HBM4，三星逆袭？

Core Viewpoint - Samsung Electronics is focusing on its next-generation high bandwidth memory (HBM) chips, specifically HBM4, which has received positive feedback from clients, indicating a strong competitive edge in the AI chip market [1]. Group 1: Market Position and Competition - Samsung is in discussions with Nvidia to supply HBM4, aiming to regain its position in the AI chip sector, where it currently holds 35% market share compared to SK Hynix's 53% as of Q3 2025 [1]. - Investors are closely monitoring Samsung's ability to narrow the market gap through the production of HBM4 chips, with mass production targeted for 2026 [1]. Group 2: Performance and Testing - Samsung's HBM4 achieved record speeds during technical tests conducted by Broadcom, outperforming competitors and demonstrating superior thermal management capabilities [3]. - The performance validation for Google's TPU v8 indicates that Samsung's HBM4 meets the high-performance requirements needed for AI applications, with commercial production expected in 2026 [3][4]. Group 3: Strategic Partnerships - The collaboration between Samsung and Broadcom, initiated in 2023, is expected to strengthen as Samsung's HBM4 testing results enhance their alliance, particularly with Google's plans to offer TPU to external clients [3][4]. - Analysts suggest that Broadcom may benefit significantly from the growing AI revenue generated by Alphabet, as the TPU becomes increasingly vital to Alphabet's growth strategy [4].