Vi e w p o i n t | 29 Sep 2026 05:07:50 ET │ 10 pages Global Semiconductors HBM Market to Face Severe Undersupply in 2027E–2028E Despite De-spec Concerns CITI'S TAKE We view recent HBM de-specification not as a sign of weakening demand, but as a practical measure to maximize accelerator shipments amid tight supply. Driven by scale-out AI architectures, continual learning, and expanding ASIC/GPU adoption, we expect HBM bit demand to surge +62% YoY (75.2bn Gb) in 2027E and +69% YoY (127.0bn Gb) in 2028E, doub ...