Micron claims NVHBM will boost margins, but critics ask who captures the custom HBM value
AccBalanced · x · 2026-10-03
- Micron COO Manish Bhatia argues NVHBM can improve ASP and margins despite an outsourced base die, since custom features add premium value on top of an already high-end HBM category.
- NVHBM is co-designed with NVIDIA from the start, built on NVLink Fusion, to optimize memory for AI accelerator GPUs.
- Vikram Sekar disputes the framing: a base die designed by NVIDIA and manufactured by TSMC may route most of the custom HBM value to NVIDIA rather than memory vendors. His Substack analysis argues HBM performance is decoupling from stack height, bandwidth now matters over capacity, and custom base die shifts bargaining power toward XPU builders.
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