Samsung invests 46 trillion won in HBM packaging: New factory in Onyang set to start as early as 2028 - igor´sLAB

Samsung's 46 trillion won bet on Onyang is a structural pivot to bypass HBM3E yield bottlenecks, directly challenging SK Hynix's dominance in advanced packaging. This vertical integration accelerates the standardization of 2.5D/3D stacking, forcing AI chip designers to recalibrate supply chain redundancy. From a compliance and risk perspective, the massive capex intensifies depreciation pressure; if AI demand stalls, this capacity becomes a financial black hole rather than an asset. Competitors like Micron will likely accelerate CoWoS-L alternatives to dilute Samsung's pricing power. Over the next 18 months, HBM pricing will shift from scarcity premiums to scale-efficiency battles. The industry is entering a high-barrier, capital-intensive phase where smaller packaging players will be eliminated, marking a definitive consolidation of the memory market.