[Semiconductor] 2025 HBM Market: SK hynix Leads, Micron Rising Fast, Samsung Seeking Recovery

 

HBM competition

[Posting: 2025.08.18]

In 2025, the HBM (High Bandwidth Memory) market is hotter than ever due to the explosive demand for AI accelerators. Among the global Big Three (SK hynix, Samsung Electronics, and Micron), SK hynix is solidifying its dominance by leading both technology and market share. It became the world’s first to mass-produce HBM3E 12-Hi and took the lead by supplying HBM4 samples in advance, securing its position as a key partner for NVIDIA’s B200. Micron is rapidly expanding its market share by leveraging the speed and power efficiency of HBM3E, emerging as a “dark horse.” On the other hand, Samsung Electronics, despite having strong specifications, has slowed down due to certification and yield issues, making recovery its main task. The revenue share of HBM within the overall DRAM market has risen sharply, and profitability has significantly improved thanks to high ASPs and advanced stacking technologies. However, the possibility of oversupply and pricing pressure after 2026 may act as new variables. Going forward, the competitive landscape of HBM4 and changes in vendor mixes among major customers are expected to determine the direction of the market.


2025 Intensifying HBM Competition: Technology, Market Power, Revenues, and Margins

Overview

In 2025, demand for High Bandwidth Memory (HBM) has surged due to explosive growth in AI accelerators, making competition among the “Big Three” (SK hynix, Samsung Electronics, and Micron) fiercer than ever.

  • SK hynix dominates with unrivaled technology leadership and market share.

  • Micron has emerged as the fastest-growing challenger.

  • Samsung Electronics maintains strong specifications but faces certification and yield setbacks.

As HBM adoption expands in AI GPUs, accelerators, and data centers, profitability across the DRAM sector has rebounded sharply. The race now focuses on 12-Hi/16-Hi HBM3E maturity and early HBM4 deployment.

2025 Mid-Year Snapshot

CompanyTechnology LeadershipMarket Share & PositioningRevenue & Margins (latest reports)Notes
SK hynixFirst to mass-produce HBM3E 12-Hi 36GB, shipped HBM4 samples (Mar 2025)~62% HBM share (Q2 2025), main supplier for NVIDIA B200KRW 22.2T revenue, KRW 9.2T OP (41% OPM) in Q2’25~27% of 1H’25 revenue linked to NVIDIA
MicronHBM3E 9.2Gbps+, 8-Hi (24GB)/12-Hi (36GB), adopted in NVIDIA H200/B200~21% share (Q2 2025), fastest growth$9.3B revenue, 39% GM (Q3 FY’25); Q4 guidance 44.5% GMHBM sales up 50% QoQ
Samsung ElectronicsAnnounced HBM3E 12-Hi 36GB, up to 9.8Gbps, pushing hybrid bonding~17% share (Q2 2025), sharply down YoYKRW 27.9T DS revenue, KRW 0.4T OP in Q2’25 (low margin)NVIDIA 12-Hi certification issues reported

Company Deep-Dives

1) SK hynix: Technology & Market Leader

  • Technology: First to deliver HBM3E 12-Hi 36GB, followed by HBM4 samples in early 2025, reinforcing its leadership in capacity and bandwidth.

  • Market Power: Holds ~62% market share in Q2’25. Confirmed as the core supplier for NVIDIA’s B200 GPUs. NVIDIA dependency accounts for ~27% of revenue in 1H’25.

  • Profitability: Q2’25 saw KRW 22.2T revenue and KRW 9.2T operating profit (41% OPM)—record-high profitability, driven by AI data center demand.

  • Risks: Heavy NVIDIA reliance and potential 2026 pricing pressure as rivals scale up. Still, custom HBM and 16-Hi development provide buffers.

2) Micron: Fastest Rising Challenger

  • Technology: HBM3E (8-Hi & 12-Hi) running at 9.2Gbps+ pin speeds. Leveraging 1β process efficiency for better performance-power-cost tradeoffs. NVIDIA’s H200 and B200 both integrate Micron HBM.

  • Market Power: Share expanded to ~21% in Q2’25, with orders “fully booked” through 2026, according to industry reports.

  • Profitability: Q3 FY’25 revenue $9.3B, GM 39%, with Q4 guidance up to 44.5%. HBM sales grew 50% QoQ, making HBM a key driver of overall margin expansion.

  • Risks: Needs to sustain yield and capacity ramp. Will face price competition as SK hynix and Samsung push higher-stacked HBM3E/4.

3) Samsung Electronics: Technical Strength, Business Setbacks

  • Technology: Introduced HBM3E 12-Hi 36GB (up to 9.8Gbps) with hybrid bonding roadmap. However, NVIDIA certification delays for 12-Hi parts disrupted its rollout.

  • Market Power: Share dropped to ~17% in Q2’25, down sharply from ~40% the previous year. Plans hinge on regaining footing in late 2025 shipments.

  • Profitability: DS division posted KRW 27.9T revenue but only KRW 0.4T OP in Q2’25, reflecting weak profitability due to yield and certification hurdles.

