Core Insights - The competitive landscape for HBM (High Bandwidth Memory) is expected to change significantly with the arrival of HBM4, leading to increased competition and diversification in the market by 2026 [1][2]. Group 1: Market Dynamics - SK Hynix has become the first company to deliver 12-layer HBM4 samples to NVIDIA, but this advantage is diminishing as Micron has also provided comparable samples shortly after [1]. - Samsung is set to begin supplying its own 12-layer HBM4 samples to clients like NVIDIA and AMD, despite being slightly behind in timing. Samsung is noted for using the sixth-generation 10nm DRAM process for HBM4 development, achieving a yield rate of 50% to 70% in performance tests [1]. - Both Samsung and SK Hynix are expected to start mass production of HBM4 in the second half of this year, with intense competition anticipated by 2026 [1]. Group 2: Pricing Trends - As more suppliers enter the HBM market, NVIDIA is expected to gain greater pricing power for its next-generation "Rubin" GPU, which is anticipated to launch next year. Similar expectations apply to AMD's upcoming MI400 series, set for release in 2025 [2]. - Goldman Sachs predicts a 10% decline in HBM prices next year due to increased competition. However, TrendForce notes that while current HBM capacity is rising and yield rates are improving, the prices of mature products are unlikely to decrease significantly [3]. - The focus for next year will be on the certification of HBM4, making it premature to determine the competitive winners at this stage. Despite the release of the next generation of HBM, TrendForce expects the overall average price of HBM to continue rising [3].