In-Depth Analysis Report on the Competitive Landscape of HBM High-Bandwidth Memory Chip Technology

Based on the above in-depth research and data analysis, we now present the

.

---

High Bandwidth Memory (HBM) is a next-generation high-performance memory technology that vertically stacks multiple DRAM chips through

technology and integrates them with GPUs/CPUs via technology. Compared to traditional planar DRAM, HBM has the following core advantages:

Technical Indicator	HBM3E	Traditional GDDR6
Interface Bit Width	1024-bit	384-bit
Bandwidth	1.0 TB/s	~0.5 TB/s
Power Efficiency	40% Higher	Baseline
Package Size	50% Smaller	Baseline

HBM technology has become a core bottleneck in

, and its performance directly determines the data processing capability of AI chips. As large models evolve towards multimodal and Chain-of-Thought (CoT) mechanisms, data throughput has grown exponentially, making HBM’s strategic value increasingly prominent. [1][2]

According to the technology evolution roadmap, HBM is undergoing rapid iteration:

• HBM3E (2024-2026)
  : Current mainstream product with 1 TB/s bandwidth and 12-layer stacking; expected to still account for approximately 2/3 of the HBM market in 2026
• HBM4 (2026)
  : Bandwidth increased to 2 TB/s, interface width expanded to 2048-bit, with 12-16 layer stacking
• HBM4E (2027-2028)
  : Further optimized; expected to be used in NVIDIA’s Rubin Ultra platform
• HBM5 (2028+)
  : Bandwidth reaches 3.2 TB/s with 20-layer stacking; requires hybrid bonding technology

---

According to Counterpoint Research data, the global HBM market share in Q3 2025 shows the following pattern:

Vendor	Q2 2025 Share	Q3 2025 Share	Trend
SK Hynix	57%	53%	↓ Slight decline
Samsung Electronics	22%	35%	↑ Significant increase
Micron Technology	21%	11%	↓ Share decline

Key Finding

: Although SK Hynix maintains its leading position, its share dropped from 57% to 53%, mainly due to Samsung’s breakthrough growth in the HBM3E segment. Samsung’s share jumped from 22% to 35%, reflecting significant progress in its capacity expansion and yield improvement. [3][4]

• Technological Advantages
  : Mature MR-MUF (Batch Reflow Molding) process, with a yield rate of 95%
• Capacity Scale
  : Plans to expand HBM production capacity to 250,000 wafers per month by 2026
• Customer Relationships
  : Core supplier to NVIDIA, market leader in HBM3E
• Strategic Layout
  :
  • Established the world’s first HBM4 mass production system (September 2024)
  • Strengthened packaging technology cooperation with TSMC
  • Established a dedicated HBM organization and global AI research center
  • Invested 2.5 trillion KRW in HBM4 R&D [5]

• Technological Breakthrough
  : Betting on
  Hybrid Bonding
  technology, targeting the launch of HBM4E products in 2028
• Capacity Plan
  : Plans to increase HBM production capacity by 50% in 2026, reaching 250,000 wafers per month
• Unique Advantage
  : The only company globally with advanced wafer fabs, memory chip divisions, and advanced packaging capabilities simultaneously
• Challenges
  : Hybrid bonding yield rate is only about 10%, and mass production of 16-layer HBM4 has hit hurdles
• Process Advantage
  : 1c DRAM process (6th-generation 10nm node) has 40% higher energy efficiency than competitors [6]

• Differentiation Strategy
  : Focuses on low-power HBM technology; 2026 production capacity has been fully sold out through pre-sales
• Capacity Expansion
  : Investing US$20 billion in building new factories in Taiwan and Japan
• Technology Roadmap
  : Based on 1-beta node process, with a speed exceeding 11Gbps; high-yield ramp-up in Q2 2026
• Capital Expenditure
  : Capital expenditure for fiscal year 2026 increased to US$20 billion, a year-on-year growth of 45%
• Customer Expansion
  : Secured custom ASIC orders from Google, AWS, etc. [7]

---

According to TrendForce forecasts:

• 2025 HBM demand year-on-year growth
  : Over 130%
• 2026 HBM demand growth
  : Expected to still exceed 70%
• Main Drivers
  :
  • Mass production of NVIDIA B300 and GB300 platforms
  • Accelerated deployment of AMD R100/R200 series
  • Full transition of Google TPU and AWS Trainium to HBM3E
  • Rapid rise in AI inference demand; inference is expected to account for 75% of AI server storage demand by 2029 [8]

Key Data

: Global memory capacity bookings for 2026 have reached saturation, all HBM capacity has been sold out, and SK Hynix’s regular DRAM and NAND orders have been fully locked in. [9]

:

