Memory chips and HBM stocks

Explosive demand for HBM leads to higher pricing and profit margin expansion.

Micron is a direct HBM, DRAM, and NAND producer. The newly extended tight-supply outlook increases its pricing power, utilization, HBM revenue visibility, and expected margins through 2027, while take-or-pay agreements improve forward revenue certainty.

Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions. Its operations are structured across four primary business segments: Compute and Networking, Mobile, Storage, and Embedded. The company's product portfolio encompasses a range of memory and data storage technologies. These include high-speed, low-latency Dynamic Random Access Memory (DRAM) components for rapid data retrieval; non-volatile, re-programmable NAND flash storage devices; and fast-read, non-volatile, re-writable NOR memory chips. These innovative solutions are offered under its well-known Micron and Crucial brands, as well as through private label partnerships. Micron's extensive offerings cater to a diverse array of markets and applications. This includes critical infrastructure like cloud servers and enterprise data centers, personal computing (client and graphics), mobile devices such as smartphones, networking equipment, automotive systems, industrial applications, and various consumer electronics. The company utilizes a multi-faceted approach to market its products, employing a direct sales force, independent sales representatives, and a network of distributors and retailers. Additionally, it leverages a web-based direct sales channel and collaborates with various channel and distribution partners. Founded in 1978, Micron Technology, Inc. is headquartered in Boise, Idaho.

Samsung sells HBM, DRAM, and NAND and is benefiting from the higher memory prices created by tight supply.

Samsung is both a major HBM supplier and a conventional-memory producer. The newly reported record operating-profit estimate directly validates strong memory pricing and mix, while continued scarcity allows capacity to be directed toward higher-margin AI products.

Dominates the high-margin HBM market and is reportedly increasing prices by several hundred percent.

SK Hynix is a major 3D-memory and HBM manufacturer exposed to advanced deposition and patterning processes.

Alongside Samsung and Micron, SK Hynix benefits from the extreme pricing power in the memory sector. The shift of production capacity toward high-margin HBM for AI servers has tightened the market for smartphone components, driving significant revenue growth for the firm's memory business.

CXMT is the direct beneficiary: its fifth-generation DRAM platform has entered mass production, and its 24-Gbit LPDDR5X products expand its addressable smartphone and portable-electronics market. Higher density and gross dies per wafer can improve product availability and competitive reach.

CXMT Corp. operates as a semiconductor and storage chip company. It manufactures dynamic random-access memory (DRAM) chips that power mobile phones, PCs, tablets, servers, and other consumer products and applications. The company was founded on June 13, 2016 and is headquartered in Hefei, China.

Nanya Technology Corporation operates as a global manufacturer and vendor of dynamic random access memory (DRAM) and various other memory components. The company's sales and production reach span Taiwan, Japan, China, the United States, and other international markets. Its extensive product catalog features standard and low-power DRAM, multi-chip packages (MCP) and embedded multi-chip packages (eMCP), known good dies (KGD), and memory modules. These diverse memory solutions are integral to a wide range of applications, including home and entertainment systems, office and enterprise technology, mobile and portable devices, industrial equipment, and the automotive sector. Established in 1995, the firm's main office is situated in New Taipei City, Taiwan.

As leading suppliers prioritize HBM and AI-server products, conventional-memory capacity becomes tighter and legacy-node suppliers can fill market gaps. Winbond is specifically named as a beneficiary of this capacity realignment and associated contract-price increases.

