HBM之争，升级

Core Viewpoint - The article emphasizes the critical role of High Bandwidth Memory (HBM4) in the AI revolution, highlighting that memory bandwidth is the new bottleneck in AI data centers, rather than processing speed [1][2]. Summary by Sections HBM4 Introduction - HBM4 is a 3D stacked memory technology that promises unprecedented single-chip bandwidth, crucial for determining which companies will dominate the AI sector [2]. - The new HBM4 standard aims for a transmission speed of 8 Gbps per pin on a 2,048-bit interface, achieving a bandwidth of 2 TB/s, which is approximately double that of the current HBM3 [2]. Performance and Efficiency - HBM4 is designed with energy efficiency in mind, allowing for lower I/O and core voltages, which is essential for handling the massive data transfers required by large AI models [3]. - The ability to stack up to 16 layers with densities of 24 Gb or 32 Gb per chip means a single HBM4 module can hold data equivalent to the entire memory capacity of high-end GPUs [2][3]. Market Leaders - SK Hynix is positioned as the leader in HBM4, with a projected market share of 62% by Q2 2025, benefiting from a close partnership with Nvidia [3][4]. - The company has already delivered the first HBM4 samples and is prepared for mass production, with speeds reaching 10 GT/s, surpassing the baseline of 8 GT/s [4][7]. Competitors - Micron has made significant strides in the HBM market, achieving a 21% market share and reporting nearly $2 billion in HBM revenue by Q3 2025, driven by demand from generative AI [9][10]. - Samsung, while historically strong, has faced challenges in HBM production, particularly with HBM3E, but is now working to catch up and plans to start mass production of HBM4 in mid-2026 [11][12]. Future Outlook - The competition for HBM4 supply is not a zero-sum game; all three suppliers aim to provide high-performance memory modules for generative AI [14]. - The year 2026 is anticipated to be decisive in this memory race, with the first company to achieve mass production likely to emerge as the winner [14].