HBM 4，竞争激烈

Core Viewpoint - The competition among the three major global memory semiconductor companies for HBM4 (the sixth generation high bandwidth memory) is intensifying, with Samsung Electronics leading the way in production ahead of SK Hynix and Micron, highlighting its advantages in R&D speed and performance [1][2]. Group 1: HBM4 Production and Market Dynamics - Samsung Electronics announced the mass production of HBM4 on the 12th, ahead of its competitors, emphasizing its commitment to exceeding JEDEC standards from the beginning of HBM4's development [2]. - The HBM4 memory will be installed in NVIDIA's upcoming "Rubin" AI accelerator, featuring 2048 I/O ports, which is double the number of the previous generation [2]. - SK Hynix and Micron are also set to begin mass production of HBM4 this month, with SK Hynix claiming to be the only company capable of simultaneously supplying both HBM3E and HBM4 [3][4]. - The term "mass production" used by these companies refers to "risk production," where chips are produced before receiving formal purchase orders, which may lead to market confusion [4][5]. Group 2: Supply Chain and Performance Concerns - The supply chain dynamics for HBM4 are expected to be significantly influenced by NVIDIA's supply strategy, which balances performance and supply stability [6]. - Samsung's HBM4 achieves a stable operating speed of 11.7 Gbps, setting a new industry standard, which is approximately 46% faster than the previous 8 Gbps standard [6]. - Despite Samsung's advancements, the company currently has a yield rate of about 60% for its 1c DRAM, which may decline further during post-processing [6][7]. - SK Hynix has secured the largest HBM4 allocation in negotiations with NVIDIA, but initial reliability assessments indicate challenges in meeting the 11 Gbps performance target [7]. Group 3: Future Expectations and Strategic Adjustments - Industry insiders suggest that NVIDIA may relax its performance requirements for HBM4 to ensure stable supply, given the current memory shortage [7]. - The ongoing investments in new and upgraded production facilities for 1c DRAM will take time to translate into actual capacity, impacting the overall supply chain [7].