HBM share varies by methodology (bit-output vs revenue) and by snapshot vs full-year, and sources revise heavily: shown as a labeled table, not a trend line. The two 2025 rows below directly conflict on Samsung.
| Period | SK hynix | Samsung | Micron | |
|---|---|---|---|---|
| 2022 | 50% | 40% | 10% | |
| 2023 | 53% | 38% | 9% | |
| 2025 · point-in-timea | 62% | 17% | 21% | |
| 2025 · alt viewb | 46–49% | 42–45% | 4–6% | |
| 2026Ec | ~50% | ~28% | ~20% |
a: 2Q25 point-in-time snapshot (Micron passes Samsung for #2). b: alternate analyst compile, different methodology; shows much higher Samsung. The two 2025 rows are the source disagreement, shown deliberately. c: TrendForce 2026 bit-output projection (SK hynix down from ~59% in 2025). 2022/2023 = TrendForce annual share. Forecast/estimate-grade.
HBM3E is the 2026 mainstream; HBM4 mass production began end-1Q26 (Samsung Feb'26, SK hynix qual ~done, Micron ramps 2Q26); HBM4E targets sampling 2H26, mass production 2027. Allocation splits for NVIDIA Rubin still firming.
Design-in to NVIDIA accelerators drives HBM allocation and pricing power. Status is news-sourced and dated; the 2026 share column is a forecast.
| Supplier | HBM3E (Blackwell) | HBM4 (Rubin) | 2026 HBM share* | Note | |
|---|---|---|---|---|---|
| SK hynix | Shipping | Qual ~done | ~50% | Lead partner; >half of NVIDIA's 2026 HBM. Customer demand >3 yrs exceeds supply. | |
| Samsung | Qualified, shipping | Mass prod. Feb'26 | ~28% | HBM4 mass production began Feb'26 (11.7 Gb/s); leads Vera Rubin HBM4. Full NVIDIA volume allocation still firming. | |
| Micron | Shipping | Ramping 2Q26 | ~20% | HBM4 ramps 2Q26, targeting mid-tier/inference. Entire 2026 HBM sold out. |
* 2026 HBM share = TrendForce bit-output projection; shifts with final NVIDIA Rubin allocation.
Sequential contract-price change across nine periods (2Q24 → 2Q26E). 1Q26 and 2Q26E are forecasts; earlier periods are best-available figures from quarterly press releases (some revised intra-quarter). Plotted at range midpoints.
The full 9-period series behind the chart.
| Quarter | QoQ % | Basis | |
|---|---|---|---|
| 2Q24 | +13 to +18 | final / actual | |
| 3Q24 | +8 to +13 | forecast; exceeded expectations | |
| 4Q24 | 0 to +5 | forecast; reversed down intra-quarter | |
| 1Q25 | −8 to −13 | forecast (decline) | |
| 2Q25 | 0 to −5 | forecast (near-flat) | |
| 3Q25 | +45 to +50 | revised up from 10–15% as market tightened | |
| 4Q25 | +18 to +23 | revised up from 8–13% | |
| 1Q26 | +90 to +95 | forecast (record) | |
| 2Q26E | +58 to +63 | forecast |
1Q26 per-segment: PC DRAM >+100% (record), Server DRAM ~+90%, Mobile DRAM ~+90%, conventional blended +90–95% (TrendForce Feb'26).
Average NAND contract unless a segment is noted. 1Q24 and 3Q24 not isolated in the PRs reviewed.
| Quarter | QoQ % | |
|---|---|---|
| 2Q24 | +13 to +18 | |
| 4Q24 | −3 to −8 | |
| 1Q25 | over −10 | |
| 2Q25 | +10 to +15 (wafer) | |
| 3Q25 | +5 to +10 | |
| 4Q25 | +5 to +10 | |
| 1Q26 | +55 to +60 | |
| 2Q26E | +70 to +75 |
4Q25 avg modest but Nov monthly hikes ran +20% to >60% MoM (512Gb TLC >65%) as supply tightened. 1Q26 enterprise SSD +53–58% (record). 1Q26 / 2Q26E are forecasts.
