$Sandisk(SNDK.US)$Micron Tech(MU.US)Rumors suggest that SK Hynix's HBM4 yield is insufficient, which has significantly impacted NVIDIA's Rubin shipments. It's clear that HBM process technology is indeed becoming increasingly difficult with each generation, gradually moving away from the logic of a commodity.

Memory controls the entire AI supply chain.

HBM3's capacity consumption is 3 times that of DRAM, HBM4's is 4 times, and HBM4E's is even greater. Each generation's yield improvement takes several years, and each generation is harder than the last... Capacity ramp-up is not as easy as everyone imagines.