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PHYSICAL LAYER #02

Memory

High-Bandwidth Stacking & Low-Latency Buffers

Memory
PHYSICAL BLUEPRINT • LAYER #02 MEMORY
Key Research Question:

“Is AI memory demand transitioning from pure capacity constraint to extreme interface bandwidth & packaging thermal limits?”

Binding Physical Bottleneck:
HBM4 16-Hi Capacity & 3:1 Cleanroom Wafer Area Crowd-Out

Key Technologies in this Layer

HBMHBM3EHBM4DDR5LPDDR5XMR-MUFHybrid Bonding

Key Companies (1)

$MU92/100
Micron Technology, Inc.

Samsung $4.90/Gb opening ask on HBM4 locks a historic gross margin umbrella for Micron's 1-beta architecture. Meanwhile, HBM wafer consumption crowds out standard server DRAM lines at a 3:1 ratio, keeping server DRAM inventories below 10 days and expanding structural pricing power through FY2027.

Strongly Bullish →

Active Investment Theses (1)

THESIS-001Confidence: 9/10

AI Memory Super Cycle: HBM4 Turnkey Pricing & Standard DRAM Squeeze

Related Research Evidence (1)

OCT 8, 2026

The Pacific Hardware Tape (#4): Samsung's ₩10.8T Memory Print, HBM4 Price Shock ($4.90/Gb) & 120kW Liquid Cooling

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