Goldman Sachs talks about HBM: In four years and ten times the market, Hynix will occupy more than half of the market, and Micron may later take the lead
According to media reports, citing information revealed by people familiar with the matter, the South Korean memory chip giant SK Hynix (SK Hynix) plans to invest about 4 billion US dollars to build a large-scale advanced chip packaging factory in West Lafayette (West Lafayette), Indiana (West Lafayette), in an effort to expand HBM storage production capacity to meet Nvidia's huge demand.
People familiar with the matter said that the large-scale advanced packaging plant may start operations in 2028. SK Hynix is the exclusive supplier of Nvidia (NVDA.US)'s high-performance AI GPU-H100 HBM storage system. In addition, SK Hynix has now begun full-scale mass production of the HBM3E, a next-generation HBM storage integrated with Nvidia AI GPUs. The first shipment will be delivered to the AI chip leader Nvidia this month.
Goldman Sachs believes that the shortage of supply in the HBM market will continue in the next few years, and major players such as SK Hynix, Samsung, and Micron will continue to benefit. Among them, Hynix will maintain more than 50% of its market share for the next 2-3 years. Goldman Sachs reaffirmed its buy ratings for Hynix and Samsung and raised the target price.
Conceptual enterprises related to the HBM industry chain:
ASMPT (00522): ASMPT is the main supplier of 2.5D advanced package hot-press crystallization welding (TCB). The technology is used in products such as TSMC CowOS and HBM. The agency expects generative artificial intelligence (GenAI) to drive the company's advanced packaged semiconductor production equipment (SPE) business development. ASMPT SPE business revenue As production capacity of mature manufacturing nodes in China expands, the semiconductor cycle will steadily improve, and SPE business revenue will once again record positive growth from 2024 to 2026. ASMPT orders bottomed out in the first quarter of this year. Goldman Sachs believes this is an early sign of recovery, pointing out that although new orders in 2023 are mainly driven by the SMT solution business, it is believed that with the return to normalization of automotive SMT growth and the growth of advanced packaging driven by AI applications, the company's product structure will shift back to semiconductors this year.