Direction and scale, not a normalized series. Bases differ: Micron is clean fiscal-year capex (USD); SK hynix's 2025 figure bundles R&D; Samsung's figures are total semiconductor investment guidance (KRW).
| Vendor / period | Value | Basis | |
|---|---|---|---|
| Micron FY2025 | $13.80B | capex net, full fiscal year | |
| Micron FY2026 guide | >$25B | raised from ~$20B; ~$7B in FQ3 | |
| SK hynix 2025 | ₩36.64T | capex + R&D combined (not pure capex) | |
| SK hynix 2026 guide | ~₩50T | +20–30% YoY; M15X, Yongin, EUV | |
| Samsung semi 2025 | ~₩47.5T | semiconductor capex (approx) | |
| Samsung semi 2026 guide | >₩110T | total semi investment; ~doubling vs 2025 |
Not apples-to-apples: currency and capex-vs-investment scope differ per row. Use for scale/direction only. Micron FY2026, SK hynix 2026 and Samsung 2026 figures are guidance/projection.
What vendors and TrendForce actually state, plus the real wafer-mix figures. Hard inventory-weeks and fab-utilization % are not disclosed.
| Metric | Reading | Note | |
|---|---|---|---|
| HBM demand growth | +130% / +70% | YoY 2025 actual / 2026E forecast | |
| HBM share of DRAM wafers | 19% → 23% | 2025 → 2026E | |
| HBM wafer intensity | ~300% | 1 HBM bit needs ~300% more wafer than DDR5 | |
| HBM revenue / wafer | 3–5× | vs conventional DDR5 | |
| 2026 supply status | Sold out | Micron's entire 2026 HBM sold out; all three tight (1Q26 calls) | |
| SK hynix demand visibility | >3 yrs | customer requirements already exceed supply | |
| Shortage duration (guidance) | → 2027+ | Samsung & SK hynix warn | |
| 1Q26 bit color | ~flat / −10% | SK hynix DRAM bits ~flat QoQ; NAND bits −10% QoQ |
+70% HBM demand (2026), 19%→23% wafer share (2026E) and shortage-through-2027 are forecast/guidance. Per-vendor bit-growth % forecast series not disclosed (model-licensed).
| Company | Focus | Status (May'26) | Note | |
|---|---|---|---|---|
| CXMT / ChangXin | DRAM (DDR4/DDR5, early HBM) | Scaling fast | DRAM share 3.97%→7.67%; ~$4.3B STAR IPO cleared 5/27/26; 1Q26 net profit +1,688% YoY, revenue RMB 50.8B (>7× YoY). | |
| YMTC | NAND (some DRAM) | Expanding | 3rd Wuhan fab; new capacity ~50% DRAM, mass prod H2'26–2027. Listing reported/planned H2'26: unconfirmed. | |
| Fujian Jinhua (JHICC) | DRAM | Dormant in DRAM | No commercial DRAM since 2018 US restriction; included for completeness. |
The listed memory names at a glance. US tickers (MU, WDC, SNDK) are verified against the Massive market-data API; foreign tickers (Hynix, Samsung, Kioxia, Nanya, Winbond) are pulled via yfinance on their home exchange. Price is the last regular-session close in local currency; market cap is converted to USD at Jun 21 2026 FX. P/E shown is trailing where available, else forward (labeled). YTD is calendar-2026 price change. These are quotes and ratios from data feeds, not a valuation view.
| Ticker | Company | Price (local) | Mkt cap | Forward P/E | YTD | Memory exposure | |
|---|---|---|---|---|---|---|---|
| MU | Micron · NASDAQ | $937.00 | $1.06T | 6.3 | +197% | Only US-listed major; HBM3E shipping, HBM4 ramping; FY26 HBM sold out | |
| 000660.KS | SK Hynix · KRX | ₩1,845,000 | $874B | 4.1 | +173% | HBM leader (~50% 2026E share); >half of NVIDIA 2026 HBM | |
| 005930.KS | Samsung Elec. · KRX | ₩254,500 | $1.12Tg | 3.9 | +98% | Whole-company cap (not memory only); HBM4 mass prod Feb'26 | |
| WDC | Western Digital · NASDAQ | $555.55 | $192B | 30.1 | +196% | HDD-focused after NAND spinoff (Sandisk); AI-storage demand | |
| SNDK | Sandisk · NASDAQ | $1,673.97 | $248B | 8.0 | +508% | NAND/flash pure-play spun out of Western Digital Feb'25 | |
| 285A.T | Kioxia · Tokyo | ¥67,100 | $227B | n.a. | +491% | Japanese NAND maker (ex-Toshiba memory); IPO'd Dec'24 | |
| 2408.TW | Nanya Tech · Taiwan | NT$423.00 | $41B | 5.0 | +105% | Taiwan DRAM (specialty/commodity); early custom-HBM work | |
| 2344.TW | Winbond · Taiwan | NT$167.00 | $23B | 5.0 | +85% | Taiwan niche DRAM + NOR flash; consumer/embedded memory |
g: Samsung market cap is the entire company, not the memory division alone. Foreign market caps converted to USD at Jun 21 2026 FX (KRW 0.0006536, JPY 0.0062006, TWD 0.0315756). Prices = last regular-session close, Jul 13 2026. Ratios change daily; treat P/E during a sharp up-cycle with care (trailing earnings lag the price move). Not a valuation or recommendation.
