The total HBM market value is projected to grow from US$3 billion in 2023 to US$94 billion by 2027, representing a 128% CAGR, with NVIDIA maintaining over 90% GPGPU market share. The average HBM content per GPGPU is modeled to increase from 80 GB in 2023 to 317 GB in 2027, while total DRAM sufficiency is projected to plunge to -17% in 2026 and -15% in 2027. AI NAND demand is expected to nearly triple from 205 EB in 2025 to 609 EB in 2027, leading to a total NAND market deficit of -15% in 2026 and -9% in 2027.
HBM and NAND supply will remain severely constrained through 2027, driven by AI demand, forcing hyperscalers to prioritize memory allocation.