三星HBM4，硬气了

Core Viewpoint - Samsung Electronics is negotiating HBM4 pricing with Nvidia, aiming to match SK Hynix's pricing due to high demand for HBM4, while planning to increase 1c DRAM production capacity to 150,000 wafers per month by the end of 2026 [1][2]. Group 1: HBM4 Pricing and Production - Samsung's internal target for HBM4 pricing negotiations is to align with SK Hynix, as HBM4 is in high demand and Samsung does not intend to undercut prices [1]. - SK Hynix's contract pricing for HBM4 is around $500, which is over 50% higher than the HBM3E pricing of approximately $300 [1]. - Samsung's current HBM3E pricing is about 30% lower than SK Hynix's due to excess inventory and delays in Nvidia's certification process, with average prices around $200 [1]. Group 2: Production Capacity Expansion - Samsung plans to gradually increase its 1c DRAM capacity from 20,000 wafers per month to 150,000 wafers per month by the end of 2026, prioritizing profitability [2]. - The company aims to transition existing mature processes to 1c DRAM and is focused on achieving higher yield rates, currently at 50% for HBM4 [2]. Group 3: Organizational Restructuring - Samsung has restructured its HBM development team, integrating it into the DRAM development department, indicating confidence in its technological capabilities for next-generation HBM products [4]. - The previous HBM team was established to regain market leadership after being surpassed by SK Hynix, but the recent restructuring suggests a shift in strategy [4]. Group 4: Market Position and Future Outlook - Samsung has established strong partnerships with major tech companies like Nvidia, AMD, and OpenAI, and is expected to increase its market share in the HBM sector next year [5]. - TrendForce predicts that Samsung will capture over 30% of the global HBM market by 2026 [6]. - Morgan Stanley reports that Samsung has completed its technological catch-up in the HBM field and expects significant market share growth due to its competitive advantages in production capacity and technology [8].