Micron's reported FQ3'26 results (Jun 24 2026) against the Street consensus going in and the year-ago quarter: a decisive beat on every line. Non-GAAP figures shown; GAAP diluted EPS was $24.67 (GAAP gross margin 84.6%).
| Metric | Actual FQ3'26 | Street consensus | Yr-ago (FQ3'25) | |
|---|---|---|---|---|
| Revenue | $41.46B | ~$35.7Ba | $9.30Bb | |
| EPS (non-GAAP) | $25.11 | ~$20.5a | $1.91b | |
| Gross margin (non-GAAP) | 84.9% | ~81%a | n.a. |
a: Street consensus going into the print (revenue ~$35.7B, non-GAAP EPS ~$20.5, GM ~81%); Micron's own prior guidance midpoints were lower still (~$33.5B / ~$19.15 / ~81%). b: prior-year comparison (FQ3 FY2025). FQ4'26 guidance issued on the call: revenue $50.0B ±$1.0B, gross margin ~86%, non-GAAP EPS ~$31.00 ±$1.00.
Confirmed dates where IR has set them; otherwise the typical reporting window, flagged. Foreign names report on local fiscal calendars.
| Company | Next report | Basis | |
|---|---|---|---|
| Micron | ~late Sep '26 | Approx (FQ4; ~late-Sept norm). FQ3 reported Jun 24. | |
| SK Hynix | ~Jul 29 '26 | Approx (third-party; late-July norm) | |
| Samsung | late Jul '26 | Window only; date not set | |
| Western Digital | late Jul–Aug '26 | Window only; FQ4 not yet set | |
| Sandisk | late Jul–Aug '26 | Window only; not yet set | |
| Kioxia | late Jul–Aug '26 | Window only; JP fiscal Q1 |
Only Micron's date is confirmed off IR. SK Hynix is a third-party estimate; the rest are the historical reporting window, not set dates. Confirm on each company's IR before relying on them.
Two to three takeaways per major memory name from the most recent reported quarter, each tied to a cited source. Korean-language calls are shown as faithful reported renderings, flagged. Western Digital and Sandisk did not surface direct memory-specific quotes in the reviewed coverage, so their rows are limited to what is verifiable.
| Company | Quarter | Takeaways (cited) | |
|---|---|---|---|
| Micron | FQ3'26 (Jun 24'26) | Record quarter: revenue $41.46B (+346% YoY), non-GAAP EPS $25.11, non-GAAP gross margin 84.9%. Shortage guidance reiterated: supply-demand stays tight beyond 2026; entire CY2026 HBM (incl. HBM4) remains sold out. Guided FQ4 to a further record ~$50B revenue at ~86% gross margin. Micron 8-K → | |
| SK Hynix | 1Q26 (Apr 23'26) | Customer HBM demand for the next three years already exceeds supply capacity; strong demand persisted despite a seasonally weak first quarter; favorable pricing expected to continue. reported rendering of Korean call CNBC → | |
| Samsung (memory) | 1Q26 (Apr 30'26) | Conventional DRAM recently more profitable than HBM, because conventional prices reset quarterly while HBM is locked annually; HBM4 progressing, with customers said to remark "Samsung is back." paraphrase of Korean call Wccftech → | |
| Western Digital | FQ3'26 (qtr end Apr 3'26) | Now an HDD-focused company after spinning out its NAND/flash arm as Sandisk (Feb'25); AI-data-center storage is the demand driver. No memory-specific management quote surfaced in reviewed coverage. WDC 8-K → | |
| Sandisk | FQ3'26 | NAND/flash pure-play spun out of Western Digital; rides the same NAND up-cycle (NAND contract prices accelerating in 2026). No memory-specific management quote surfaced in reviewed coverage. SNDK 8-K → |
Micron quotes are verbatim from the official IR prepared-remarks PDF. SK Hynix and Samsung items are reported English renderings/paraphrases of Korean-language calls (meaning reliable, exact wording not guaranteed). WDC and Sandisk rows are limited to verifiable structural facts; no direct memory quote was found in the coverage reviewed.