NVDA · HBM 3-Co Monopoly — SK Hynix 62% · MU S&P 500 Weight 10%

HBM Global Market Share

• SK Hynix: 62% — HBM3E leader, NVIDIA exclusive #1 supplier

• Micron (MU): 23% — NVIDIA #2 supplier, rapidly expanding share

• Samsung: 17% — entering NVIDIA supply chain

• 3 companies control 100% of global HBM (extreme barriers to entry)

MU S&P 500 Weight Change

• Previous: 7.5% → Current: 10%

• Passive fund mandatory buying increases → supply/demand improving

• AAPL 7.5% → 6.19% falling: capital rotation into AI chips accelerating

HBM Market Structure Implications

• AI chip demand surge → direct benefit flows to SKH/MU/Samsung

• High barriers to entry → 3-company oligopoly expected to persist long-term

• NVIDIA GPU demand = HBM demand = SKH/MU revenue directly tied

Investment Thesis

• MU deep dive (June 29): DC +651%, FV $1,520, 25% undervalued

• S&P 500 weight increase = automatic passive fund inflows

• NVDA demand strength continues → HBM suppliers benefit long-term