AMD CEO Lisa Su: Samsung and SK Hynix Are Core Partners, HBM Cooperation to Span Multiple Generations - news.sbs.co.kr

Lisa Su's multi-generation HBM lock-in with Samsung and SK Hynix is not a procurement memo—it is a structural counter to NVIDIA's supply-chain moat. Technically, the HBM4 hybrid-bonding window is closing fast. Samsung needs an anchor customer to validate its TSV yield curve; AMD needs to shed single-source dependency on Micron. This is process co-development, not purchasing. Strategically, NVIDIA's HBM4 demand is heavily concentrated on SK Hynix. By opening a second HBM4 channel through Samsung's fabs, AMD directly erodes NVIDIA's supply-side bargaining power. Micron, already stretched on HBM3E capacity, risks losing AMD volume and could see its 2026 HBM4 share drop below 25 percent. Over the next 12 to 24 months, the HBM market shifts from a duopoly-plus-follower structure to a genuine three-way contest. HBM4 ASPs will likely compress 15 to 20 percent, pulling memory's share of AI data-center BOM from roughly 35 percent toward 28 percent. For hyperscalers deploying sovereign AI stacks, that margin recovery accelerates the TCO breakeven point by about two quarters. The real signal: HBM is transitioning from a bottleneck asset to a competitive commodity, and the players who locked in multi-generation process co-development first will own the margin.