HBM 4，贵死了！

Core Viewpoint - SK Hynix is set to begin mass production of HBM4 in the second half of this year, with a significant increase in data processing speed and enhanced functionality of the base die, leading to an expected price increase of over 30% compared to previous generations [1][3]. Group 1: HBM4 Production and Cost Structure - HBM4's logic chip production has been outsourced to TSMC, which is expected to account for approximately 20% of the total unit cost of HBM4 [1][7]. - The high production costs of the logic chips from TSMC may limit SK Hynix's profitability despite the anticipated price increase of HBM4 [1][4]. - The expected price for HBM4 is around $2 per Gb, which is about 30% more expensive than the previous generation HBM3E [7]. Group 2: Market Position and Competitive Landscape - SK Hynix is currently the leading company in the HBM market and is the largest supplier of HBM to NVIDIA [3]. - The transition to HBM4 involves the addition of various functionalities to the logic chips, which are now custom-designed rather than merely connecting chips as in previous generations [7]. - Concerns have been raised that outsourcing the production of logic chips could weaken SK Hynix's profitability for the next generation of HBM due to TSMC's dominant position in advanced foundry processes [4][7]. Group 3: Future Negotiations and Supply Dynamics - SK Hynix is expected to finalize negotiations with NVIDIA regarding HBM4 supply for the next year, with the potential for price adjustments based on guaranteed supply volumes [8].