  • Risks: Needs to resolve certification and stabilize yields. If successful, HBM4 ramp in 2026 could allow a comeback.

Industry-Wide Trends

  1. Demand & Pricing: AI GPUs and accelerators continue increasing HBM stacks per package, boosting ASPs and revenue share of HBM in total DRAM.

  2. Supply & Capacity:

    • SK hynix & Micron: 12-Hi volumes fully allocated for 2025–26.

    • Samsung: Catching up, with certification key to expanding output.

    • All three: Ramping 16-Hi HBM3E and preparing HBM4 pilots.

  3. Profit Margins:

    • HBM’s high ASP and favorable mix dramatically lift profitability.

    • Micron (44.5% GM guidance) and SK hynix (41% OPM) show this clearly.

    • Samsung’s margins remain weak until certifications stabilize.

  4. Risks:

    • Potential oversupply of HBM3E in 2026 could trigger price cuts.

    • Heavy reliance on NVIDIA orders is both a strength and vulnerability.

Key Watchpoints for 2025–2026

  • 12-Hi to 16-Hi Transition: Yield and production scalability will separate leaders from laggards.

  • HBM4 Early Wins: SK hynix already sampling; Micron and Samsung must demonstrate readiness.

  • Customer Mix: Allocation among NVIDIA, AMD, and custom ASIC providers will reshape vendor shares.

  • Pricing Pressure: Sustained demand keeps prices high short term, but 2026 could bring correction.

Conclusion

  • SK hynix: Clear leader in technology and market share. Profit margins at record highs but must diversify beyond NVIDIA reliance.

  • Micron: Strongest momentum, doubling share within a year. Yield/capacity execution will define sustainability.

  • Samsung Electronics: Technically competitive, but business execution setbacks must be resolved quickly to avoid falling behind in the HBM4 era.

FAQ

Q: Who leads HBM in 2025?
A: SK hynix, with ~62% share in Q2’25, according to industry trackers.

Q: Why is HBM so profitable?
A: High ASPs, tight supply, and higher stack counts significantly lift gross margins—Micron’s GM jumped to 44.5% and SK hynix’s OPM hit 41%.

Popular posts from this blog

Qualcomm : Beyond Mobile AP – Expanding into PC, Automotive, and Edge AI

Image
  [Posting: 2025.04.22] The company Qualcomm , which became widely known in the early 2000s through the licensing of CDMA (Code Division Multiple Access) technology , played a pivotal role in the mobile era by beginning to equip Android phones with its Snapdragon APs  (Application Processor) . Today, Qualcomm is expanding its market presence by replacing Intel Core processors in PCs with Snapdragon X Elite , and is also entering the fields of Edge AI and automotive applications . It is currently the sole supplier of APs for the Galaxy S25 series , highlighting its strong position in the premium market . However, as Taiwan’s MediaTek is steadily capturing market share not only in the premium segment but also in the mid- and low-end markets , it remains to be seen whether Qualcomm has the technological capabilities to maintain its solid footing in the Android mobile space. 📊 [Semiconductor] Qualcomm Company Analysis – 2024 Earnings, Product Line, Foundry Partners, and Sal...
Read more

SK hynix: A Semiconductor Innovator Leading the HBM Memory and AI Era

Image
  SK Hynix [Posting: 2025.06.10] SK hynix is transitioning from a conventional memory supplier to a global leader in AI memory and High Bandwidth Memory (HBM) . As a key HBM supplier to NVIDIA , a pivotal player in the AI era, the company is benefiting significantly from the AI boom . SK hynix currently produces DRAM (70%) and NAND (30%) , and is planning to build the Yongin Mega-FAB with a monthly capacity of 800,000 wafers , scheduled for completion in 2027 , to aggressively expand market share. Although the company posted a $5 billion operating loss in 2023 , it rebounded with a record-high operating profit of $16.3 billion in 2024 thanks to strong HBM demand —placing SK hynix at the very center of the global AI trend. In data centers, a technology alliance is being formed with NVIDIA's GPUs , TSMC's advanced logic buffer dies , and SK hynix's HBM , establishing a strong foundation of trust in both technology and quality and giving SK hynix a competitive edge over ...
Read more

Sony: Rising as a Hybrid Platform Company Based on Global Partnerships in Content, Sensors, and Foundry

Image
  Sony [Posting: 2025.06.09] As of 2024, Sony maintains its position as the No.1 player in the global image sensor market with a 55–60% share . Through its joint venture with TSMC—JASM (Japan Advanced Semiconductor Manufacturing) — Sony is actively pursuing localization of semiconductor production at the 6nm node . Evolving from a traditional electronics manufacturer, the company is transitioning toward semiconductor independence and an entertainment-driven revenue model based on AI edge sensors, global shutter technology, high-resolution automotive sensors, and PS5-based content monetization . With a strong foundation in vertical integration, platform diversification, and supply chain stabilization, Sony is emerging as a fusion-type tech giant combining semiconductors and content. While rooted in Japan’s analog sensibility and culture, Sony continues striving to establish itself as a global technology leader—one to watch closely in the years ahead. 🎯 Sony – In-Depth Analysis as ...
Read more