$NVIDIA(NVDA)$  UBS expects explosive, system-wide growth in HBM demand, driven overwhelmingly by Nvidia through 2026. Hyperscalers & custom AI silicon providers (Google, Amazon, Microsoft, Meta, OpenAI & others) are projected to become major incremental contributors by 2027.

Total industry HBM demand more than triples from 2025 to 2027 (rising 232%), with particularly strong expansion in 2026 (+88% y/y) followed by continued robust growth in 2027 (+76% y/y).

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