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◆ TESSARA JULY 23, 2026 HBM into Taiwan is getting pricier, not just bigger 4.5x PRICE PER KG OF HBM INTO TAIWAN (VS 2021) value +18x · volume +4x Korea HBM-class exports to Taiwan (TSMC CoWoS feed), indexed to 100 in 2021. Value up ~18x, tonnage only ~4x: the gap is price. 0 500 1000 1500 Jan '21 Nov '22 Aug '24 Jun '26 Value ($) Volume (tonnes) tessara.tech Source: Korea Customs Service · HS 8542323000 to Taiwan · indexed, 3-month average

HBM into Taiwan is getting pricier, not just bigger

The value of high bandwidth memory Korea ships to Taiwan has risen many times over since 2021, but the physical tonnage has grown far less. The difference is price: the AI build is not just buying more HBM for TSMC CoWoS packaging, it is paying multiples more per kilo for scarce supply. A supply squeeze shows up as price outrunning volume.
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HBM into Taiwan is getting pricier, not just bigger | Tessara