Overview
SK Hynix is the HBM leader — high-bandwidth memory is the back-end rail the naive chip chain omits, yet it often rivals or exceeds the logic-die cost in a finished accelerator.
The economics
- HBM3E ~$8–10/GB, ~$300+ per 36 GB stack; SK Hynix 12-hi reported mid-$300s/stack, HBM4 reportedly mid-$500s (TrendForce).
- 6–8 stacks per accelerator (H200 = 6, some ASICs = 8) ⇒ ~$2,000–4,000 of HBM per package.
- HBM3E prices rising ~20% for 2026 on AI demand.
Position in the chain
Supplies HBM stacks into TSMC CoWoS packaging alongside the logic die — see Inputs → HBM and the Overview Sankey.