Institution: HBM experiencing explosive growth, storage price range expected to continue rising

Golden Ten Data reported on June 16 that Pacific Securities released a research report on the electronics industry on June 16. The report pointed out that global tech giants' AI capital expenditure is accelerating, with investment entering a new era approaching 1 trillion US dollars by 2026. The combined capital expenditure of the six major tech giants will exceed 350 billion US dollars in 2025, and is expected to surpass 800 billion US dollars in 2026. In the future, as large models and related applications continue to penetrate, capital expenditure is expected to keep rising. HBM is experiencing explosive growth, with storage price ranges expected to continue to increase. The HBM market in 2026 is expected to maintain high double-digit growth. At present, the production capacity of the three major manufacturers is fully sold out, while DRAM/NAND prices have soared. According to Gartner statistics, DRAM prices will increase by 125% in 2026 and NAND prices by 234%. The supply shortage is likely to persist for a long time. From the perspective of the HBM market landscape, SK Hynix leads with about 60% market share. Storage has shifted from being a cyclical commodity to a strategic resource, and AI semiconductors account for 30% of total revenue.