stocks and ETFs like Micron, Samsung Electronics, and SK Hynix directly with USDT on the platform. This gives crypto investors a direct channel to participate in the HBM supercycle.
As of June 26, 2026, Bitcoin was trading at around $59,592, down over 52% from its October 2025 all-time high of $126,223. Ethereum has also weakened to around $1,510. Against this backdrop of pressure in the crypto market, the independent boom cycle of the HBM value chain offers investors a cross-asset allocation perspective—structural shortages and excess profits in traditional semiconductor hardware can serve as a partial hedge against crypto’s cyclical volatility.
Conclusion: HBM Is Not a Bubble—It’s Physics
The HBM boom isn’t just a speculative story spun by capital markets. Its underlying logic rests on three unavoidable physical and industrial realities: the exponential growth in AI model parameters creates rigid demand for memory bandwidth; the complexity of TSV 3D stacking makes capacity expansion inherently slow; and only three companies worldwide—SK Hynix, Samsung, and Micron—can mass-produce HBM.
This isn’t a story that can be endlessly replicated. Producing HBM requires 3–4 times the wafer capacity of traditional DRAM. Building a 2nm fab now costs over $25 billion. These numbers reflect real physical constraints and capital barriers—they form the most robust moat on the supply side and ensure that this "golden age of memory" won’t be short-lived.
Goldman Sachs and other major investment banks are unanimous: this "memory crunch" isn’t a short-term pulse. Structural HBM shortages will last at least through 2028. For investors, understanding HBM isn’t just about spotting an investment trend—it’s about grasping the logic of AI-era infrastructure. At the top of the computing power pyramid, the scarcest resource isn’t raw compute, but the "data pipeline" that feeds it.
FAQ
1. What’s the difference between HBM and traditional memory?
HBM uses TSV (through-silicon via) technology to vertically stack multiple DRAM chips, achieving bandwidth density far beyond traditional DDR memory. Conventional memory is laid out flat with limited data channels; HBM offers interface widths up to 2,048 bits and single-stack bandwidth exceeding 2 TB/s. HBM is primarily used for AI training and high-performance computing, while traditional memory suits general computing and consumer electronics.
2. Why is HBM capacity so tight?
Three main reasons: First, HBM production requires 3–4 times the wafer capacity of traditional DRAM. Second, TSV processes and advanced packaging have slow yield ramp-ups and long equipment lead times. Third, only three companies worldwide can mass-produce HBM, and all 2026 capacity is already sold out. These three constraints mean new capacity won’t come online until 2028–2029 at the earliest.
3. What are the key HBM-related stocks?
The three major memory makers: SK Hynix (000660.KS), Samsung Electronics (005930.KS), and Micron Technology (MU.O). In the A-share market, HBM concepts include advanced packaging (JCET, Tongfu Microelectronics, Huatian Technology), semiconductor equipment (NAURA, AMEC), and memory chips (GigaDevice, Beijing Junzheng), among others.
4. How long will HBM’s high margins last?
The big three have gross margins exceeding 70% or even 80%. Micron management expects HBM supply tightness to persist beyond 2027. Goldman Sachs forecasts shortages through 2028. As long as AI infrastructure capex remains strong, HBM’s high-margin cycle should continue.
5. How can crypto investors participate in the HBM trend?
Gate has launched real stock trading, allowing users to trade stocks and ETFs like Micron, Samsung Electronics, and SK Hynix directly with USDT. Additionally, changes in HBM supply and demand will ripple through the GPU supply chain to crypto mining hardware, providing indirect signals for cross-asset allocation.
