存储市场更新_HBM 模型更新；结构性短缺将持续至 2027 年；三星 HBM4 有望带来惊喜-Memory Market Update_ HBM model update; structural HBM shortage until 27E; Samsung to positively surprise with HBM4

Asia Pacific Equity Research 16 January 2026 Memory Market Update HBM model update; structural HBM shortage until 27E; Samsung to positively surprise with HBM4 J P M O R G A N HBM is entering its 4th year of an upcycle since 23, and reflecting the demand upside from H200 GPU and ASIC demand, we forecast HBM S/D to structurally remain in a shortage until 27E with HBM TAM showing a 79% CAGR from 24A- 27E. HBM value as a % of AI capex/revenue continues to inch up, implying the criticality of HBM and memory to ...