I am positive on the memory industry,
but I do not view the three companies in the same way.
For now, I prefer Samsung and Micron, and I am a little more cautious on SK hynix.
Disclaimer
For information only, not a recommendation to buy or sell. The author may hold positions in the companies mentioned, and those positions may change. NFA, DYOR.
Contents
1. Why I am paying attention to Samsung in HBM4
2. Micron is catching up with SK hynix from a smaller production base
3. Samsung gains pricing power by diversifying its customer base beyond NVIDIA.
4. The Challenges SK hynix Currently Faces
5. Shipment execution in 2027, price sensitivity in 2028
6. Factors beyond HBM and the earnings to watch now
7. My current view and the conditions that would change it
1. Why I am paying attention to Samsung in HBM4
I currently see Samsung as the most competitive in HBM4.
Samsung announced stable operation at 11.7Gbps and a maximum of 13Gbps using 1c DRAM and its own 4nm base die.
For sure, SK hynix also disclosed 11.7Gbps for its 12 layer product, and Micron also exceeded 11Gbps.
Even so, the reason why I’m giving Samsung a higher score is they can design adjust the DRAM and base die together.
If customer requirements change, the memory, I/O, and power network need to be adjusted together. I expect Samsung’s process combination and internal collaboration structure to work as strengths in this process.
We called it is “Turn Key strategy”
