瑞银:预计 2027 年其占全球 HBM 总需求比重将达到 39%

智通财经
Oct 18
【瑞银:预计 2027 年其占全球 HBM 总需求比重将达到 39%】瑞银预测,HBM4 架构将成为主流内存标准,预计 2027 年其占全球 HBM 总需求比重将达到 39%,高于 2026 年预估的 17%。随着新一代 AI 加速器陆续落地,HBM3E 12‑Hi 的市场占比将从 2026 年预期的 65% 收缩至 2027 年的 30%。本轮技术迭代带动先进封装、定制化逻辑基片进入量产,推升晶圆厂的实际成交价格。瑞银测算,HBM3E 8‑Hi 的需求占比将从 2026 年的 8% 回升至 2027 年的 17%;新一代 HBM4E 将拿到 9% 份额,老款 HBM3 则萎缩至 5%。英伟达 VR300 加速器采用 8‑Hi 堆叠方案,体现行业选择性降低显存堆叠规格的现象。主要执行风险来自晶圆厂的基片制造与基板良率;一旦出现产能瓶颈,会阻滞 HBM4 的落地进程,同时造成旧款 HBM3E 产能过剩。

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