00:00HBM has long been considered the most profitable product in the semiconductor industry,
00:04but U.S. investment bank Bernstein is now calling the opposite.
00:09It projects that even by 2027, HBM margins will remain lower than conventional DRAM.
00:15The reasoning the transition to HBM4Is, taking longer than expected,
00:20meaning the current flagship HBM3E, will stay on the market for longer.
00:25As a result, Bernstein cut its price target for SK Hynix from $330,001 to $270,001.
00:33Its investment rating, however, was kept at Outperform.Samsung Electronics, on the other hand,
00:38had its target held at $44,001, with Bernstein citing expectations that Samsung will gain HBM market share.
00:48Meanwhile, conventional DRAM gets a stronger outlook.
00:51Prices are forecast to rise, as much as 20% quarter-on-quarter in Q3,
00:56with supply shortages expected to persist through 2027.
