Analysis: High HBM Profit Margins to Persist, China 5 Years Behind in Supply

JOBhakdi · x · 2026-07-30

Addressing how long the current ridiculously high profit margins for HBM can last, an analyst notes they will persist as long as AI continues to progress at its current net speed at the value chain's endpoint, and no meaningful exponential trial supply expansion occurs. Given memory suppliers' historical timidity in capex, it will take China at least five years to meaningfully add to HBM supply.

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