Explore Crisil, a company of S&P GlobalFormerly known as Global Research & Risk Solutions
November 03, 2025
Case study
Case study
Our analysis of HBM4 adoption helped client cement thought leadership in semiconductors
November 03, 2025
Case study
Case study
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Background
- The launch of artificial intelligence (AI) graphics processing units/chips featuring the next-generation high bandwidth memory (HBM4) sparked strong interest among clients
- A leading global investment bank wanted to produce an in-depth primer to educate its clients on how HBM4 could transform computing, its impact on the semiconductor industry, and to help them make informed decisions about its adoption
- The bank engaged our associate to prepare an in-depth analysis and a primer covering HBM4’s technical specifications, architecture, and supply and demand dynamics
Crisil Integral IQ solution
- Our associate reviewed multiple white papers and industry analyses to understand HBM4 technology, its benefits and applications
- Technical specifications: The associate examined the technical details of HBM4, including its high bandwidth throughput, increased capacity, and lower power consumption. He also explained complex technical concepts-including TSV (Through- Silicon Via), CoWoS (Chip-on-Wafer-on-Substrate), 1-b nodes and HB vs TCB (High-Bandwidth vs Traditional Chip-to-Chip)-to the clients through clear exhibits and tables
- Supply and demand model: The associate developed a comprehensive supply and demand model for HBM4, considering chip manufacturers, capital expenditures, supply expansion plans and AI requirements. This enabled clients to assess whether HBM4 supply could meet the growing demand and help make informed investment decisions
- Use cases: The associate highlighted potential use cases for HBM4 in AI applications, including machine learning, natural language processing and computer vision. He also demonstrated how HBM4’s high bandwidth and low power consumption could enable faster and efficient processing of large datasets, leading to breakthroughs in autonomous vehicles, healthcare and finance
Client impact
- Competitive advantage: The in-depth primer helped the bank maintain its thought leadership in the rapidly evolving AI and semiconductor industry, gaining a potential edge over peers. The primer generated considerable interest among investors and led to multiple requests for custom analysis
- Informed decision-making: The bank’s clients gained comprehensive understanding of HBM4 technology, its supply-demand dynamics, benefits and applications, enabling informed investment decisions in next-generation memory technology and related supply chain companies
