High-bandwidth memory (HBM) has transitioned from a commodity product to a critical, non-substitutable component of AI computing infrastructure, creating sustainable competitive advantages and pricing power for suppliers.

"HBM acts like an ultra-wide data highway designed to rapidly move enormous amounts of data to and from graphics processing units (GPUs) and central processing units (CPUs). That makes HBM fundamentally important to training and running increasingly sophisticated AI models. 'It's more important to the data center than CPUs are,' Luria said."