# HBM Related Articles

HTX News Center provides the latest articles and in-depth analysis on "HBM", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Beaten SK Hynix Employees in China: Year-end Bonus Less Than 5% of Korean Staff's

"SK Hynix Chinese Staff Hit Hard: Bonuses Less Than 5% of Korean Counterparts" Driven by the AI boom, South Korea's SK Hynix is experiencing record performance, with media reports predicting massive year-end bonuses for its employees, making them highly desirable in the matchmaking market. However, this prosperity starkly contrasts with the situation for the company's Chinese employees. According to reports, SK Hynix operates under a rule allocating 10% of operating profit for employee bonuses. While projections suggest Korean employees could receive bonuses reaching millions of RMB, a Chinese employee with over a decade of technical experience revealed the disparity: "If they get 3 million, Chinese staff get less than 5% of that." After adjustments based on KPI ratings, this employee's highest bonus was slightly over 100,000 RMB. Bonuses are paid annually in Korea but semi-annually in China. During the industry downturn in 2023-2024, Chinese employees received no bonus at all. The gap extends beyond bonuses. Recruitment posts for SK Hynix's Chinese factories (in Wuxi, Dalian, Chongqing) show engineer monthly salaries ranging from 10,000 to 35,000 RMB, with a 13th-month salary promised. Chinese employees also receive standard benefits like annual leave but lack stock incentives, which are reportedly unavailable to them. Furthermore, management positions in China are predominantly held by Korean personnel, though industry observers note a gradual increase in local middle managers over time. SK Hynix has confirmed the 10% bonus rule but cautioned that specific future bonus amounts remain unpredictable. The company forecasts strong demand for HBM and other high-value enterprise products for the next 2-3 years, driven by AI infrastructure investment. This focus on business-to-business markets may continue to constrain supply for consumer products, potentially prolonging price increases for components like memory.

链捕手05/11 06:12

Beaten SK Hynix Employees in China: Year-end Bonus Less Than 5% of Korean Staff's

链捕手05/11 06:12

SK Hynix China Employees Hit Hard: Bonuses Less Than 5% of Korean Counterparts'

"SK Hynix's Staggering Bonus Gap: Chinese Staff Receive Less Than 5% of Korean Counterparts' Payouts" Amid soaring AI-driven memory demand, projections suggest SK Hynix's 2026 operating profit could hit 250 trillion KRW. Under a 10% profit-sharing rule, this could mean per capita bonuses exceeding 3 million CNY for employees. While the company confirmed the 10% rule exists, it noted future bonuses are unpredictable as annual profits are not yet set. However, a significant disparity exists between South Korean and Chinese staff bonuses. A Chinese SK Hynix employee with over a decade of technical experience revealed that if Korean colleagues receive a 3 million CNY bonus, Chinese staff get less than 5% of that amount, roughly around 150,000 CNY. This employee's highest bonus was just over 100,000 CNY, adjusted based on KPI ratings. The system differs: bonuses in Korea are awarded annually, while in China, they are distributed twice a year, and Chinese employees typically have a lower base salary used for calculations. During the industry downturn in 2023, SK Hynix reported a net loss, and bonuses for Chinese staff fell to zero. Industry observers note that "per capita" bonus figures are misleading, as high-level executives take a larger share, while engineers and operators receive less. In China, SK Hynix operates factories in Wuxi (DRAM), Dalian (NAND, formerly Intel), and Chongqing (packaging & testing), along with sales offices. Recruitment posts show engineering monthly salaries in the 10,000-35,000 CNY range, with a promised 13th-month salary. Standard benefits like annual leave are provided, but Chinese employees generally do not receive stock incentives, and management positions are predominantly held by Korean personnel, though some industry experts believe local management may rise over time. Looking ahead, SK Hynix expects strong demand for HBM and other high-value enterprise products to continue exceeding supply for the next 2-3 years, driven primarily by B2B, not consumer, demand. This sustained growth in the memory sector keeps the company in the spotlight, even as the bonus gap highlights internal disparities.

