HBM4 yield issues at SK Hynix and Micron delay NVIDIA Rubin ramp, KYEC cuts Q4 guidance
zephyr_z9 · x · 2026-11-06
Rubin ramp slowed
- OSAT firm KYEC lowered its Q4 guidance (to 7–10% QoQ revenue growth) citing delayed mass production of a key customer's next-gen GPU, widely believed to be NVIDIA's Rubin; zephyrz9 says SK Hynix (mostly) and Micron dragged shipments down due to HBM4 yield issues.
- KYEC posted Q3 revenue of NT$12.14B (+9% QoQ, +31% YoY), with gross margin expected to dip to 36–37% in Q4.
Analyst view
- Morgan Stanley, BofA and Citi see it as deferral, not lost demand: delayed test orders should land in Q1 2027 with 10–15%+ QoQ revenue growth and 40%+ gross margin.
- Strong AI ASIC (Google TPU) and CPU (Vera/Axion/Cobalt) test demand offsets the GPU delay; KYEC's AI test capacity is expected to double in 2027, with full-year revenue up 40–53%.
- KYEC uses a consignment model where customers like NVIDIA fund key equipment, limiting capex and depreciation risk.
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