Vendor	2025 Capital Expenditure	Planned 2026 Capital Expenditure	HBM Investment Ratio
SK Hynix	28 trillion KRW	35 trillion KRW	~7% (2.5 trillion KRW)
Samsung Electronics	33 trillion KRW	40 trillion KRW	~10%
Micron Technology	US$18 billion	US$20 billion	~12.5%

• DDR5 Price
  : Increased by over 300% since early September 2025
• DDR4 Price
  : Increase of nearly 160%
• HBM3E Price
  : Expected to rise by 20-30% in 2026 due to tight capacity
• 2026 DRAM Contract Price Forecast
  : Increase of 60%-70% [10]

---

is the core demand side for HBM4, scheduled for launch in 2026, and its specification requirements are driving the top three vendors to accelerate competition:

• Uses mature MR-MUF (Batch Reflow Molding) process to advance mass production of 12-layer HBM4
• Small-batch production in Q2 2026, capacity expansion in Q3
• Simultaneously developing 16-layer HBM4 products, which may be named HBM4E

• Skips traditional micro-bumps and directly adopts
  hybrid bonding technology
• Targets the launch of 16-layer HBM4 products in 2026
• Challenges: Hybrid bonding yield rate is only 10%, requiring significant improvement

• 12-layer HBM4 focuses on high-yield ramp-up (Q2 2026)
• Commits to a rapid transition to HBM4E (2027) with a capacity of 64GB
• 2026 HBM capacity has been locked in through pre-sales [11]

Technology Direction	Current Status	Development Direction
Stacking Layers	8-12 layers	16-20 layers
Bonding Technology	Micro-bumps (50μm pitch)	Hybrid bonding (9μm pitch)
Logic Base	Standard design	Customized logic (supports customer-specific functions)
Heat Dissipation Solution	Silicon interposer	Integrated heat dissipation module

TSMC’s CoWoS packaging technology is a key link in the HBM industry chain:

• CoWoS Capacity
  : Expanded from 1.5x reticle to 3.3x, supporting 8 HBM chips
• CoWoS-L
  : Supports stacking of 12 HBM3E/HBM4 chips in 2026
• Custom Logic Chips
  : Micron selected TSMC for HBM4E base foundry services; SK Hynix plans to launch customized products in H2 2026 [12]

---

• Positioning
  : China’s DRAM leader; launched IPO counseling in 2025, with a valuation of RMB 140 billion
• Capacity Expansion
  : Monthly production capacity expected to reach 300,000 wafers in 2025, a 50% year-on-year increase
• Technological Progress
  :
  • Accelerated conversion to DDR5 production; global market share expected to jump from 1% to 7%
  • LPDDR5 share increased from 0.5% to 9%
  • LPDDR5X speed reaches 10667Mbps, on par with international mainstream
• Target
  : Reach 10% of the global DRAM market share in Q4 2025

• Technological Advantages
  : Xtacking architecture and hybrid bonding technology are competitive
• Capacity Layout
  : Phase III project has a registered capital of RMB 20.72 billion (September 2025)
• Technical Indicators
  : 3D NAND stacking layers reach over 200

Core Challenge

: HBM technology involves complex 3D stacking, TSV vias, and advanced packaging. Domestic vendors have

no clear R&D schedule

in the HBM field, and there is a 2-3 generation technology gap with overseas leaders. [13]

Industry Chain Segment	Core Targets	Competitive Barriers
Memory Design	GigaDevice	Top 3 in global NOR Flash, niche DRAM
Memory Interface	Montage Technology	40%-45% global DDR5 market share, JEDEC standard setter
Advanced Packaging	JCET	Leading HBM packaging yield, certified by NVIDIA
Packaging and Testing	STK, TFME	Largest domestic DRAM packaging and testing enterprises
Materials	Yike Technology	18% global market share of HBM precursors, exclusive supplier to SK Hynix
Equipment	Naura, AMEC	Etching and deposition equipment adopted in memory production lines
CMP Equipment	Huahai Qingke	Over 60% market share of 12-inch CMP equipment

---

1. HBM supply shortage will persist
   : Strong AI computing demand, long capacity expansion cycle; HBM prices are expected to rise by 20-30% in 2026
2. Technological upgrade dividend
   : Mass production of HBM4/HBM4E will bring value increase (over 50% compared to HBM3E)
3. Accelerated domestic substitution
   : Capacity expansion of ChangXin and Yangtze Memory, coupled with growing demand for domestic equipment/materials
4. Value of packaging segment highlighted
   : HBM packaging yield and capacity have become key bottlenecks

Target	Ticker	Logic Key Points
Montage Technology	688008.SH	DDR5 memory interface leader, CXL chips adapted for AI servers, gross margin over 70%
JCET	600584.SH	World’s third-largest packaging and testing factory, leading HBM packaging yield
Yike Technology	002409.SZ	18% global market share of HBM precursors, exclusive supplier to SK Hynix
BIWIN Technology	688525.SH	World’s leading storage for AI glasses, wafer-level packaging
SK Hynix	000660.KS	Global HBM leader, technological leadership + capacity expansion
Micron Technology	MU.O	US HBM leader, capacity sold out through end of 2026