marsbit05/11 05:52

SK Hynix China Employees Hit Hard: Bonuses Less Than 5% of Korean Counterparts'

marsbit05/11 05:52

Tom Lee's Core Investment Logic for 2026: Companies Selling Scarce Assets Are Crushing the Market

Tom Lee, founder of Fundstrat and manager of the Granny Shots fund, argues "scarcity" is the core investment theme for 2026. His thesis states companies selling "scarce assets"—products or services with structurally constrained supply and explosively growing demand—are dominating the market due to strong pricing power. He identifies three key scarcity areas: 1) AI compute (e.g., NVIDIA, AMD), limited by advanced chip manufacturing capacity; 2) AI memory/HBM (e.g., Micron), facing complex production challenges; and 3) energy infrastructure (e.g., GE Vernova), with long lead times for equipment needed to power booming data centers. Lee provides a macro trading framework: peaking oil prices signal lower inflation and potential Fed rate cuts, which benefit growth assets like the S&P 500 and Magnificent 7 stocks. Despite the S&P reaching his initial 7300 target, he sees a potential "feel-like-a-bear-market" mid-year pullback as a buying opportunity, raising his year-end target to 7700. Investment themes are prioritized as: 1) Global labor scarcity + AI automation, 2) Cybersecurity + energy security. The conclusion is that identifying companies benefiting from fundamental supply-demand imbalances, not just chasing rallies, is the path to outperformance in 2026.

链捕手05/10 03:05

Tom Lee's Core Investment Logic for 2026: Companies Selling Scarce Assets Are Crushing the Market

链捕手05/10 03:05

The US Stock Market in 2026, It's Almost Too Easy, and That Makes Me Nervous

The U.S. stock market's performance in 2026, particularly in the semiconductor memory sector, has generated significant returns that make some investors uneasy. A popular sentiment contrasts the perceived skill required for success in China's A-shares with the apparent ease of profiting from simply holding U.S. stocks. The primary driver is a global memory chip boom. Stocks like Micron, Seagate, Western Digital, and especially SanDisk (spinning off from WDC in 2025) have skyrocketed, with some gains exceeding 500% or even 2200%. Korean giants Samsung and SK Hynix, dominating their domestic index, have also surged. This rally is fueled by an AI-driven demand surge for memory like HBM (High-Bandwidth Memory), critical for AI chips. Tech giants like Google and Microsoft are placing massive, "unpriced" orders, while analysts continuously upgrade forecasts. SK Hynix reported its 2026 HBM capacity is already sold out. Despite record profits and sky-high margins (e.g., SK Hynix's 72% operating margin), major memory manufacturers are deliberately restricting capital expenditure and capacity expansion, controlling over 90% of DRAM supply. This supply discipline sustains high prices but draws parallels to cartel behavior. The situation presents two narratives. The bullish case sees AI demand as a structural, long-term shift with a prolonged supply gap. The bearish case, exemplified by short-seller Citron's failed bet against SanDisk, warns of a classic commodity cycle where prices eventually crash rapidly, as seen historically. The irony is noted: while retail investors marvel at easy gains, insiders like Western Digital are selling SanDisk shares at a 25% discount. Ultimately, the high cost of memory in consumer devices feeds into the record profits of memory companies and the soaring stock prices, leading many to question the sustainability of a market where making money seems "as easy as breathing."

marsbit05/08 02:57

The US Stock Market in 2026, It's Almost Too Easy, and That Makes Me Nervous

marsbit05/08 02:57

Where Is the AI Infrastructure Industry Chain Stuck?

