TrendForce expects Q4 DRAM contract prices to rise roughly 20% QoQ, slowing from about 80% in Q2 and 40% in Q3. Higher comparisons, weaker purchasing power and LTA price ceilings are moderating increases. Slower price growth still means higher prices not falling prices. HBM brings another variable: NVIDIA may shift Rubin Ultra from 12-Hi to 8-Hi stacks. Other configurations unchanged, that would reduce HBM capacity per GPU by roughly one-third while allowing the same DRAM die supply to serve about 50% more GPUs. It could ease supply constraints, but HBM revenue per GPU depends on both capacity and pricing per Gb. $MU, SK hynix and Samsung retain support from rising prices, while LTAs exchange some upside for visibility. Hanmi’s bonding-equipment demand merits attention, although fewer la
View on X ↗