2024. 3. 21. 23:38ㆍU.S. Economic Stock Market Outlook
citi
Samsung Electronics (005930.KS)
Samsung's HBM3E Supply Odds Up for Nvidia
- According to Nikkei (News, 2022-03-24), Nvidia is currently conducting quality tests with Samsung's HBME chips to source HBME chips from Samsung Electronics.
- Samsung may start supplying HBME 8H to Nvidia in the first quarter, but Samsung is expected to focus more on supplying HBME 12H chips.
- In addition, even if Samsung succeeds in mass production of HBME chips, the tightness of the HBM market is expected to continue due to robust demand growth (+208% year-on-year in 2024E) and limited production growth due to low yield.
Samsung's HBM certification
- Nvidia CEO Jensen Huang said Nvidia is certifying Samsung's HBM chips and plans to use them in the future, according to Nikkei. If Samsung successfully passes Nvidia's qualification test, it will be able to reduce its dependence on SK Hynix, which has virtually been the only supplier of HBM3 chips.
HBM competition
- SK Hynix announced on Tuesday that it has started mass production of its HBME chips and plans to ship the first HBME chips to Nvidia to be used in Blackwell GPUs. Samsung also announced in February that it succeeded in developing the industry's first 12-layer HBME chip, and that it plans to start mass production of 12-layer HBM3E chips in the first half of the year.
Implications 1
- Nvidia Diversifies HBM Suppliers
- According to Jensen Huang's remarks, Nvidia is expected to use Samsung's HBM chip if Samsung's HBM chip successfully passes Nvidia's quality test. In particular, Al chip makers such as Nvidia are expected to diversify their HBM suppliers at a time when HBM supply continues to be tight.
- In addition, Samsung is expected to be able to supply HBME 8H to 1H24E after the successful completion of Nvidia's quality test, but Samsung's strategy is expected to focus on the successful launch of the HBME 12H chip, where the strength of TCNCF technology can be further highlighted.
Implications 2
- Continued HBM supply tightness
- Despite market oversupply concerns, given Samsung's successful production of HBM chips, HBM S/D expects tight supply to continue
[1] 2024E Solid HBM Demand Growth of +208% Y/Y,[2] Limited HBM Production Growth Due to Low Production Yield of HBM Chips.