SemiAnalysis Analyst Claims Changxin Storage's HBM Technology is 3 to 4 Years Behind

On July 14, SemiAnalysis analyst Ray Wang stated in an interview with CNBC that demand for HBM will be strong in 2026, with Samsung and SK Hynix shifting wafer production capacity towards HBM and reducing investments in conventional DRAM. Ray Wang pointed out that in a market where HBM is in short supply, the HBM output of the two Korean manufacturers translates into profits, and Samsung's increase in market share does not mean that SK Hynix is harmed, as the limiting factor is wafer output. Regarding Changxin Storage (CXMT), Ray Wang mentioned that the company holds about 10% of the DRAM market share but is approximately three years behind in process technology and three to four years behind in HBM. He believes that most of the new supply will arrive in the second half of 2027, and supply will still be insufficient in 2028, only slightly alleviating the situation.

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