Citrini分析师质疑闪迪HBF性能对比：演示参数或低估HBM实际能力
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Micron (MU) is more important than Nvidia! Citrini analysts say AI model inference performance relies more on memory than GPU.
According to Odaily Odaily, in response to the "Micron vs. Nvidia" debate discussed in the community, Jukan, an analyst at Citrini Research, posted on the X platform, stating, "While Micron is not Nvidia, its future importance may surpass Nvidia's. Inference is now directly linked to revenue, but performance improvements are not solely achieved by adding Nvidia GPUs. GPUs often remain idle with low utilization due to memory bottlenecks during inference. For inference, increasing memory is more valuable. The ROI of inference ultimately depends on memory, not GPUs. Therefore, why are people still focused on acquiring Micron through NVIDIA's framework? A more comprehensive approach is needed. Inference is memory."
SanDisk patent reveals 3D in-memory computing architecture: HBM and NAND layered collaboration
Mars Finance reported on June 22 that SanDisk recently disclosed a patent revealing a 3D stacked architecture based on CBA memory chips. This architecture integrates computing chips such as GPUs or AI accelerators directly onto NAND/CMOS logic memory cells, placing them in an interposer layer, surrounded by stacked HBM chips. HBM handles high-bandwidth, low-latency access, while the NAND layer handles high-capacity read/write and storage tasks. This design aims to alleviate the capacity limitations of HBM (approximately 32–64GB per stack). Previously, SanDisk proposed the HBF architecture, which vertically stacks NAND via TSVs, achieving a capacity of up to 4TB, 8–16 times higher than HBM, but still faces challenges in latency and system integration complexity. Compared to DRAM, NAND offers higher capacity and lower cost, but slower access speeds. The new architecture achieves perfect complementarity between the two through 3D layering. (Titanium Garage)
Citrini vs. SemiAnalysis? SemiAnalysis founder challenges Citrini researcher, claiming he revealed information about the Rubin Ultra 12 Hi to clients back in March.
According to Odaily Odaily, a new debate has erupted between two well-known investment research firms, Citrini and SemiAnalysis. Citrini researcher Zephyr cited sources claiming that "Rubin Ultra HBM performance has actually dropped to the 12 Hi level, and they haven't even started using HB technology yet." They will not be using 16-Hi chips in 2027. Currently, hybrid bonding technology is very expensive for HBM (its yield is extremely low). BESI's biggest advantage in the short term lies in TSMC's use of hybrid bonding technology in its chip manufacturing and packaging processes, enabling the integration of EICs and PICs, thereby improving CPO production efficiency. In response, Citrini researcher Jukan commented with a related tweet, "I told you this back in April." In response to this, Dylan Patel, founder of SemiAnalysis, forwarded a screenshot from Discord and said: "In March, customers using the SemiAnalysis Memory and Accelerator models already knew that the Rubin Ultra 16 Hi would be replaced by a 12 Hi version." Previously, Citrini researcher Jukan cited reports that "Nvidia plans to drastically cut its next-generation rack memory configurations," causing a sharp drop in US and South Korean memory stocks. SemiAnalysis founder Dylan Patel clarified that the report was taken out of context and was sensationalist.
Citrini analyst Jukan: Samsung Foundry achieved monthly profitability in June, its first since 2023.
According to a post on the X platform by Citrini analyst Jukan, as reported by Odaily Korean media, Samsung Foundry achieved monthly profitability in June, its first such month since 2023. With this positive profit in June, Samsung internally believes the likelihood of a profit turnaround starting in the third quarter has increased. The use of Samsung's 4nm process for HBM4 base dies is considered a key factor driving this turnaround, while improved yield rates are also seen as a major factor supporting the positive monthly profit. Industry sources estimate that Samsung's 4nm process yield has improved to approximately 80%.
Samsung Electronics has filed a new patent for HBM, addressing the reliability challenges of high-stack memory.
According to a report by Mars Finance on June 30th, Citrini researcher Jukan revealed that Samsung Electronics has filed a new HBM patent, addressing the reliability challenges of high-stack (12+ layers) memory by improving the top-level dummy die structure. The core of the patent is a three-step, convex curved surface design for the dummy die's sides, employing a deep-groove sawing process to reduce warping, cracks, and delamination, while optimizing thermal management and bonding interface cleanliness. This innovation, targeting products with 16+ layers such as HBM5, can significantly improve yield and long-term stability, helping Samsung enhance its competitiveness in the AI high-bandwidth memory market.
Citrini analyst: Apple urgently needs Chinese DRAM and NAND capacity, and may be simultaneously pushing for their inclusion in the supply chain.
According to Mars Finance, on June 27th, Citrini analyst Zephyr cited Chinese mobile phone shipment data, pointing out that foreign brands, including iPhones, saw a 19.2% year-on-year decline in shipments in May, while domestic brands such as Huawei drove a 16.5% increase in total shipments, increasing pressure on Apple in the Chinese market. Zephyr noted that Apple faces not only price issues but also a DRAM supply shortage, and that CXMT products primarily serve the Chinese market, requiring competition with Huawei, which uses CXMT and SwaySure's joint venture memory factory. Zephyr believes that Apple will struggle to maintain its market share in China without adopting CXMT DRAM. He also pointed out that the Kirin 9040 will significantly narrow the SoC performance gap and hinted that Apple is lobbying to introduce 3D NAND flash memory products manufactured by Yangtze Memory Technologies Co., Ltd. (YMTC). Today's news also indicates that Apple is lobbying the Trump administration to allow it to purchase DRAM chips manufactured by the Chinese company YMTC.