The AI infrastructure (AI Infra) industry chain is facing unprecedented systemic bottlenecks, despite the rapid emergence of applications like DeepSeek and Seedance 2.0. The surge in global computing demand has exposed critical constraints across multiple layers of the supply chain—from core manufacturing equipment and data center cabling to specialty materials and cleanroom facilities. Key challenges include four major "walls": - **Memory Wall**: High-bandwidth memory (HBM) and DRAM face structural shortages as AI inference demand outpaces training, with new capacity not expected until 2027. - **Bandwidth Wall**: Data transfer speeds lag behind computing power, causing multi-level bottlenecks in-chip, between chips, and across data centers. - **Compute Wall**: Advanced chip manufacturing, reliant on EUV lithography and monopolized by ASML, remains the fundamental constraint, with supply chain fragility affecting production. - **Power Wall**: While energy demand from data centers is rising, power supply is a solvable near-term challenge through diversified energy infrastructure. Expansion is further hindered by shortages in testing equipment, IC substrates (critical for GPUs and seeing price hikes over 30%), specialty materials like low-CTE glass fiber, and high-end cleanroom facilities. Connection technologies are evolving, with copper cables resurging for short-range links due to cost and latency advantages, while optical solutions dominate long-range scenarios. Innovations like hollow-core fiber and advanced PCB technologies (e.g., glass substrates, mSAP) are emerging to meet bandwidth needs. In summary, AI Infra bottlenecks are multidimensional, spanning compute, memory, bandwidth, power, and supply chain logistics. Advanced chip manufacturing remains the core constraint, while substrate, material, and equipment shortages present immediate challenges. The industry is moving toward hybrid copper-optical solutions and accelerated domestic supply chain development.

marsbit04/21 10:34

Where Is the AI Infrastructure Industry Chain Stuck?

marsbit04/21 10:34

Bank of Korea Interprets the AI Semiconductor Cycle: The Most Dangerous Signal Lies in Financing

The Bank of Korea (BoK) released a report examining the sustainability of the current AI-driven semiconductor supercycle, concluding that the expansion is likely to continue until at least the first half of 2026. The report highlights three key differences from past cycles: unprecedented demand growth (driven by HBM and AI accelerators), severely constrained supply (due to complex HBM production and conservative industry expansion), and a significantly larger and longer supply-demand gap. Five critical factors will determine the cycle's longevity: 1. The profitability of AI investments, as market focus shifts from market share capture to earnings. 2. The ability of major tech firms to secure financing, with internal cash flows already insufficient to cover massive CAPEX, leading to increased corporate debt issuance and risky vendor financing structures reminiscent of the telecom bubble. 3. Uncertain impact of AI model efficiency improvements, which could either reduce per-unit demand or increase total consumption. 4. Expansion speed of major memory manufacturers, with significant new capacity from SK Hynix, Micron, and Samsung only expected from late 2027. 5. Ramping production from Chinese manufacturers, whose DRAM market share is projected to grow rapidly, pressuring prices. The report warns that financing fragility—evidenced by rising CDS spreads, off-balance-sheet SPV financing, and redemption halts in private credit funds—is the most critical risk. While the cycle remains robust through 2026, pressures are expected to build in 2027, with a heightened risk of overcapacity by 2028.

marsbit04/13 08:51

Bank of Korea Interprets the AI Semiconductor Cycle: The Most Dangerous Signal Lies in Financing

marsbit04/13 08:51

Geopolitical Risks Recede: Samsung's Q1 Results Far Exceed Consensus, South Korean Stock Index Surges Strongly

Samsung Electronics reported record-breaking Q1 2026 earnings, with revenue surging 68.1% YoY to 133 trillion KRW and operating profit skyrocketing 755% YoY to 57.2 trillion KRW, far exceeding market expectations. This performance, driven by the AI-driven memory super cycle (HBM, DRAM, NAND), triggered a dramatic 6.87% rebound in South Korea's KOSPI index. The rally was further fueled by reduced geopolitical risks after a temporary two-week US-Iran ceasefire eased concerns over semiconductor supply chain disruptions, particularly helium supply from Qatar critical for chip manufacturing. While short-term impact from Middle East conflicts remains low due to sufficient inventory, medium-to-long-term risks persist if tensions resume. Samsung's valuation appears reasonable amid the AI boom, but cyclicality and supply chain vulnerabilities warrant caution.

marsbit04/10 12:32

Geopolitical Risks Recede: Samsung's Q1 Results Far Exceed Consensus, South Korean Stock Index Surges Strongly

marsbit04/10 12:32

Memory Module Prices Plummet, Memory Stocks Fall Collectively, Has the Memory Super Cycle Peaked?

