HBM Capacity Cannibalization: Why Memory May Behave Differently This Cycle

The AI infrastructure boom is fundamentally changing the memory industry's supply-demand dynamics. As memory manufacturers shift wafer capacity from conventional DRAM to High Bandwidth Memory (HBM), supply is tightening across both AI-focused and traditional memory markets. Unlike previous cycles driven by oversupply, HBM's manufacturing complexity, advanced packaging requirements, and longer capacity expansion timelines are creating a more sustained pricing environment. Our latest analysis examines how this structural shift could support stronger memory pricing through 2027, reshape competitive positioning for Samsung, SK Hynix, and Micron, and redefine investment opportunities across the semiconductor industry.