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Real HBM exports sell for six figures a kilo
The HBM bound for TSMC packaging leaves Korea at roughly $200,000 a kilo, multiples above commodity DRAM. It is the scarce memory stacked onto every AI accelerator, and the AI build is outbidding everyone for it. Korean customs unit prices on the Taiwan-bound flow track the real HBM price.
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We watch what breaks first.
Independent research on the physical bottlenecks behind the AI buildout: compute, memory, power, and networking, mapped to the public companies exposed to each.
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Source-backed constraint intelligence for the AI build.