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Article
Flash

first_img SemiAnalysis: HBF non-HBM alternative, cost and heat dissipation still have uncertainties

P Equity Research and SemiAnalysis researcher Nick Doyle and others discussed high bandwidth flash (HBF) in X Space. Nick stated that it is still too early to determine how much the cost premium of HBF relative to HBM can shrink; existing data mostly comes from vendor claims, such as Sandisk stating that the cost per bit is about one-eighth that of HBM. Yields, testing, and other factors will improve with scale, but structural costs such as TSV, stacking, and pSLC mode will always exist, and durability is a key unknown; if wear exceeds expectations, costs will rise.The application scenarios for HBF are narrow, targeting only AI inference, especially low batch and long context MoE models, and it is not a substitute for HBM. The actual bandwidth target is about 1.6 TB/s, which is at the HBM3E level, suitable for sequential reads to load model weights, more aligned with the capacity needs of a small number of GPUs in local or private enterprises, rather than ultra-large-scale bandwidth scenarios. Heat dissipation reliability has not yet been resolved; flash memory will degrade faster at high temperatures next to GPUs, and mitigation measures such as UCIe separation and daily refresh have yet to be validated.In terms of manufacturing, Sandisk/Kioxia has experience with 3D NAND, and SK Hynix complements HBM-style stacking capabilities, but mass production is still to be confirmed. Overall, storage is shifting towards a specialized layered market, with NAND shortages expected to continue until 2028, and HBF may further impact supply and demand.
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