原文： Samsung launches aggressive price-cut strategy to catch up in HBM competition HBM continues to be a critical resource as the AI boom is further tightening s upply and demand in the memory industry. Memory leader Samsung Electronics is fixated on reclaiming its dominance, reportedly launching a 30% price cut stra tegy in an attempt to catch up after delays in its 12-layer HBM3E certificatio n. With HBM4 expected to emerge in 2026, Samsung is anticipated to maintain its a ggressive pricing edge, with initial quotes about 6-8% lower than those of SK Hynix. Samsung's 12-layer HBM3E began shipments to Nvidia in the fourth quarter of 20 25. Although the estimated shipment volume for the quarter was tens of thousan ds of units, it is still considered too late relative to its two main rivals. SK Hynix began mass production of 12-layer HBM3E in the second half of 2024, a nd Micron successfully cleared certification in early 2025, driving strong rev enue and profit growth throughout the year. Despite now supplying 12-layer HBM 3E to US GPU makers, Samsung had struggled to meet Nvidia's thermal and certif ication standards for months. After about eighteen months of repeated testing and revisions, Samsung finally cleared all certification hurdles in the second half of 2025, joining SK Hyni x and Micron as NVIDIA's third approved HBM3E supplier. However, SK Hynix and Micron had already locked in sales allocations through 2026, putting Samsung a t a disadvantage. Furthermore, Samsung's thermal issues have not been resolved , so its products still run hotter than rivals' and require integration with l iquid-cooled AI servers. Samsung races to stabilize yields The average HBM3E price is expected to decli ne in 2026. Samsung has already taken the lead with steep price reductions, wi th around 30% lower than its competitors. The company's previous generation 1b DRAM node suffered from poor yields and design issues, adding pressure for Sa msung to avoid another setback in the upcoming HBM4. Therefore, Samsung has ju mped directly to the more advanced 1c DRAM node for HBM4. Samsung's HBM4 certification results are expected in November, though the shif t to 1c DRAM also raises concerns about potential yield instability. Meanwhile , SK Hynix announced in September that its HBM4 mass-production preparations a re complete. It can begin shipments as soon as key customers give the green li ght. SK Hynix has taken a more cautious approach, using TSMC's 12nm process fo r its base die and stacking its in-house 1b DRAM. However, structural changes in the HBM4 process have increased overall product ion costs, and early market forecasts suggested that SK Hynix's HBM4 could be priced 60-70% higher than the previous generation. However, recent estimates s uggest that HBM4's price hike may fall short of expectations. HBM4 costs rough ly 30% more than its predecessor, and the added TSMC logic die accounts for ab out 20% of the total production cost. With intensifying supply for HBM4 in 202 6, this could limit SK Hynix's price increase to around 20%. Despite the memory industry growing through rising HBM shipments and unit pric es, SK Hynix could face profit margin pressure as it seeks to defend its domin ance in the HBM market. Sights on HBM4 market share Micron recently announced that it has begun shipping 12-layer HBM4 samples, boasting 2.8TB/s bandwidth a nd speeds of up to 11Gbps, exceeding JEDEC's official 8Gbps specification. Sam sung has showcased similar HBM4 specifications and is targeting the first quar ter of 2026 for shipments. It plans to regain market share through aggressive pricing, reportedly offering discounts several percentage points deeper than c ompetitors. However, it has yet to receive formal approval from Nvidia for HBM 4 supply. Micron has expressed confidence that its HBM market share in 2026 will exceed that of 2025, suggesting that any market shifts that come as HBM4 competition begins are unlikely to have a material impact on its position. 翻译： 三星祭出激进降价策略　力拚追赶HBM竞赛 随着AI热潮推动记忆体市场的供需更加吃紧，HBM（高频宽记忆体）持续成为关键资源。 记忆体龙头三星电子（Samsung Electronics）为了夺回主导地位，据传祭出最高达三成 的降价策略，企图在12层HBM3E产品认证延误後迅速追赶对手。 由於HBM4预计将於2026年问世，三星预期将维持激进的价格策略，初期报价比SK海力士（ SK Hynix）低约6%至8%。 三星的12层HBM3E已於2025年第四季开始出货给NVIDIA，虽然季度出货量达数万颗，但相 较於两大竞争对手仍属落後。 SK海力士早在2024年下半年就已量产12层HBM3E，美光（Micron）也於2025年初顺利通过 认证，带动全年营收与获利大幅成长。相较之下，三星过去数月一直无法通过NVIDIA在散 热与认证方面的严格要求。 经历约18个月的反覆测试与修正後，三星终於在2025年下半年通过所有认证门槛，正式成 为继SK海力士与美光之後，NVIDIA第三家获准的HBM3E供应商。然而，由於SK海力士与美 光已预先锁定至2026年的销售配额，使三星在时程上仍居劣势。此外，三星的散热问题尚 未完全解决，其产品运作温度仍高於竞争对手，需要搭配液冷式AI伺服器使用。 三星全力稳定良率 2026年HBM3E平均价格预料将下滑，三星已率先祭出约比同业低30%的大幅降价。由於前一 代1b DRAM制程良率不佳且设计问题频传，三星面临巨大压力，必须避免在即将推出的HBM 4再次失利，因此决定直接跳过1b节点，采用更先进的1c DRAM制程开发HBM4。 HBM4的认证结果预计在11月揭晓，但转向1c制程也引发外界对良率稳定性的疑虑。 另一方面，SK海力士已在9月宣布完成HBM4量产准备，一旦主要客户点头，即可开始出货 。SK海力士采取较保守策略，使用台积电（TSMC）的12奈米制程作为基底晶片（base die ），上层堆叠则为自家1b DRAM。不过，HBM4制程结构变动导致整体生产成本增加，早期 市场预测指出，HBM4价格可能比前一代高出60%至70%。 然而，最新估计显示HBM4涨幅可能不如预期，成本仅约比前一代高出30%，其中台积电逻 辑晶片约占总成本的20%。随着2026年HBM4供应量增加，SK海力士的实际涨价幅度可能被 压缩至约20%。 尽管HBM出货量与单价提升带动整体记忆体产业成长，SK海力士在守住市场龙头地位的同 时，利润率恐面临压力。 力拚HBM4市占率 美光近日宣布已开始出货12层HBM4样品，频宽达2.8TB/s、速度最高可达11Gbps，超越JED EC正式规范的8Gbps。三星也展示了类似规格的HBM4产品，预计在2026年第一季出货，并 以更具侵略性的价格策略争取市占率，报导指出三星的报价比竞争对手再低数个百分点。 但目前仍未获得NVIDIA对HBM4供应的正式批准。 美光则对其市场地位充满信心，预期2026年HBM市占率将高於2025年，显示即便HBM4竞争 开打，市场结构的变化对其影响仍有限。 出处：Siu Han, Taipei; Emily Kuo, DIGITIMES Asia. Monday 27 October 2025. https://www.digitimes.com/news/a20251027PD203/samsung-hbm4-price-competition-s k-hynix.html 心得：美股记忆体消息出来後转跌，明天台股开盘，记忆体相关个股会电梯向_？ --

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