HBM Supply Tightens — Multiple Stocks Have Doubled This Year; Margin Traders Are Piling In (Table)

Key Points

HBM supply tightens and the market is reacting fast.

Market Snapshot: HBM Sector Rally

What is HBM?

High Bandwidth Memory (HBM) is a DRAM technology built for high-performance computing and graphics-intensive applications.

HBM uses 3D stacked dies and through-silicon vias (TSVs) to vertically stack multiple DRAM chips for higher bandwidth and lower power consumption.

The stacked architecture raises storage density and shortens interconnect distances, enabling very high-speed data transfer.

As large AI models grow in parameter size and training data, traditional memory architectures have become a bottleneck — the so‑called “memory wall”.

HBM’s extreme bandwidth, low power, and compact form factor make it a mainstream memory choice for AI accelerators and high-performance computing chips.

Three Major Memory Makers Deeply Invested — Supply Is Tight

• Micron (Meiguang 美光) emphasized in recent earnings that semiconductor memory, especially HBM, is becoming increasingly supply-constrained.

  CEO Sanjay Mehrotra said DRAM inventories are below target, NAND inventories are falling, and HBM capacity demand has been locked.

  Micron expects HBM shipments to grow faster than overall DRAM through 2026 and said it has pricing agreements with most customers for the majority of its HBM3E capacity in 2026.

  Micron is already discussing HBM4 with customers and called current HBM supply “very tight“.

• SK Hynix (SK Hailixi SK海力士) is targeting to double HBM revenue year‑over‑year in 2025.

  The company said 12‑Hi HBM3E products remain dominant this year.

  SK Hynix guided for HBM revenue CAGR of about 50% from 2024–2028 and has provided initial HBM4 samples to customers for validation.

• Samsung Electronics (Sanxing Dianzi 三星电子) reported that in 2Q25 HBM quarterly shipments rose roughly 30% sequentially.

  HBM3E represented over 80% of Samsung’s HBM sales in that quarter.

  Samsung expected HBM3E share to exceed 90% in the second half of 2025.

  Samsung also stated HBM4 development is complete and samples have been sent to key customers.

These three vendors together signal a supply-constrained HBM market as demand from AI accelerators and data centers ramps up.

HBM3E Is the Current Mainstream — HBM4 on the Horizon

Market research and sell‑side notes point to HBM3E as the dominant generation in 2025.

TrendForce projects total HBM shipments to exceed 30 billion Gb by 2026.

TrendForce and analysts expect HBM4 to gradually increase share as suppliers ramp volume and to overtake HBM3E in the second half of 2026.

Domestic Chinese players are accelerating HBM development and could shift the industry structure over time.

Yangtze Memory (Changjiang Cunchu 长江存储, YMTC) has signaled sample delivery plans and volume ramp schedules for advanced HBM products.

Hefei ChangXin Memory Technologies (Changxin Cunchu 长鑫存储) has targeted delivering fourth‑generation HBM samples (HBM3) by the end of 2025 and mass production from 2026.

Changxin has also expressed ambitions for HBM3E development by 2027.

These moves by domestic memory producers could drive upstream equipment and materials demand and benefit local equipment suppliers.

Huawei Adopts Domestic HBM for Its AI Chips

Huawei (Huawei 华为) announced that its Ascend (Shengteng 昇腾) family of AI chips will begin using Huawei‑developed HBM solutions.

The Ascend 950PR ships with the company’s HiBL 1.0 HBM.

The Ascend 950DT is upgraded to HiZQ 2.0, indicating a push toward vertically integrated HBM use in leading Chinese AI accelerators.

This is a key validation point for domestic HBM suppliers and a potential demand signal for local supply chains.

Leverage Funds Chase HBM Names — Several Stocks Have Doubled Year‑to‑Date

Choice (Dongfang Caifu 东方财富) data show that since the October 17 rebound in the HBM sector, 12 listed stocks have seen active margin financing inflows.

TuoJing Technology (Tuo Jing Keji 拓荆科技) ranked first with margin net buys of about ¥600,000,000 RMB ($83,333,333 USD).

Shannon Xinchuang (Xiangnon Xinchuang 香农芯创) ranked second with margin net buys near ¥500,000,000 RMB ($69,444,444 USD).

Shannon Xinchuang has surged over 370% year‑to‑date.

TuoJing has more than doubled year‑to‑date.

Other names with notable margin net buying include:

• Zhongwei Micro (Zhongwei Micro 中微公司) — Zhongwei Micro (Zhongwei Micro 中微公司)
• Yake Technology (Yake Keji 雅克科技)
• Juguang Technology (Juguang Keji 炬光科技)
• North Huachuang (Beifang Huachuang 北方华创)
• SMEE Shanghai (Shengmei Shanghai 盛美上海)
• Zhongjuxin‑U (Zhongjuxin 中巨芯‑U)

Reported margin net buy ranges for these stocks were between ¥170,000,000 RMB and ¥40,000,000 RMB, which convert approximately to $23,611,111 USD to $5,555,556 USD.

The conversion used an exchange rate assumption of ¥1 = $0.1389 USD (¥7.20 per $1), and USD amounts are indicative conversions for reader clarity.

Margin buying and rapid share price gains create heightened volatility and risk scenarios for momentum traders and long-term investors alike.

Industry View: Upstream to Downstream

Analysts break the HBM industry chain into three layers.

• Upstream: semiconductor raw materials such as plating chemicals, precursors, IC substrates and TSV equipment.
• Midstream: HBM production and assembly, including TSV, bonding, and testing.
• Downstream: applications in AI, data centers, and high‑performance computing.

Analysts identify TSV processing as one of the highest‑value and most difficult steps.

TSV processing involves lithography, coating, etching and other complex processes that require advanced equipment and materials.

As domestic HBM ramps, upstream equipment and material suppliers in China may see meaningful expansion opportunities.

What Investors and Founders Should Watch Next

Monitor HBM capacity announcements and pricing guidance from Micron (Meiguang 美光), SK Hynix (SK Hailixi SK海力士), and Samsung Electronics (Sanxing Dianzi 三星电子).

Watch sample delivery and mass production milestones from Yangtze Memory (Changjiang Cunchu 长江存储, YMTC) and Hefei ChangXin (Changxin Cunchu 长鑫存储).

Track margin financing flows and short‑term momentum in the China A‑share HBM names for signs of speculative pressure.

Pay attention to AI chip roadmaps — like Huawei’s Ascend (Shengteng 昇腾) family — that signal downstream demand shifts to domestic HBM solutions.

Evaluate upstream suppliers that support TSV, plating, and IC substrate processes as potential beneficiaries of a domestic HBM ramp.

Linking Opportunities

Consider linking company names to investor relations or newsroom pages for Micron, SK Hynix, and Samsung to provide primary-source verification.

Link domestic names to company disclosures or industry research updates to give readers direct access to sample and ramp timelines.

Use the References section below for quick external sourcing and further reading.

Investment Reminder

This content is for informational purposes and does not represent investment advice.

Market moves can be volatile; investment decisions should be based on your independent judgment and risk tolerance.

References

• HBM供应紧缺！年内多股已翻倍 融资客抢筹这些票(表格) – 东方财富研究中心
• Micron News Releases – Micron Technology
• Press Releases – SK Hynix
• Newsroom – Samsung Electronics

HBM supply tightens