HBM: Sales up 4.9% to €2.0bn, stable EBIT, guidance confirmed amid uncertainty - TradingView

HBM reported a 4.9% year-over-year increase in net sales to €2.0 billion, driven by strong performance in European markets and continued market share expansion. Despite macroeconomic and geopolitical ... Read original →

HBM’s modest 4.9% sales rise to €2.0bn masks deeper structural shifts. Technologically, its European push hinges on AI-driven demand for advanced packaging, forcing upstream suppliers to accelerate low-k dielectric and high-density TSV development, while downstream server makers redesign memory subsystems to leverage HBM bandwidth. Geopolitically, delayed EU Chips Act subsidies and spillover from U.S. export controls have inflated cross-border equipment and talent costs, making supply chain redundancy a fixed expense. With SK hynix and Micron aggressively scaling HBM3E, HBM risks marginalization in premium segments unless it secures design wins in NVIDIA’s Blackwell Ultra ecosystem by 2027. Over the next 18 months, escalating tensions may spur a European manufacturing coalition—but bridging the technology gap and sustaining capex intensity will dictate whether true supply chain decoupling from Asia is feasible.