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The HBM Oligopoly — Three Companies Make the World's AI Memory · The Memory Wall — HBM, DRAM, NAND & the AI Memory Cartel

005930.KS

Samsung Electronics
Foreign listing — not directly tradable in a US brokerage. Editorial detail only.

The comeback story in HBM. Lagged through 2024-25; now caught up. Targeting 50% HBM capacity expansion in 2026.

What they do

The Korean conglomerate that does everything — memory, foundry, smartphones, displays, consumer electronics. Memory + foundry is the AI-exposed piece. After being caught flat-footed on HBM3E qualification through 2024 and most of 2025, Samsung's HBM4 reportedly passed NVIDIA's 10-11 Gb/s qualification in early 2026, putting them back in the game. Foundry division vertically integrated with in-house SEMES TC bonders.