AI Memory Supercycle: HBM Investing Strategy 2026-2028
Table of Contents HBM Market Evolution: From Niche to 500B Industry Samsung vs SK Hynix: Competitive Dynamics 2026-2028 Memory Pricing Cycles: Why This Cycle Is Different KOSPI Sector Allocation: Riding the Memory Wave MSCI Inclusion Catalyst: The Passive Flow Trade My Take I get asked a lot: "Is this AI memory thing for real, or another semi boom-bust?" The short answer: this cycle is structurally different from anything we have seen in the last 20 years of semiconductor investing. Here is my framework for understanding it and positioning your portfolio. HBM Market Evolution: From Niche to 500B Industry The number that stopped me cold: HBM went from 8% of total memory revenue in 2023 to 35% in 2026. That is not incremental growth. That is a structural rewrite of the entire memory industry. HBM was a niche product used primarily in supercomputers and high-end data centers five years ago. Today it drives the entire memory sector's growth traj...