HSBC

HSBC: HBM ASP expected to increase to $3.7/GB in 2027E followed by $4.8/GB in 2028E. The HBM market is expected to increase to $391 billion in 2028E, up from $37 billion in 2025. $MU $DRAM $EWY Date: 10/14/26

Most warehouse robots still work behind a fence. Digit 5 is engineered to work alongside people. Our CEO Peggy Johnson joined @jonfortt on @CNBC’s #ForttKnox to talk safety, the labor gap, and why it’s humans and robots — not humans or…

HSBC: ASIC will account 57% of total HBM demand by 2028e (from 31% in 2025) $GOOGL $MU $MRVL $META $MSFT $AVGO $AMZN

Lightmatter at HSBC's Silicon Valley tech tour indicated that the broader ecosystem is dealing with delayed CPO adoption, with expected timelines moving towards 2028-30. $NVDA $AMD $LITE $COHR $AAOI $TSM

HSBC: USA model launches per year has been accelerating and still far ahead of China. $GOOGL $MSFT $META $AMZN https://t.co/9oqbKNwxCR

HSBC: DRAM content per CPU is 170% higher in Rubin NVL72 compared to GB300 NVL72. $MU $NVDA $DRAM $DISK $EWY

HSBC: Outside of Google, the % of ASIC compute among major CSPs remains steady from 2025 and into Q2 2026. $GOOGL $AMZN $META $MSFT $ORCL

HSBC: Server DRAM prices should continue rising amid strong demand for AI and general servers. $MU $DRAM $EWY $SKHY

HSBC: Anthropic and OpenAI are losing market share in token volume, but their share in token spend has remained strong. $GOOGL $META $MSFT $AMZN

HSBC: Chinese hyperscalers capex spend estimates as % of revenue is far lower than US hyperscalers. $BABA $BIDU $AMZN $META $GOOGL $META $ORCL

HSBC: DRAM sufficiency ratio expected to get worse in 2027 but also 2028. $DRAM $EWY $DISK $MU $SNDK