Why are stocks of HBM memory soaring so crazily?!

The logic is:
Nvidia's chip demand is outstripping supply -> Chip memory demand is outstripping supply -> In the short term, no alternative suppliers can be found, in other words, how many chips Nvidia can sell depends on whether suppliers can keep up
As shown in the chart below, HBM memory accounts for a large portion of the chip's COGS, and also has poor substitutability (this also reflects TSMC's dominance and restraint) - the market prices in Nvidia's chip premium while also pricing in the demand and premium for memory
In fact, this is true. If you look at Hynix's profit margin, it has reached an astonishing 88% (a year ago, the profit margin was only 31%)
Interestingly, in terms of absolute supply volume, SK Hynix holds a large share, but in high-end chips, Hynix and Micron's shares are not far apart
As for why SK Hynix's forward P/E ratio is lower than Micron's by one tier, stay tuned for the next post.