Memory module prices have plummeted recently, with DDR5 kits in the U.S. seeing discounts of up to $110 and wholesale prices in China dropping sharply. This has triggered a significant sell-off in memory stocks, wiping nearly $100 billion from the sector's market value last week. Analysts are divided on whether this signals the end of the memory "super cycle." Some, like Dan Nystedt, argue that buyer resistance to high prices, especially for DDR4 in smartphones, indicates a classic cyclical peak. However, others, including independent analyst Jukan, contend that the current cycle is structurally different, driven by essential, inelastic demand for high-end DDR5 in AI and premium devices, with manufacturers now operating models that prevent reckless overcapacity expansion. Investment bank HSBC remains bullish, calling the recent sell-off an overreaction and stating that the AI-driven super cycle is only at its midpoint. It argues that efficiency technologies like Google's TurboQuant will accelerate, not hinder, AI adoption and demand, and it forecasts strong growth in AI server shipments and enterprise SSD demand through 2027. It views any price pullback as a buying opportunity.

marsbit03/30 07:29

Memory Module Prices Plummet, Memory Stocks Fall Collectively, Has the Memory Super Cycle Peaked?

marsbit03/30 07:29

Crypto Morning Brief: edgeX to Conduct TGE on March 31, SK Hynix Plans to Issue New Shares for US ADR Listing

Crypto Morning Brief: EdgeX announces TGE on March 31; SK Hynix plans US ADR listing. US Senate's Clarity Act draft restricts stablecoin yield earnings, allowing only user-based rewards. Aave V4 mainnet activation proposal passes Snapshot vote. Balancer Labs to shut down, transitioning to DAO structure. MicroStrategy adds 1,031 BTC, now holds 762,099 BTC total. Bitmine increases ETH holdings by 65,341, totaling 4.66 million ETH. Early Kalshi employees raise VC fund for prediction markets; ParaFi closes $125M new fund. Market updates include Middle East tensions, with US targeting April 9 as potential war end date. Recommended readings discuss token naming debates, gold's price drop, oil-gold divergence, Iran conflict impact, and AI agent performance linked to token usage.

marsbit03/24 01:16

Crypto Morning Brief: edgeX to Conduct TGE on March 31, SK Hynix Plans to Issue New Shares for US ADR Listing

marsbit03/24 01:16

From 6000 Points to Two Circuit Breakers: A Missile Exposes South Korea's Stock Market Weakness

The South Korean Stock Exchange (KOSPI) experienced two consecutive trading halts (circuit breakers) on March 3 and 4, 2026, plunging nearly 13% from a recent high of 6,244 points. This sharp decline, triggered by escalating U.S.-Iran tensions and the closure of the Strait of Hormuz, exposed the extreme vulnerability of South Korea's stock market, which is heavily reliant on semiconductor stocks, particularly Samsung Electronics and SK Hynix. These two companies, dominating the global HBM (high-bandwidth memory) market crucial for AI and GPUs, had driven KOSPI's 75.6% surge in 2025. However, the market's concentration on chip exports, which account for over a third of total exports, became its Achilles' heel. The closure of the Strait of Hormuz—a vital shipping route for liquefied natural gas (LNG), which fuels nearly a third of Korea's power generation—threatened energy supplies and semiconductor manufacturing costs. While defense stocks surged on geopolitical tensions, foreign investors sold a record $8.5 billion in Korean shares over two days, highlighting the market's liquidity and its status as a prime target for rapid capital flight during global panic. Retail investors attempted to buy the dip, but were overwhelmed by the sell-off. The crash underscored deeper structural risks beyond corporate governance reforms: South Korea's market is exceptionally exposed to a single industry dependent on imported energy and vulnerable to global shocks. The incident demonstrated that while fundamentals may drive long-term growth, sentiment and geopolitics can erase gains rapidly.

比推03/04 13:31

From 6000 Points to Two Circuit Breakers: A Missile Exposes South Korea's Stock Market Weakness