High-Bandwidth Memory (HBM)

Stacked DRAM bonded directly to the GPU package. The other supply bottleneck (alongside CoWoS) gating GPU shipments. Effectively a three-supplier market.

Players

Players: SK Hynix (HBM3E, HBM4 leader) 000660.KS, Samsung 005930.KS, Micron MU, CXMT (China, emerging) Private