如果您希望可以时常见面，欢迎标星收藏哦~ HBM领域龙头企业SK海力士宣布，已于3月份领先美光、三星等向NVIDIA等大客户出货12-Hi HBM4样品，并于9月份开始准备量产。 SK海力士出样的12-Hi HBM4产品采用台积电12nm工艺制造逻辑芯片，相当于"大脑"，据称数据 处理速度超过每秒2TB（兆兆字节）。不过，目前尚不清楚这款产品是否超越了美光12-Hi HBM4 产品，后者的带宽超过2.8TB/s。 来源：本文编译自 businesskorea 。 SK 海力士、美光科技和三星电子正在展开激烈竞争，以争夺 HBM4 市场的主导地位，该市场价 值估计为 1000 亿美元（141 万亿韩元）。 继SK海力士上个月完成下一代HBM4开发并建立量产系统后，三星电子也已开始为HBM4的量产 做准备。与此同时，美国美光公司近日宣布，其下一代HBM4内存样品已开始出货，其性能和效率 均创下了历史新高。 美光首席执行官 Sanjay Mehrotra 表示："该模块实现了超过 2.8TB/s 的带宽和超过 11Gbps 的针 脚速度。"这些数据大大超过了 JEDEC HBM4 官方规范的 2TB/s 和 8Gb ...

以下文章来源于半导体行业观察 ，作者编辑部 半导体行业观察 . 半导体深度原创媒体，百万读者共同关注。搜索公众号：半导体芯闻、半导体产业洞察，阅读更多原创 内容 将投中网设为"星标⭐"，第一时间收获最新推送 一个属于存储的超级周期要到来。 来源丨 半导体行业观察 日前，存储厂商美光交出了一份漂亮业绩。 财报显示，该公司本季度营收为113.2亿美元，而上一季度为93.0亿美元；全年营收则从251.1亿美 元增长至373.8亿美元。当中，美光HBM、高容量DIMM和LP服务器DRAM的总收入达到100亿美 元，较2024财年增长了五倍。人工智能对HBM的需求支撑了美光本财年近50%的收入增长，管理 层也上调了2025年服务器的增长预期，这表明美光的高两位数增长并非终点。 自上次公布财报以来，美光股价已上涨约 31%，并从季度内每股 104 美元的低点回升了约 58%， 今年迄今上涨了 90%，财报也证实，HBM 还具有更大的上涨空间。 从美光、三星和SK海力士的表现看来，HBM俨然成为了印钞机。 美光HBM的后来先上？ 美光公司进入 HBM 领域较晚，于 2021 年 6 月推出了 HBM2E 内存，而当时三星和 ...

Financial Data and Key Metrics Changes - Micron Technology achieved record revenue of $37.4 billion in fiscal 2025, a nearly 50% increase year-over-year, with gross margins expanding by 17 percentage points to 41% [4][20] - Fiscal Q4 revenue was $11.3 billion, up 22% sequentially and 46% year-over-year, marking a quarterly record [20] - Earnings per share (EPS) reached $8.29, reflecting a 538% increase compared to the prior year [20] Business Line Data and Key Metrics Changes - DRAM revenue in fiscal Q4 was a record $9 billion, up 69% year-over-year, representing 79% of total revenue [20] - NAND revenue for fiscal Q4 was $2.3 billion, down 5% year-over-year but up 5% sequentially [21] - The Cloud Memory Business Unit (CMBU) generated $4.5 billion, accounting for 40% of total revenue, with gross margins of 59% [22] Market Data and Key Metrics Changes - Data center business reached a record 56% of total company revenue in fiscal 2025, with gross margins of 52% [10] - The total server units in calendar 2025 are expected to grow approximately 10%, up from previous mid-single-digit growth expectations [9] - Smartphone unit shipment expectations remain unchanged at low single-digit percentage growth in calendar 2025, with an increasing mix of AI-ready smartphones [16] Company Strategy and Development Direction - Micron is positioned to benefit significantly from AI-driven demand, with a focus on advanced technologies like HBM and 1-gamma DRAM [5][29] - The company plans to continue investing in its manufacturing capabilities, including a new high-volume fab in Idaho and expansion in Japan and Singapore [8][9] - Micron aims to leverage its leadership in advanced technologies to maximize ROI and enhance product mix and profitability [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand across various end markets, including data centers, traditional servers, and AI applications [10][49] - The company anticipates continued tightness in DRAM supply and improving conditions in the NAND market [18][19] - Fiscal Q1 guidance reflects expectations for record revenue and EPS, with gross margins projected to strengthen [28] Other Important Information - Micron invested $13.8 billion in capital expenditures in fiscal 2025, with expectations for higher spending in fiscal 2026 [19] - The company achieved a significant increase in productivity through AI applications, with improvements in design and manufacturing processes [6] Q&A Session Summary Question: Guidance on revenue split between DRAM and NAND - Management indicated that the first quarter will have a heavier DRAM mix than NAND, with expectations for a 580 basis points sequential margin expansion driven by pricing and strong execution [32] Question: Update on HBM total addressable market (TAM) - Management reiterated the expectation for HBM TAM to reach $100 billion by 2030, with HBM bit CAGR expected to outgrow DRAM CAGR [36] Question: Transition from HBM3E to HBM4 - HBM4 production is expected to ramp in line with customer demand, with first shipments anticipated in the second quarter of 2026 [40] Question: DRAM demand sustainability - Management noted strong demand across AI applications, traditional servers, and smartphones, contributing to a healthy demand-supply environment [49] Question: CapEx breakdown for fiscal 2026 - Management stated that the majority of fiscal 2026 CapEx will be for DRAM-related construction and equipment, with a net CapEx guidance of around $18 billion [51]

