Bernstein Estimates HBM4 Manufacturing Costs at $6–$7/GB With ~65% Gross Margins, Highlighting Packaging and...

Bernstein estimates that HBM4 costs approximately $6 to $7 per gigabyte to manufacture against selling prices near $20 per gigabyte, implying gross margins of roughly 65% if current pricing holds.
Nearly half of the total cost of a 32GB HBM4 stack stems from the logic base die, advanced packaging, and testing rather than the memory dies themselves—creating additional demand across the semiconductor supply chain for $TSM and $TER alongside memory maker $MU.
As HBM4 transitions from 8-layer to 16-layer stacks, total capacity doubles while manufacturing cost per gigabyte declines by roughly 13%, enabling memory producers to expand margins as advanced packaging and testing account for a growing share of artificial intelligence infrastructure spending.