Memory maker (DRAM/HBM/NAND) — US HBM supplier for AI accelerators
AI exposure 44% — derived from reported segment revenue, not asserted.
Silicon Layer → Memory & Storage ICs · figures rebased to FQ3 2026 (ended May 28), reported 2026-06-24
DRAM/HBM for data center, PC, graphics — the AI memory core leads 4 businesses in this sub-tier that together are 100% of revenue, so Memory & Storage ICs is effectively the whole company rather than one leg of it.
Pure-play memory (B1) — all BUs are memory/storage. Data center+networking = ~55% of revenue by end-market (Tier B lens). HBM is the AI growth engine. Clean B1 Memory.
Moat. One of three DRAM oligopolists and the US-based supplier in a Korea-dominated market; HBM4 is in high-volume production with HBM4E targeted for 2027. The lead is still SK Hynix's and each generation is re-qualified with the accelerator, so the position is contested rather than owned — which is what caps this at narrow.
Bottleneck / pricing power. Pricing is increasingly contracted rather than spot: multi-year price-and-volume agreements now cover HBM and a growing share of conventional DRAM, behind an 84.6% GAAP gross margin in FQ3 2026 and ~86% guided for FQ4 — roughly double the prior cycle's 45-50% peak. New wafer capacity adds no meaningful industry supply until FY2028.
Role in the AI stack. The AI-memory supplier — HBM is co-critical with the GPU itself.
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