Winbond Electronics Corporation is a global enterprise specializing in the entire lifecycle of very large scale integration (VLSI) integrated circuits (ICs). This encompasses the design, development, manufacturing, and worldwide distribution of these components for a broad spectrum of microelectronic applications across Asia, the Americas, and Europe. The company organizes its operations into three primary product divisions: DRAM IC, Flash Memory, and Logic IC products. Its extensive portfolio features a diverse range of Dynamic Random-Access Memory (DRAM) devices. For mobile uses, these include pseudo static RAM (SRAM), HyperRAM, various low-power synchronous DRAM (SDR SDRAM), and double-data-rate (DDR) SDRAM standards (such as DDR1, DDR2, DDR3, and DDR4/4X), along with Known Good Die (KGD) formats. Furthermore, Winbond offers specialty DRAM units like standard SDRAM, DDR, DDR2, and DDR3 SDRAM, also available as KGD. In the realm of flash memory, the company provides solutions specifically for code storage, which consist of serial NOR flash, QspiNAND Flash, Single-Level Cell (SLC) NAND Flash, NAND-Based Multi-Chip Packages (MCP), SpiStack Flash NAND, and TrustME secure flash memory. Additionally, Winbond supplies a selection of logic integrated circuits. These sophisticated semiconductor components are integral to numerous high-technology sectors. Their widespread applications span computing, telecommunications, and general consumer electronics, extending to critical automotive and industrial control systems. They are also crucial for contemporary personal devices like smartphones, tablets, low-power mobile handhelds, and wearable technology, as well as the burgeoning Internet of Things (IoT). Further uses include powering personal computers and their associated peripherals, modules for mobile handheld devices, network communication equipment, and household appliance control units. Winbond markets its products through an established network of distributors and directly via online channels. Beyond its core manufacturing and sales, the company is deeply involved in comprehensive research, development, and design activities, providing dedicated post-sales support for its semiconductor and 6-inch wafer products. The corporation also operates in e-commerce, offers specialized testing services, serves as an Original Equipment Manufacturer (OEM), provides computer software services, and delivers expert consulting. Moreover, it includes a wholesale division for computer hardware, accessories, and software, in addition to handling project-specific sales. Established in 1987, Winbond Electronics Corporation maintains its principal corporate office in Taichung, Taiwan.

Kioxia is a major NAND and enterprise-SSD supplier. The new Micron evidence of higher NAND prices and durable AI-linked customer demand supports Kioxia’s enterprise-storage pricing, product mix and profitability, though NAND remains more cyclical than HBM.

Kioxia is a NAND-flash and SSD supplier that can benefit from AI storage demand and enterprise SSD scarcity. HDD shortages also create an opportunity for high-capacity QLC and CXL-attached SSD products, although NAND capacity constraints limit volume growth.

Silicon Motion is a leading independent controller supplier, so outsourced procurement represented by the FADU award is directly relevant to its competitive opportunity set.

Silicon Motion supplies controllers to NAND producers and storage-module makers, including eMMC and UFS controllers. A broader Chinese NAND ecosystem and future CXMT product ramp could expand controller qualification and module volumes, although near-term NAND allocation constraints can delay shipments.

Silicon Motion Technology Corporation (SIMO) is a prominent company specializing in the design, development, and distribution of NAND flash controllers, which are essential components for a wide array of solid-state storage devices. Their product range supports diverse applications, including controllers for computing-grade Solid-State Drives (SSDs) found in personal computers and other client devices. They also provide solutions for enterprise-grade SSDs crucial for data centers, as well as embedded storage such as eMMC and UFS used in smartphones and IoT (Internet of Things) devices. Furthermore, their technology extends to flash memory cards and flash drives for expandable storage, and specialized SSDs designed for industrial, commercial, and automotive applications. The company brands its controller offerings under SMI. Its enterprise-level SSDs are available under the Shannon Systems name, while its integrated industrial-grade SSDs are marketed as Ferri SSD, Ferri-eMMC, and Ferri-UFS. Silicon Motion's sales strategy involves both direct sales teams and a network of independent electronics distributors, serving a customer base that includes major NAND flash manufacturers, module makers, hyperscale cloud providers, and Original Equipment Manufacturers (OEMs). Founded in 1995 and headquartered in Hong Kong, the company boasts a global operational presence, including locations in Taiwan, the United States, South Korea, China, Malaysia, Singapore, and other international markets.

Phison is a leading independent merchant controller vendor and is structurally positioned to compete for the same class of outsourced enterprise-controller award.

Phison Electronics Corp., established in 2000 and headquartered in Zhubei, Taiwan, specializes in the global design, manufacture, and distribution of flash memory controllers and their associated peripheral system applications. The company's extensive product portfolio features controllers and modules for Solid State Drives (SSDs), embedded flash memory solutions specifically tailored for portable devices like smartphones and tablets, USB drives, and memory cards. Beyond these core offerings, Phison is actively involved in the research, development, production, and international trade of diverse storage devices, integrated circuits, and both electronic hardware and software, complemented by comprehensive technical support services. Furthermore, the company manufactures and trades various electronic components and engages in investment ventures. Phison serves a wide array of consumer, industrial, and enterprise markets across Asia, the United States, Europe, Australia, and numerous other international territories.

