HBM4 and HBM4E Expected to Reach 48% of HBM Demand by 2027

The HBM market is expected to shift rapidly toward next-generation memory over the next year.
HBM4 and HBM4E are projected to account for 48% of total HBM demand in 2027, nearly tripling their current share.
A major driver is $NVDA Rubin and other next-generation AI accelerators, which require significantly more advanced memory bandwidth and capacity.
But the growth story is not limited to the newest HBM products.
HBM3E 8-Hi is also expected to roughly double its share to 17%, suggesting demand from custom ASICs and other AI accelerators is expanding alongside GPUs.
That broadens the opportunity for memory suppliers such as $MU and $SKHY.
Rather than relying entirely on the highest-end HBM4 products, suppliers could benefit from growth across both premium next-generation memory and more mature HBM3E configurations.
The key takeaway is that AI memory demand appears to be expanding across multiple product generations at the same time.
If these projections hold, the HBM cycle could increasingly be driven by a broader accelerator market rather than $NVDA GPUs alone.