HBM

2 analyses tagged with "HBM"

Decomposing the AI Value Chain in the Agentic Era

Decomposing the AI Value Chain in the Agentic Era

Building on SemiAnalysis's 'AI Value Capture', this analysis traces how value in the Agentic AI era propagates upstream — from model labs and NVIDIA to HBM, advanced packaging, equipment, and power/cooling — using detailed causal subgraphs from an internal investment-theme model. Source attribution is kept explicit throughout.

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

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.

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