SanDisk benefits from tight enterprise-NAND pricing and data-center demand, but NAND remains more cyclical and less concentrated than HBM.

SanDisk is a NAND and enterprise-SSD supplier that could benefit from the broader enterprise-storage demand signal and may evaluate external controllers for future products. However, the ₩22.71 billion customer is explicitly unnamed, and available evidence says SanDisk generally uses in-house controllers, so this is only a low-confidence industry read-through rather than a confirmed customer impact.

ASMPT has direct exposure through thermocompression and hybrid-bonding equipment used in HBM and advanced packaging.

ASMPT is one of the primary TCB suppliers for HBM packaging. The need to expand bonding throughput as stack heights and AI accelerator demand rise creates a direct advanced-packaging equipment opportunity.

HBM stack expansion and AI-accelerator packaging require additional thermal-compression bonding throughput. ASMPT is a primary TCB supplier for HBM packaging, making it a direct enabling-equipment beneficiary of sustained capacity investment.

Hanmi Semiconductor is highly linked to HBM capex because it supplies specialized dual-TC-bonder equipment used in advanced memory packaging.

Hanmi supplies thermal-compression and bonding equipment used for stacked memory dies. Persistent HBM shortages increase customer incentives to expand backend throughput and improve stacking yields, supporting equipment and qualification orders.

The disclosure reinforces the need to expand HBM output and backend capacity. Hanmi supplies specialized thermal-compression and bonding equipment, so higher HBM volumes and more demanding stacked-die yields can drive incremental packaging and qualification orders.

Lam directly captures etch and deposition spending as memory makers add HBM, DRAM, NAND, and advanced-process capacity.

Lam supplies etch, deposition, cleaning, and TSV tools used in HBM and advanced-packaging expansion, giving it indirect but material exposure to a successful 3D-memory accelerator ramp.

Lam Research is a major etch and deposition supplier to memory fabs. Stronger bookings and anticipated manufacturing investment increase the probability of HBM, DRAM, TSV, and NAND capacity upgrades, supporting systems revenue and service demand.

Lam Research Corporation is a prominent supplier of equipment vital for semiconductor processing, encompassing its design, production, sales, repair, and ongoing maintenance. These sophisticated systems are fundamental for the creation of integrated circuits. The company's extensive product catalog features a variety of deposition technologies. For tungsten metallization, they provide ALTUS systems that deposit conformal films. SABRE products excel in electrochemical deposition, crucial for copper interconnect transitions and enabling copper damascene manufacturing. SOLA utilizes ultraviolet thermal processing for film treatments, while VECTOR delivers plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition (ALD) solutions. Furthermore, SPEED addresses gapfill applications with its high-density plasma CVD products, and Striker is engineered for single-wafer atomic layer deposition of dielectric films. Beyond deposition, Lam Research offers a comprehensive suite of etching tools. Flex is designed for dielectric etch applications, Kiyo handles conductor etch processes, Syndion specializes in through-silicon via etching, and Versys metal products are used for metal etch processes. The company's offerings also extend to specialized solutions like Coronus, which enhances die yield through bevel cleaning. For various wafer cleaning requirements, Lam Research supplies multiple product lines, including Da Vinci, DV-Prime, EOS, and SP series. Additionally, Metryx mass metrology systems provide precise, in-line mass measurement capabilities for semiconductor wafer manufacturing. Lam Research serves the global semiconductor industry, distributing its technologies and services across the United States, China, Europe, Japan, Korea, Southeast Asia, Taiwan, and other international markets. Established in 1980, the company maintains its corporate headquarters in Fremont, California.

Advanced HBM packaging is a bottleneck, and Kulicke & Soffa supplies thermocompression-bonding equipment used to stack HBM dies. Faster customer ramping and packaging capacity expansion create equipment demand with a positive but capex-dependent effect.

Tokyo Electron supplies front-end etch, deposition, cleaning, and process tools to memory manufacturers.

Tokyo Electron supplies hybrid-bonding and TSV equipment that gates the ramp of HBM4 and related 3D packaging technologies.

HBM4 and advanced 3D packaging require specialized hybrid-bonding and TSV equipment. Tokyo Electron is positioned to benefit from equipment demand as memory suppliers expand constrained backend and stacking capacity.

Supplier of memory expansion and inference-centric server architectures.

