Asia Technology_ Memory – False Dawn, No Recovery

February 20, 2025 02:43 PM GMT Asia Technology | Asia Pacific Memory – False Dawn, No Recovery HBM revisions – more excess capacity. We update our HBM TAM analysis with the latest GPU/ASIC shipment numbers as well as improved yield rates from suppliers. We forecast 2025e HBM TAM at US$29bn while current capacity implies 66$81bn TAM in 2027e and our bear case assumes more aggressive pricing com ...