Nvidia's HBM Demand Share to Shift as Alphabet and AMD Scale Alternative AI Accelerators

Nvidia's ($NVDA) share of High Bandwidth Memory (HBM) demand is projected to shift from 58% in 2026 to 41% in 2027, reflecting a rapidly expanding market being shared across a broader base of AI chip platforms.
During this transition, Alphabet ($GOOGL) is expected to capture 31% of HBM demand, while Advanced Micro Devices ($AMD) scales to 12%.
This diversification highlights that the next wave of HBM growth is driven by Tensor Processing Units (TPUs) and alternative accelerators, broadening the customer base for memory suppliers like Micron ($MU) and SK Hynix ($SKHY).