JPMorgan Rebuts HBM Downgrade Concerns, Sees 63% Demand CAGR Through 2026–2028
JPMorgan's report dismisses concerns over HBM specification downgrades, projecting 63% demand CAGR through 2026–2028. Samsung, SK Hynix, and Micron are key players, with HBM market expected to reach $160B–$282B by 2027–2028. ASIC demand is set to surpass GPU, and HBM prices are projected to rise 54% YoY in 2027 and 25% in 2028.
How this was made
The 30-second read
Why it matters
The new forecasts could shift valuation multiples for memory manufacturers and influence AI‑related hardware stocks.
Market read
The report reinforces a bullish view on memory stocks, especially Samsung, while highlighting competitive pressures on SK Hynix and the importance of Micron's earnings.
What to watch
FX volatility and capital‑expenditure requirements could dampen profitability.
Background
JPMorgan releases its September HBM industry update, revising demand forecasts and supply‑side assumptions.
Ticker impact
JPMorgan highlights Micron's upcoming earnings as a key gauge for the memory upcycle and HBM demand.
Volatility expected around the earnings release.
Earnings will test the analyst's demand assumptions.
Market effects
HBM demand growth supports the broader DRAM and AI hardware sectors.
South Korean memory makers could see share price lifts.
Higher HBM demand may benefit global AI and data‑center supply chains.
Counterpoint
If HBM supply constraints ease faster than expected, the upside may be overstated.
Key entities
- AnalystJPMorgan
Provider of the HBM industry research update.
- CompanySamsung Electronics
Top memory maker projected to increase HBM share.
- CompanySK Hynix
Competing memory maker facing share erosion.
- CompanyMicron Technology
Upcoming earnings seen as a test for the HBM outlook.