Penguin Solutions, Inc. is a global technology company focused on designing and delivering advanced enterprise solutions. Its business operations are segmented into three primary divisions: Advanced Computing, Integrated Memory, and Optimized LED. Within its Integrated Memory segment, the company supplies sophisticated memory solutions, including dynamic random access memory (DRAM) modules, solid-state drives (SSDs), and flash storage. These offerings cater to demanding applications in networking, telecommunications, data analytics, and artificial intelligence/machine learning. This segment also provides comprehensive supply chain management services, encompassing procurement, logistics, inventory control, temporary warehousing, programming, kitting, and packaging. The Advanced Computing division features several key product lines. Penguin Computing delivers specialized technical computing for core data centers and cloud environments, focusing on high-performance computing (HPC) and AI solutions. Penguin Edge offers robust edge computing tailored for embedded and wireless applications, serving critical sectors such as government, healthcare, manufacturing, and telecommunications. Moreover, the Stratus brand provides inherently fault-tolerant computing solutions—combining hardware and software—that are simplified, protected, and autonomous for both data center and edge deployments, supporting industries like education, energy, financial services, government, hyperscale, and manufacturing. The Optimized LED segment produces advanced LED components under the Cree LED brand, including blue and green gallium nitride-based LED chips and associated materials. It also manufactures surface mount devices (SMDs) under the Cree LED XLamp and J Series brands. Penguin Solutions reaches its diverse clientele, which includes original equipment manufacturers (OEMs), enterprise clients, government entities, and other end-users, through a multi-channel sales approach. This includes a direct sales force, e-commerce platforms, customer service teams, on-site field application engineers, independent sales representatives, distributors, integrators, and resellers. Founded in 1988 and headquartered in Grand Cayman, Cayman Islands, the company will officially adopt the name Penguin Solutions, Inc. in October 2024, having previously operated as SMART Global Holdings, Inc.

ACM Research is expanding its domestic process-equipment portfolio into thin-film deposition, an enabling step for advanced memory.

ACM Research supplies cleaning, plating, furnace and packaging-related equipment to Chinese fabs. As CXMT and other domestic memory manufacturers expand capacity while foreign-tool access is constrained, ACMR has an opportunity to qualify additional domestic alternatives and capture incremental equipment demand.

Applied Materials supplies deposition, etch and treatment tools for increasingly complex memory architectures.

Applied Materials supplies equipment used in HBM stacking and TSV-related manufacturing, making it an enabling rather than direct packaging operator.

Applied Materials supplies wafer-fabrication and advanced-packaging equipment. Building HBM and next-generation DRAM fabs increases demand for deposition, etch, bonding, and related process tools, with revenue realization likely staggered across the construction and equipment-installation schedule.

Applied Materials is an enabling supplier to memory-fab expansion and process upgrades. Increased NAND capex and higher layer-count architectures support demand for its deposition, etch, and related wafer-fabrication systems.

HBM production is significantly more equipment-intensive than standard DRAM, requiring specialized tools for vertical stacking and through-silicon vias (TSVs). As memory makers race to build and expand capacity through 2026 and 2027 to meet sold-out demand, Applied Materials benefits from a sustained wave of capital expenditure.

Piotech Inc. engages in the research and development, production, sales, and technical services of semiconductor equipment in China. The company offers thin film equipment, such as plasma-enhanced chemical vapor deposition equipment, atomic layer deposition equipment, sub-atmospheric pressure chemical vapor deposition equipment, and high-density plasma-enhanced chemical vapor deposition equipment are used in integrated circuit logic chips, memory chips, and other manufacturing lines. It also provides hybrid bonding equipment used in the field of wafer-level three-dimensional integration. The company was founded in 2010 and is headquartered in Shenyang, China.

Amkor is an advanced-packaging provider exposed to HBM stack integration, interposers, substrates, and thermal structures.

The HBM capacity race increases demand for outsourced advanced packaging and testing. Amkor is identified as a leading HBM packaging company and has a disclosed framework with TSMC to expand advanced packaging and testing.

