The high-bandwidth memory (HBM) shortage is already pressuring the margins of consumer electronics companies, disrupting product launches, and pushing up the prices of TVs and computers. The latest development is Valve's handheld gaming PC, which is reportedlyout of stockin select regions as the memory crunch now filters into retail availability.
We have been leaning on institutional channel checks across the semis and hardware coverage universe to gain an insider's perspective on what's happening across the memory space and what to potentially expect in the quarters ahead.
The latest read comes from Goldman analysts led by Giuni Lee, following a discussion with SK Hynix, a critical supplier of HBM chips, on the implications of a very tight memory market.
Lee offered clients five key takeaways from her conversation with SK Hynix:
Memory pricing is likely to growth throughout this year driven by real demand and tight supply,
Healthy inventory levels and strengthening supplier leverage are leading to increased discussions around longer term contracts,
The current tight conventional DRAM S/D could lead to more favorable terms for HBM business in 2027,
The 1c nm ramp in 2026 mainly for conventional DRAM, while for HBM mainly starting from 2027, and
Capex guidance and focus on DRAM/HBM investments are largely inline with GSe. We reiterate our Buy rating on Hynix
On the memory market, Lee delivered clients a detailed readout on current conditions:
Source: ZeroHedge News
