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定制HBM，大战打响
半导体行业观察·2025-06-20 00:44

Core Viewpoint - SK Hynix has positioned itself as a leader in the customized high bandwidth memory (HBM) market, primarily serving major clients like Nvidia, Microsoft, and Broadcom, amidst increasing demand for tailored AI memory solutions [1][3]. Group 1: Market Position and Clientele - SK Hynix has begun designing customized HBM based on specific client requirements, focusing on delivery timelines from its largest client, Nvidia [1]. - The company has received requests for customized HBM from the "Seven Giants" of the tech industry, including Apple, Microsoft, Google, Amazon, Nvidia, Meta, and Tesla [1]. - SK Hynix is expected to lead the customized HBM market, leveraging orders from major clients [3]. Group 2: Competitive Landscape - Samsung is anticipated to launch its first customized HBM, likely HBM4E, in the second half of next year, while SK Hynix is already a step ahead with HBM4 samples delivered to Nvidia [2][4]. - SK Hynix holds a significant market share in the global HBM market, with approximately 50%, followed by Samsung at 30% and Micron at 20% [4]. Group 3: Financial Performance and Investment - SK Hynix plans to invest 20 trillion KRW (approximately 14.5 billion USD) to convert its M15X factory into a production base for advanced DRAM and HBM [4]. - The market for customized HBM is projected to grow from 18.2 billion USD in 2024 to 130 billion USD by 2033, driven by the shift of large tech companies towards optimized AI services [3]. Group 4: Stock Performance and Investor Sentiment - SK Hynix's stock has surged by 41.8% this year, significantly narrowing the market capitalization gap with Samsung Electronics, which has seen a 12.4% increase [5]. - Foreign investors have played a crucial role in driving SK Hynix's stock price, with net inflows reaching 1.63 trillion KRW, the highest among stocks on the Korean exchange [5]. - Analysts express confidence in SK Hynix's HBM performance despite uncertainties in the semiconductor industry, with expectations of exceeding profit forecasts in the upcoming quarter [5].