HBM被抢疯了

Core Viewpoint - The article discusses the significant price increases in memory storage driven by the demand from artificial intelligence (AI) applications, highlighting the collaboration between OpenAI and major memory manufacturers like Samsung and SK Hynix for a $500 billion project aimed at building next-generation AI infrastructure [4][19]. Memory Price Trends - The average spot price of general DRAM (DDR4 8Gb) reached $5.868 in September, nearly five times the low of $1 in Q1 [2] - The average spot price of mainstream memory semiconductor DDR5 16Gb increased by over 40% from $4.70 at the beginning of the year to $6.927 [2] - Predictions indicate that various DRAM products will continue to rise in price in Q4 due to supply constraints [2] OpenAI Collaboration - OpenAI has entered into a partnership with Samsung and SK Hynix, focusing on the "Stargate" project, which aims to invest approximately $500 billion by 2029 to build a large data center [4][19] - The project requires high-performance memory, including enterprise-grade NAND, server DRAM, and HBM (High Bandwidth Memory) [4] HBM Demand and Supply - OpenAI's CEO requested a monthly supply of 900,000 DRAM wafers from Samsung and SK Hynix, which exceeds the combined monthly production capacity of both companies [5][6] - SK Hynix's HBM monthly production capacity is estimated at 160,000 wafers, indicating a significant gap between demand and supply [6] Market Growth Projections - The global HBM market is expected to grow at a compound annual growth rate (CAGR) of 50% from 2024 to 2028, driven by increasing demand from AI applications [18][19] - Analysts predict that DRAM operating profit margins will rise from the current 40-50% range to nearly 70% by 2026, nearing the peak levels seen during previous super cycles [20] Impact on Other Memory Types - The demand for memory is expected to increase across various segments, including enterprise SSDs and traditional DRAM, with prices projected to rise by 8-13% for DRAM and over 10% for LPDDR4X memory due to supply constraints [22][24] - The article notes that the memory market is experiencing a "super cycle" driven by AI, with significant implications for pricing and supply dynamics [20][22]