How DeepSeek V4's 90% KV Cache Reduction Reshapes HBM Demand — From Capacity to Bandwidth, Packaging, and Thermal Control

DeepSeek V4 claims a 90% KV cache reduction at 1M tokens. This analysis argues HBM demand is not destroyed — its center of value shifts from raw capacity to bandwidth, packaging, and thermal control. Examined across technology, market, and supply chain layers.