As stocks related to high-bandwidth memory (HBM) continue to surge this year, investors are already looking for opportunities in the 'post-HBM' landscape.
According to the Korea Exchange, AI memory value chain stocks have seen significant gains this year. Hanmi Semiconductor has risen 104.2% since the beginning of the year, while HPSP has increased by 64.3%. ISC and Rino Industry have also seen gains of 55.0% and 42.7%, respectively, with Techwing up 18.3%, attracting investor interest.
The rise in stock prices is attributed to increased investment in AI servers and growing demand for HBM. The HBM market, led by SK Hynix, has benefited equipment, inspection, and testing companies as well. However, with major stocks already experiencing substantial increases, market attention is shifting toward the next growth drivers.
In this context, investors are focusing on the upcoming earnings report from U.S. memory semiconductor company Micron, scheduled for June 24 (local time). Micron is one of the leading companies in the global HBM market alongside SK Hynix and Samsung Electronics.
Reuters reported on June 19 (local time) that investors view Micron's earnings as a 'pulse check' on the sustainability of the AI rally. The market is particularly interested in HBM demand, data center investment outlook, and next-generation product roadmaps rather than the earnings themselves.
Specifically, HBM4 and advanced packaging technology are being discussed as next-generation beneficiaries following HBM. HBM4 is expected to be a key memory for next-generation AI accelerators, with anticipated improvements in performance and power efficiency compared to the existing HBM3E.
Song Myung-seop, a researcher at iM Securities, noted, "The capacity of HBM4E in NVIDIA's next-generation AI accelerator, 'Rubin Ultra,' may be reduced due to manufacturing difficulties compared to initial plans." He added, "The yield of HBM stacking and advanced packaging technology will be critical variables for future AI memory competitiveness."
As a result, interest in related equipment and component companies is also rising. Song predicts, "The key variables in the HBM4E competition will be stacking yield and packaging technology, emphasizing the growing importance of not just memory companies but also the related backend ecosystem."
Hanmi Semiconductor, which has seen a 104.2% increase in stock price this year, is considered a leading beneficiary in the TC bonder market necessary for HBM stacking processes. Semiconductor test socket companies ISC and Rino Industry, as well as memory inspection equipment company Techwing, are also mentioned as potential beneficiaries in the expanding AI semiconductor ecosystem. HPSP is expected to benefit from the expansion of advanced semiconductor processes.
* This article has been translated by AI.
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