Core Viewpoint - Major memory companies are accelerating investments in 1c (6th generation 10nm) DRAM, with Samsung Electronics leading the charge in production line construction, while SK Hynix and Micron are also making significant moves in this area [2][3]. Group 1: Investment and Production Plans - Samsung Electronics has begun constructing a new production line for 1c DRAM at its P4 plant in Pyeongtaek and is also transitioning its Hwaseong Line 17 for 1c DRAM production, aiming for a maximum capacity of 60,000 wafers per month by the end of this year [2]. - SK Hynix plans to start its transition investment for 1c DRAM in the second half of this year, with full-scale implementation expected next year, likely at its Icheon M14 factory, which is currently being repurposed from NAND to DRAM production [2][3]. - Micron has received a subsidy of up to 536 billion yen (approximately 4.7 trillion KRW) from the Japanese government for its new DRAM factory in Hiroshima, which will focus on the 1γ process, expected to be operational by 2027 [3]. Group 2: Technological Advancements - The 1c process is anticipated to be utilized not only for high-value DRAM for servers but also for HBM4E (7th generation HBM), which is a key area of focus for SK Hynix [3].

Core Insights - The article discusses the rapid growth of High Bandwidth Memory (HBM) driven by the increasing demand for artificial intelligence (AI) and the acceleration of GPU development by companies like NVIDIA [1][2][5] - HBM is a high-end memory technology that is difficult to implement, and customization is crucial for its continued benefit from the widespread application of GPUs and accelerators [1][2] Market Trends - According to Dell'Oro Group, the server and storage components market is expected to grow by 62% year-over-year by Q1 2025 due to the surge in demand for HBM, accelerators, and network interface cards (NiC) [1] - AI server sales have increased from 20% to approximately 60% of the total market, significantly boosting GPU performance and HBM capacity [2] Competitive Landscape - SK Hynix leads the HBM market with a 64% sales share, followed by Samsung and Micron [1][2] - Micron plans to begin mass production of the next-generation HBM4 with a 2048-bit interface in 2026, expecting a 50% quarter-over-quarter revenue growth in HBM by Q3 FY2025, reaching an annual revenue of $6 billion [2] Technological Challenges - The demand for HBM is increasing rapidly, with manufacturers facing challenges due to the accelerated release cycles of GPU technologies, which are now updated every 2 to 2.5 years compared to the traditional 4 to 5 years for standard memory technologies [3][4] - The complexity of HBM5 architecture poses challenges for standardization and widespread adoption, as it requires a balance between high memory bandwidth and increased capacity for next-generation AI and computing hardware solutions [5][6] Future Developments - Marvell Technology is collaborating with major HBM suppliers to develop a custom HBM computing architecture, expected to be released in the second half of 2024, which will integrate advanced 2.5D packaging technology and custom interfaces for AI accelerators [4][6] - The HBM memory bandwidth and I/O count are expected to double with each generation, necessitating innovative packaging technologies to accommodate the increased density and complexity [4][6]

