· 供应链分析
现在市场都在盯着 CPU，差点把存储给忘了。 但……SK 海力士、$MU、三星最近都在提高 capex，而且三星最近还开始了 HBM4 生产。 $TSM 也释放了全行业创纪录 capex 的信号。 但就像 $LPK 在玻璃核心基板上的逻辑一样…… HBM 阵营里其实也有不少结构性垄断，是市场可能忘掉了的，尤其是在日本这些地方。 它们大概率会从当前的 HBM4 capex 周期里受益。 韩国那边，像 Hanmi Semi（KRX: 042700）今天都涨了 27.6%+，所以我猜全球其他公司也很快会跟上。
Markets are looking at CPUs right now and kinda forgot about memory. But... there's increased capex spend with Sk Hynix, $MU, Samsung around now, with Samsung starting HMB4 production recently. $TSM also signaled record capex across the board. But just like $LPK in glass core substrates... There's a decent amount of structural monopolies over in the HBM camp markets that I'm thinking about in places like Japan. That markets may have forgotten? They would largely benefit from current HBM4 capex cycles. Over in Korea, things like Hanmi Semi (KRX: 042700) have been taking off, up 27.6%+ today, so I'd guess the other companies around the world might play catchup soon.