HBM demand is exploding.
Total HBM demand is projected to reach roughly 48,618 million Gb by 2027, driven almost entirely by AI GPUs and custom ASICs.
Key buyers:
$NVIDIA(NVDA)$ — ~36% of 2027 demand
Rubin R200 alone could require 1.7M+ kGB of HBM4 12-high stacks.
$Alphabet(GOOG)$ — ~35%
Massive TPU deployments driving demand.
$Advanced Micro Devices(AMD)$ — ~16%
MI350 and MI455 accelerators using HBM3e/HBM4.
Other demand comes from AWS, Microsoft, Meta, and more.
Supply will likely remain tight for years.
The biggest beneficiaries are $Micron Technology(MU)$ , $SK hynix(SKHY)$ , and Samsung.
The AI race is no longer just about compute. It's becoming a memory race. Companies that secure advanced HBM capacity will gain a major advantage as AI infrastructure scales.
How tight do you expect HBM supply to remain through 2028?
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