Core Viewpoint - Micron Technology expresses confidence in selling out its high-bandwidth memory (HBM) chips next year, which are crucial for artificial intelligence (AI) applications [2][3]. Group 1: HBM Market Dynamics - Micron's Chief Business Officer, Sumit Sadhana, announced significant progress in discussions regarding HBM supply for 2026, indicating confidence in selling all HBM inventory next year [2]. - The primary focus for Micron's supply next year will be on HBM3E (12-layer) and potentially HBM4 (sixth generation) [3]. - Micron and SK Hynix dominate the market for the leading product, 12-layer HBM3E, which holds a 90% share in the AI chip market [3]. Group 2: Competitive Landscape - Micron differentiates itself by highlighting its relationship with Nvidia, stating that it has already begun mass production of HBM3E [3]. - SK Hynix and Samsung are also in the race, with plans to launch HBM4 in the second half of this year, while Micron aims for next year [3][4]. - Micron's HBM4 will utilize the same 1β node production as HBM3E, which is considered mature and high-performing, contrasting with competitors who are exploring newer nodes [4]. Group 3: Pricing and Production Challenges - HBM4 is expected to double the I/O count compared to the previous generation, leading to a projected price increase of about 30%, reaching approximately $500 per unit [5]. - Negotiations between SK Hynix and Nvidia regarding HBM supply for 2026 have faced delays, raising concerns about finalizing contracts [5]. - Micron's HBM4 is positioned to leverage the established 1β process, while Samsung's approach may require additional validation due to its use of a newer 1c node [5].

Core Viewpoint - The article discusses the significant transformation in data centers from a "compute-centric" approach to a "bandwidth-driven" model, highlighting the rise of High Bandwidth Memory (HBM) as a crucial infrastructure for large model computations [1][2]. Group 1: HBM Market Dynamics - HBM has evolved from being a standard component in high-performance AI chips to a strategic focal point in the semiconductor industry, with major players like Samsung, SK Hynix, and Micron viewing it as a key driver for future revenue growth [2][4]. - SK Hynix has established a dominant position in the HBM market, holding approximately 50% market share, with a staggering 70% share in the latest HBM3E products [6][10]. - Samsung is also actively pursuing custom HBM supply agreements with various clients, indicating a competitive landscape among these semiconductor giants [6][10]. Group 2: Customization Trends - Customization of HBM is becoming a necessity, driven by cloud giants seeking tailored AI chips, with SK Hynix already engaging with major clients like NVIDIA and Microsoft for custom HBM solutions [4][5]. - The integration of base die functions into logic chips allows for greater flexibility and control over HBM core chip stacks, optimizing performance, power consumption, and area [7][9]. Group 3: Hybrid Bonding Technology - Hybrid bonding is emerging as a critical technology for future HBM development, addressing challenges posed by traditional soldering techniques as stacking layers increase [12][18]. - Major companies, including Samsung and SK Hynix, are exploring hybrid bonding for their next-generation HBM products, which could lead to significant advancements in performance and efficiency [13][18]. Group 4: Future HBM Innovations - The article outlines the anticipated evolution of HBM technology from HBM4 to HBM8, detailing improvements in bandwidth, capacity, and power efficiency, with HBM8 expected to achieve a bandwidth of 64 TB/s and a capacity of up to 240 GB per module [20][21][27]. - Key innovations include the introduction of 3D integration technologies, advanced cooling methods, and AI-driven design optimizations, which are set to enhance the overall performance and efficiency of HBM systems [29][30]. Group 5: Competitive Landscape - The competition among DRAM manufacturers and bonding equipment suppliers is intensifying, with companies needing to collaborate across various domains to succeed in the evolving HBM market [33]. - The future of HBM technology will likely be shaped by the ability of companies to integrate diverse processes and resources, with the race for dominance in the post-AI era just beginning [33].

