The Hidden AI Bottleneck: HBM Now Drives Two-Thirds of GPU Costs

The economic center of gravity for AI hardware has fundamentally shifted from processing logic to high-bandwidth memory (HBM), altering the global supply chain landscape. As memory now dictates both the cost curve and production limits of frontier AI accelerators, industry dominance will increasingly rely on the capacity of memory vendors rather than traditional silicon foundries. This structural inversion indicates that the future of affordable AI development hinges entirely on the upcoming HBM4 market competition.