standard
HBM4 is a next-generation high-bandwidth memory standard offering wider interfaces and higher bandwidth than HBM3E, used in AI accelerators and GPUs.
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Samsung Electronics is expected to post 108.1 trillion won of third-quarter operating profit, nearly nine times last year's, in guidance due Thursday. With foundry, chip design and phones all losing money, that figure now moves with memory prices and the won.
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d-Matrix CTO Sudeep Bhoja says Raptor's 1,000 tokens per second per user comes from a simulated 72-card system, with full racks not due until Q4 2027. Whole-system speed, power and cost per request are still unmeasured, so buyers are working from early silicon tests and simulations.
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A 257% revenue surge met a 10% selldown. A multiple that low is a forecast that earnings fall, not a discount sitting around waiting to be collected.
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Jalapeno's lead is measured against last generation and the volumes are tiny, but a first-pass ASIC clearing Nvidia, AMD and Google parts reprices the design barrier, not the supply chain.
Perspective Coverage
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Samsung's outsourced cleaning of the glass supports used to thin HBM wafers goes from 10,000 sheets a month last year to 50,000 next year, a step that tracks the HBM4-series mix shift more closely than it tracks total wafer starts.
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SK hynix's semiannual filing shows a second unnamed customer buying within 421 billion won of Nvidia. The HBM buyer base is widening, not consolidating.
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TrendForce still has DRAM contract prices climbing 13% to 18% this quarter while supplier inventories sit at historic lows, which makes the slowdown a limit on what PC and phone buyers can pay rather than relief for anyone's hardware budget.
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Logic vendors have made copper-to-copper bonding routine. Memory has not, because HBM has to place pre-tested dies one at a time. A relaxed stack-height rule let HBM4 skip the switch entirely.
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Samsung told Hot Chips 2026 it intends to hollow out the accelerator by relocating its non-compute blocks into a 4nm HBM base die. The stated endpoint of that plan is a memory stack with no interposer under it.
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LS Securities kept its buy on SK hynix while removing 900,000 won of target price, on a view that next year's HBM operating margin lands nearer 60% than 80% now that Samsung can mass-produce the fourth generation.
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OpenAI published a benchmark win on three large models, but the figure a GPU vendor has to price is the 10-gigawatt Broadcom program running through 2029, with racks targeted from the second half of 2026.
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d-Matrix says stacking compute on a co-designed DRAM die moves bits at roughly a sixth of HBM4's energy cost. It still has not said who fabricates the die.
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The MI455X carries 50% more HBM than the chip it replaces, and AMD's memory supplier just posted a record 76% operating margin. Rack buyers are now budgeting memory, not compute.
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Intel's Hot Chips disclosure details 32 Xe Cores, 32MB of L2 and 16-deep matrix engines. The figure it does not include is the one that decides whether the capacity is servable.
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Micron's HBM design fellow says the memory's roughly threefold wafer-area penalty against DDR5 grows with every generation. The pricing that follows does not mean-revert on its own.
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Copper-to-copper slips to HBM5 at the earliest, so HBM4E capacity has to come out of die thickness inside a 775-micron package. iHBM heat blocks cannot be retrofitted to parts already in design.
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Mass production at 2nm and a $16.5 billion Tesla contract have not changed the arithmetic. With no standalone P&L, the foundry's shortfall is absorbed by a memory business posting record profits.
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Turnover in single-stock leveraged products fell 93.2% after Seoul's cash deposit rule. Margin lending on Samsung and SK hynix rose instead, and the unwind risk moved with it.
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Jun Young-hyun credits only about 30 percent of Samsung's record quarter to Samsung, and treats first-to-market HBM4 as a starting line. That is a pricing warning, not modesty.
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