Group 1 - Samsung aims to reverse the downturn in the HBM4 era by making significant progress in its 1c DRAM sector, achieving a yield rate of 50% to 70% in its sixth-generation 10nm DRAM wafers, up from less than 30% last year [1] - Samsung plans to increase the production of 1c DRAM at its Hwaseong and Pyeongtaek factories, with investments expected to begin by the end of the year [1] - The progress in 1c DRAM is seen as a precursor to Samsung's mass production plans for HBM4, which are set to start later this year [1] Group 2 - Samsung has redesigned its chips, accepting a delay of over a year to enhance performance, with the new DRAM to be produced at the Pyeongtaek Line 4 for mobile and server applications [3] - The production facilities related to HBM4 for the sixth-generation 10nm DRAM are located at Pyeongtaek Line 3 [3] - Samsung may reconsider its old strategy of leveraging economies of scale to cut costs and instead focus on performance in the HBM4 era [3] Group 3 - SK Hynix is taking a more cautious approach to 1c DRAM investments, planning to expand production only after the mass production of HBM4E [5] - SK Hynix completed the development of 1c DRAM by August 2024, achieving impressive test yields averaging over 80%, with a peak of 90% [6] - TrendForce predicts that HBM total shipments will exceed 30 billion gigabits by 2026, with HBM4 expected to become the mainstream solution by the second half of 2026 [6]

Core Viewpoint - SK Hynix has positioned itself as a leader in the customized high bandwidth memory (HBM) market, primarily serving major clients like Nvidia, Microsoft, and Broadcom, amidst increasing demand for tailored AI memory solutions [1][3]. Group 1: Market Position and Clientele - SK Hynix has begun designing customized HBM based on specific client requirements, focusing on delivery timelines from its largest client, Nvidia [1]. - The company has received requests for customized HBM from the "Seven Giants" of the tech industry, including Apple, Microsoft, Google, Amazon, Nvidia, Meta, and Tesla [1]. - SK Hynix is expected to lead the customized HBM market, leveraging orders from major clients [3]. Group 2: Competitive Landscape - Samsung is anticipated to launch its first customized HBM, likely HBM4E, in the second half of next year, while SK Hynix is already a step ahead with HBM4 samples delivered to Nvidia [2][4]. - SK Hynix holds a significant market share in the global HBM market, with approximately 50%, followed by Samsung at 30% and Micron at 20% [4]. Group 3: Financial Performance and Investment - SK Hynix plans to invest 20 trillion KRW (approximately 14.5 billion USD) to convert its M15X factory into a production base for advanced DRAM and HBM [4]. - The market for customized HBM is projected to grow from 18.2 billion USD in 2024 to 130 billion USD by 2033, driven by the shift of large tech companies towards optimized AI services [3]. Group 4: Stock Performance and Investor Sentiment - SK Hynix's stock has surged by 41.8% this year, significantly narrowing the market capitalization gap with Samsung Electronics, which has seen a 12.4% increase [5]. - Foreign investors have played a crucial role in driving SK Hynix's stock price, with net inflows reaching 1.63 trillion KRW, the highest among stocks on the Korean exchange [5]. - Analysts express confidence in SK Hynix's HBM performance despite uncertainties in the semiconductor industry, with expectations of exceeding profit forecasts in the upcoming quarter [5].

Core Viewpoint - The rapid development of artificial intelligence (AI) technology has significantly boosted the demand for high bandwidth memory (HBM), contributing to SK Hynix's record performance last year and highlighting its role in leading technological changes in the AI era [1][4]. Group 1: Strategic Vision and Leadership - The driving force behind the HBM business planning organization is a sense of "pride," which will inject new vitality into its development and lead the organization towards greater growth goals [2]. - The newly appointed leader, Vice President Choi Jun-Long, emphasizes the importance of teamwork and aims to transform SK Hynix into a "Full Stack AI Memory Provider" by delivering customized HBM products that meet diverse customer needs [2][4]. - Choi Jun-Long has successfully led the delivery of the sixth-generation HBM product, "12-layer HBM4," establishing a competitive advantage in the global HBM market [3]. Group 2: Market Demand and Production Challenges - The semiconductor demand has reached unprecedented heights due to the AI boom, with HBM being the most suitable product for power efficiency and performance requirements [4]. - SK Hynix is committed to maintaining its leading position in the HBM market by advancing the mass production of the 12-layer HBM4 and responding to customer needs with HBM4E [4][6]. - The company faces challenges in scaling production lines to meet the surging demand for HBM products, particularly in light of the rapid growth in AI applications [5][6]. Group 3: Innovation and Collaboration - The new Vice President of HBM Heterogeneous Integration Technology, Han Kwon-Hwan, highlights the importance of both technological and operational innovation to respond to market demands effectively [5][6]. - The focus is on building a collaborative system that can quickly respond to market and customer needs, ensuring stable mass production [6][7]. - Enhancing production line flexibility and fostering closer cooperation with customers are key strategies to maximize the competitive advantage of SK Hynix's HBM products [7].