Amkor Technology, Inc. operates internationally, delivering external semiconductor packaging and testing solutions across North America, Japan, Europe, the Middle East, Africa, and the broader Asia Pacific region. Their comprehensive, end-to-end offerings encompass a range of processes, including semiconductor wafer bumping, probing, back-grinding, package conceptualization, final packaging, testing, and direct shipment services. The company's product portfolio features flip-chip scale packages, critical for devices like smartphones, tablets, and other portable consumer electronics. They also provide flip-chip stacked chip-scale packages, designed for layering memory atop digital basebands and as application processors in mobile units. Flip-chip ball grid array packages cater to diverse applications in networking, data storage, computing, and general consumer products. Wafer-level CSP packages find use in power management systems, transceivers, sensors, wireless charging technologies, codecs, radar systems, and specialized silicon components. Their wafer-level fan-out packages are integral for integrated circuits, alongside silicon wafer integrated fan-out technology, which offers a thinner alternative to traditional laminate substrates. Additionally, Amkor supplies lead frame packages, commonly employed in electronic devices requiring low to medium pin count analog and mixed-signal functionalities. Substrate-based wirebond packages facilitate the connection of a die to its substrate. Micro-electro-mechanical systems (MEMS) packages involve miniature mechanical and electromechanical components. Furthermore, their advanced system-in-package (SiP) modules are vital for a broad array of applications, including radio frequency and front-end modules, basebands, connectivity solutions, fingerprint sensors, display and touchscreen drivers, various sensors and MEMS, and NAND memory and solid-state drives. The company primarily serves a clientele comprising integrated device manufacturers, fabless semiconductor enterprises, original equipment manufacturers, and contract foundries. Established in 1968, Amkor Technology, Inc. maintains its corporate headquarters in Tempe, Arizona.

ASM International has some memory-process exposure through deposition, but its strongest cited linkage is to advanced logic rather than direct HBM supply.

ASM International is a focused beneficiary of increased advanced-node and HBM capital expenditure because atomic-layer deposition and epitaxy become more important as transistor geometries and memory structures become more complex. Its narrower portfolio makes the exposure concentrated but material.

Advantest has indirect exposure because advanced-package qualification and higher HBM stack complexity increase test requirements.

Advantest supplies semiconductor test equipment, and higher HBM volumes, stack complexity, and qualification requirements should increase automated testing demand. Its exposure is downstream of fab and packaging investment rather than a direct beneficiary of construction spending.

Teradyne's memory test business is a direct beneficiary of the shift to HBM, which requires significantly more testing than standard DRAM. High-bandwidth memory can require up to 10x more test intensity per unit, expanding Teradyne's revenue opportunity as memory makers like Micron and SK Hynix aggressively expand HBM production capacity.

Expanded HBM packaging and production require additional semiconductor, package, and system-level test capacity. Teradyne is a potential beneficiary of higher testing intensity, but the retrieved evidence does not identify a confirmed Micron project award.

Provides inspection and metrology tools used by the memory makers to produce the chips.

The project’s multilayer HBM stacking and advanced packaging processes increase the need for defect detection and metrology. Camtek’s advanced-packaging inspection exposure gives it a potential equipment opportunity as the new facility moves from construction into qualification and production.

ASML supplies lithography tools required for advanced memory and HBM process investment, although current 3D NAND expansion is more etch- and deposition-intensive.

Advanced-memory-node expansion creates additional lithography demand, giving ASML positive exposure to the reallocation toward HBM and advanced DRAM.

ASML is an indirect beneficiary of longer-term memory-capex expansion, particularly advanced DRAM and HBM investment that requires lithography tools. The NAND-specific linkage is weaker because 3D NAND equipment intensity is more concentrated in etch and deposition than EUV lithography.

KLA has an identifiable but indirect linkage through metrology, inspection, and yield-management systems required for advanced DRAM and HBM.

More complex HBM stacking and advanced packaging require inspection, metrology, and process-control equipment. KLA can capture equipment demand if AI-driven semiconductor expansions are funded and qualified.

KLA competes in inspection and metrology, which become more important as HBM stack height, bonding precision, and advanced-package yield requirements increase. The exposure is positive but indirect and dependent on packaging-capacity investment.

SCREEN's upgraded outlook explicitly includes advanced-packaging demand and HBM-related semiconductor equipment, making packaging a material growth channel.

SCREEN is an indirect memory-capacity enabler through cleaning and related wafer-fab tools rather than a direct HBM or packaging supplier.

Besi is an advanced-packaging equipment supplier; its exposure is to bonding-tool capex rather than direct DRAM or HBM procurement.

HBM scaling raises demand for next-generation bonding tools. BE Semiconductor Industries is positioned in hybrid bonding, so the transition to more complex advanced packaging supports a longer-term equipment opportunity.

