HBM Memory: SK hynix, Samsung, Micron — 2026-09-08
Samsung Electronics and SK hynix have seen their finished DRAM inventory drop below 10 days as HBM4 production consumes three times the wafer capacity of conventional memory. Meanwhile, Micron is aggressively doubling its monthly HBM capacity to 100,000 wafers by year-end to close the gap with its Korean rivals, while Nvidia reportedly shifts its Rubin Ultra design toward 8-high HBM stacks to manage rising costs.
HBM Memory: SK hynix, Samsung, Micron — 2026-09-08
Top developments
Samsung and SK hynix inventories drop below 10-day supply
A September 7 report from KB Securities reveals that Samsung Electronics and SK hynix have fallen below 10 days of finished DRAM inventory, a critical threshold indicating severe supply constraints. This depletion is driven by HBM4 production, which consumes three times the wafer capacity of conventional DRAM, effectively removing supply from the market as fast as demand builds for AI infrastructure. The situation highlights a structural shift where high-margin AI memory production is cannibalizing capacity for standard server DRAM, leading to simultaneous shortages across product lines.
Micron targets 100,000 wafers/month to catch up with leaders
Micron Technology is reportedly preparing to double its high-bandwidth memory (HBM) capacity to approximately 100,000 wafers per month by the end of 2026, nearly doubling its output from last year. This aggressive expansion targets the 12-high HBM4 segment specifically for Nvidia’s Vera Rubin AI platform, aiming to narrow the significant capacity gap with SK hynix and Samsung. If achieved, this move would solidify Micron’s position as a viable third supplier, reducing Nvidia's reliance on Korean manufacturers for next-generation accelerators.
Nvidia shifts Rubin Ultra to 8-high HBM stacks
Nvidia is reportedly shifting its Rubin Ultra AI accelerator design from a 12-high HBM configuration to an 8-high stack, according to reports published on September 8. This decision is driven by the soaring costs of 12-high HBM4 and a strategic emphasis on bandwidth efficiency and overall system economics rather than pure capacity stacking. The move signals a potential pivot in HBM demand trends, where cost-performance balance may outweigh maximum density in certain high-volume AI deployments.
Samsung’s HBM share jumps to 33%, narrowing gap with SK hynix
Samsung Electronics captured a 33% revenue share of the global HBM market in Q2 2026, up significantly from 21% in the previous period, narrowing the gap with leader SK hynix (50%) to just 17 percentage points. This surge is attributed to Samsung’s improved yields and successful qualification of its HBM4 products for major customers. The shift marks a decisive end to SK hynix’s near-monopoly on the high-end memory market, with Samsung now firmly established as a primary supplier for AI accelerators.
Micron posts fastest DRAM revenue growth in Q2
Micron Technology recorded the fastest DRAM revenue growth among top manufacturers in Q2 2026, expanding by 65.5% year-over-year, outpacing Samsung’s 63.4% and SK hynix’s 37.9%. While SK hynix maintained its HBM lead, its early long-term contracts capped short-term revenue gains compared to Micron’s more flexible pricing strategy on conventional server memory. Micron also announced a $1.8 billion acquisition of a Taiwan fab to further bolster its manufacturing footprint.
Local view
Korean media outlets are focusing heavily on the "supply crunch" narrative, with Money Today reporting that Samsung has solidified its number one spot in general DRAM due to broad product supply capabilities, while ZDNet Korea highlights that Samsung Foundry has allocated over 50% of its 4nm capacity to HBM4 base dies to meet Nvidia and AMD demand. Seoul Economic Daily notes that securities analysts are raising price targets for both Samsung and SK hynix, citing that the uncertainty around HBM4 yields has cleared, paving the way for sustained profitability through 2027.
Context & numbers
- Global DRAM Revenue: Q2 2026 global DRAM revenue reached $154.73 billion, reflecting the intense demand from AI servers.
- HBM Market Share: SK hynix holds 50% of the HBM market, Samsung 33%, and Micron 18% as of Q2 2026.
- Inventory Levels: Finished DRAM inventory at Samsung and SK hynix has dropped below 10 days, compared to a healthy industry average of 4–8 weeks.
- Micron Capacity Target: Micron aims for ~100,000 wafers per month in HBM capacity by end-2026.
On the radar
- Nvidia Server Price Hikes: Bloomberg reports Nvidia plans to raise prices for Vera Rubin and Grace Blackwell servers by >15% in early 2027, which could push HBM contract prices up by 50% or more.
- HBM4E Qualification: Samsung and SK hynix are entering a fierce bidding war for HBM4E 1c nanometer process designs from global big tech companies, with results expected in late 2026.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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