Risk Type	Details
Demand falls short of expectations	If AI server shipments slow down, it will affect HBM demand
Overcapacity risk	If capacity is released centrally after 2027, oversupply may occur
Technology yield risk	Progress in yield improvement of Samsung’s hybrid bonding and 16-layer stacking
Geopolitics	Export controls may affect China’s market access to advanced HBM
Price volatility	Cyclical characteristics of the memory industry, with severe price fluctuations

---

1. SK Hynix temporarily holds leadership
   : With MR-MUF process and in-depth cooperation with NVIDIA, maintains the No.1 HBM market share (53%)
2. Samsung aggressively catches up
   : Through hybrid bonding technology and aggressive capacity expansion, its market share jumped from 22% to 35%, making it the biggest variable in the HBM4 era
3. Micron breaks through with differentiation
   : With low-power and rapid capacity expansion strategies, locks in specific customer groups; 2026 capacity is fully sold out
4. HBM4 will reshape the landscape
   : 2026 HBM4 mass production will determine the market ranking for the next 3-5 years; technology route selection (traditional vs hybrid bonding) is crucial
5. Domestic substitution has a long way to go
   : Chinese vendors are accelerating their catch-up in traditional DRAM, but the technology gap in HBM is still obvious, requiring long-term investment

“2026 is a year of ‘recovery-driven, technology-empowered, landscape-reshaping’ for the memory industry. HBM will become the core battlefield that determines the upper limit of AI computing power. The head-to-head competition between Samsung and SK Hynix, the rapid rise of Micron, and the domestic substitution process of Chinese vendors will jointly shape the new order of the global memory chip industry.”[14]

---

[1] TrendForce - AI Compute Race Triggers a Global Memory Supercycle (https://www.trendforce.com/insights/memory-wall)

[2] Financial Content - The 2026 HBM4 Memory War (https://markets.financialcontent.com/stocks/article/tokenring-2026-1-15-the-2026-hbm4-memory-war-sk-hynix-samsung-and-micron-battle-for-nvidias-rubin-crown)

[3] Reuters - Samsung Electronics Highlights Progress on HBM4 Chip Supply for 2026 (https://www.reuters.com/world/asia-pacific/samsung-electronics-highlights-progress-hbm4-chip-supply-2026-01-02/)

[4] Semiecosystem - SK Hynix’ Lead Shrinks In DRAM, HBM (https://marklapedus.substack.com/p/sk-hynix-lead-shrinks-in-dram-hbm)

[5] SK Hynix - 2026 Market Outlook: HBM to Fuel AI Memory Supercycle (https://news.skhynix.com/2026-market-outlook-focus-on-the-hbm-led-memory-supercycle/)

[6] TrendForce - NVIDIA Fuels HBM4 Race: 12-Layer Ramps, 16-Layer Push (https://www.trendforce.com/news/2026/01/09/news-nvidia-demand-fuels-hbm4-race-12-layer-ramps-16-layer-push-by-sk-hynix-samsung-and-micron/)

[7] Financial Content - Inside the HBM4 Memory War at CES 2026 (https://markets.financialcontent.com/wral/article/tokenring-2026-1-14-the-2048-bit-breakthrough-inside-the-hbm4-memory-war-at-ces-2026)

[8] TrendForce - AI Server Demand Forecast: Training vs Inference 2025-2029 (https://www.trendforce.com/insights/memory-wall)

[9] Guotai Junan Securities - Report on Memory Capacity Expansion Cycle and Accelerated Independent Controllability (https://pic-test-gjmetal-1324067834.cos.ap-shanghai.myqcloud.com/)

[10] Eastmoney - 2026 High Growth Logic Confirmed with Core Concept Stocks of the Entire Memory Chip Industry Chain (https://caifuhao.eastmoney.com/news/20260117054444893173810)

[11] TechPowerUp - HBM4 News (https://www.techpowerup.com/news-tags/HBM4)

[12] TweakTown - SK Hynix, Samsung, and Micron Fighting for NVIDIA Supply Contracts (https://www.tweaktown.com/news/109495/sk-hynix-samsung-and-micron-fighting-for-nvidia-supply-contracts-for-new-16-hi-hbm4-orders/index.html)

[13] Golden Horn Finance - A Set of Memory Sticks is More Expensive Than a House, China’s First Memory Stock Arrives (https://m.thepaper.cn/newsDetail_forward_32375943)

[14] Global Semi Research - 2026 Memory Industry Insights (https://globalsemiresearch.substack.com/p/2026-memory-industry-insights)