High-bandwidth memory (HBM)

SK hynix dominates HBM3E supply and CoWoS packaging scarcity constrains total output.

Stacked DRAM dies with through-silicon vias, co-packaged with GPUs/ASICs on silicon interposers. Provides the bandwidth AI accelerators need; capacity limits constrain largest model training runs. SK hynix leads HBM3E with 62% share; pricing power amplified by CoWoS packaging scarcity.

What the evidence shows

Samsung, SK hynix, and Micron control more than 95% of global HBM output.

mordorintelligence.com

SK hynix is projected to hold over 60% market share in HBM in 2026.

mordorintelligence.com

RESCORED JUL 2026oligopolyscaling8 companies

Who controls it

SK HynixSamsung ElectronicsMicron Technology+5 more tracked

$7.3B market · 202525.37% CAGRsource

Where it sits in the stack

Takes in: DRAM wafers, TSV processing, CoWoS interposer from L5; base-die logic

Sends on: Integrated GPU+HBM package delivering >1 TB/s bandwidth per stack

depends onWafer fabrication - foundries and IDMs Semiconductor capital equipment Advanced packaging and OSAT Semiconductor materials and consumables

feeds intoAI accelerators and silicon Merchant GPU and general-purpose AI accelerators Hyperscaler custom ASICs and XPUs Training-focused AI chip startups Accelerator module and baseboard design

Related nodes

Server DRAM (DDR5 and LPDDR5)CXL memory and memory expanders Non-volatile memory and emerging NVM (PCM, RRAM)

Full scorecard, owner shares, supply edges and the full tracked roster are in the desk letter.

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