In my view, HBM customization actually shows that memory makers have no bargaining power.
The underlying logic dies are all customized for NVIDIA $NVDA ’s accelerators. Switching suppliers means going through certification again. What’s locked in isn’t demand—it’s the memory makers’ own way forward.
When demand fluctuates, they’re the first to take a hit.
I see $NVDA as positive news, and $SKHY as negative news.