Synthesized from 3 earnings calls reported between Dec 18, 2024 and Mar 1, 2025 (some dates approximate).
Tessara read
HBM supply remains tight at the leading edge, but the three producers are at sharply different stages of qualification and ramp. SK Hynix is pulling away on HBM4 samples and 2026 contracting, Micron is scaling HBM3e more slowly than the Street modeled, and Samsung's HBM sales actually declined quarter-on-quarter on export controls and customer deferrals. NAND weakness and a PC refresh pushout weigh on all three outside the AI vertical.
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