AMEC can gain equipment demand from broader memory and AI-capacity investment, but it is not itself an HBM producer.

AMEC supplies domestic high-aspect-ratio etch tools relevant to vertical-memory manufacturing.

Entegris supplies ultra-pure chemicals, filtration, and specialty materials for memory-fab starts.

Entegris benefits from increased specialty-material consumption during HBM and semiconductor-capacity expansion, but it has no direct memory-price leverage.

Entegris supplies specialty materials, filtration, and contamination-control products consumed during memory-fab construction and operation. More U.S. memory capacity would create recurring wafer-start-linked demand, although revenue realization depends on projects being funded, built, and qualified.

DuPont is identified as a semiconductor CMP-slurry supplier, making it exposed to changes in planarization process intensity.

High-k and etching chemicals are core products, and both product categories are growing with advanced semiconductor demand.

Tri Chemical is the direct beneficiary: stronger China inventory replenishment and Taiwan AI-driven advanced-node demand are increasing sales of its high-k and etching materials, supporting revenue, operating profit, and full-year guidance.

Shin-Etsu is a representative supplier of 300mm wafers and semiconductor materials consumed by fabs.

Shin-Etsu is a major supplier of silicon wafers and semiconductor materials. A new high-volume NAND fab should increase qualified wafer and materials consumption, although the project does not identify Shin-Etsu as an awarded supplier.

Rambus has expanded DDR5 RCD, clock-driver, and HBM interface products for enterprise servers and AI accelerators.

A server DDR5 RDIMM requires a registering clock driver, and Rambus offers DDR5 RCD technology supporting high-capacity registered modules. CXMT's planned server product could expand the addressable RDIMM interface-chip market, but there is no evidence that CXMT will use Rambus components.

Renesas is developing high-speed RCD products for next-generation server RDIMMs, creating direct exposure to server-memory demand.

Astera Labs benefits from CXL controllers that enable pooling and more efficient use of constrained DRAM.

Marvell supplies CXL memory controllers and pooling platforms that help data centers address the gap between accelerator demand and limited server DRAM. CXL adoption can increase as customers seek more efficient memory utilization under prolonged scarcity.

Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions and spanning the data center core to network edge in the United States, Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan, Vietnam, and internationally. The company develops and scales system-on-a-chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. It offers a portfolio of ethernet solutions, including spanning controllers, network adapters, physical transceivers, and switches; single or multiple core processors; and custom application specific integrated circuits, interconnects, fibre channel adapters, and processors. The company also provides interconnect products, including pulse amplitude modulation, coherent and coherent-lite digital signal processors (DSPs), laser drivers, trans-impedance amplifiers, silicon photonics, co-packaged optics, linear pluggable optics chipsets, data center interconnect, active electrical cable DSPs and peripheral component interconnect express retimer solutions; fibre channel products comprising host bus adapters and controllers for server and storage system connectivity; storage controllers for hard disk drives and solid-state-drives; host system interfaces, including serial advanced technology attachment and serial attached SCSI, peripheral component interconnect express, compute express link switches, non-volatile memory express (NVMe), and NVMe over fabrics; and develops ultra accelerator linkTM switches and ethernet for scale-up networking switches. The company serves data centers, communications, and other markets. It offers its products through direct customers and distributors. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.

Unimicron is a named major FC-BGA and ABF substrate manufacturer directly exposed to AI and HPC package demand.

Unimicron is positioned to benefit from additional AI-accelerator package-board demand because advanced HBM packages require high-density substrates and the substrate market is concentrated among a small group of suppliers. The effect depends on qualification and capacity expansion timing.

ASolid Technology Co., Ltd. is a Taiwan-based enterprise that specializes in the provision of NAND flash controllers. The company offers a diverse range of control solutions for various memory applications, including SD and microSD cards, USB flash drives, eMMC modules, solid-state drives (SSDs), and other universal flash disk (UFD) technologies. Founded in 2008, ASolid Technology maintains its headquarters in Hsinchu City, Taiwan.

Shenzhen Techwinsemi Technology Co., Ltd. focuses its operations on the design, research, development, and practical deployment of integrated circuits. The company's core activities include engineering and enhancing flash memory controller chips. Furthermore, it creates and optimizes application solutions for storage modules, which it then distributes to the market. Established in 2008, the firm is headquartered in Shenzhen, China.