Strategic Analysis of Samsung Electronics' Hybrid Bonding Technology

Based on the latest searched information, I will provide you with a systematic and comprehensive analysis.

Hybrid Bonding is a core solution for 3D integration of logic chips in the post-Moore’s Law era, breaking through traditional packaging limits via direct copper-to-copper bonding. This technology simultaneously bonds dielectric and metal layers, enabling interconnect pitch to be compressed to

, increasing connection density by compared to traditional TSV technology, and providing atomic-level interconnect capabilities for heterogeneous integration of logic and storage[1][2].

• 2025
  : Adopt both TC bonding and hybrid bonding in the 16-layer 7th-generation HBM “HBM4E”[3]
• 2026
  : Fully launch 400-layer vertical NAND flash memory chips; HBM5 will start full-volume production using hybrid bonding[4]
• Capacity Layout
  : Under construction of hybrid bonding production lines, targeting competition with TSMC in the AI chip packaging field[4]

Samsung has achieved three major breakthroughs through hybrid bonding technology:

• Breakthrough in Stacking Layers
  : Supports evolution to 500 layers and above, solving the physical limit problem of high-density storage[5]
• I/O Speed Improvement
  : Hybrid bonding technology accelerates the I/O performance of next-generation PCIe standard interfaces to meet the needs of AI inference servers[5]
• Power Consumption Reduction
  : Compared with traditional bonding methods, the energy efficiency ratio is significantly improved, adapting to high-load scenarios in AI data centers

• As the global NAND leader (with a market share of over 30%), Samsung has scale effects and process accumulation[6]
• Hybrid bonding technology will strengthen its leading position in the
  enterprise SSD market
  (the main driver of AI server demand)[7]
• V9 NAND technology (286 layers) has been mass-produced, laying the foundation for hybrid bonding applications[8]

• Mass Production Delay Risk
  : Full-scale mass production of V9 QLC NAND chips has been postponed to the first half of 2026 due to design issues[9]
• Yield Control
  : Hybrid bonding technology has extremely high requirements for testing processes, and yield control is a key challenge[10]
• Cost Pressure
  : Investment in new equipment and process complexity lead to high initial costs[10]

Manufacturer	Technological Progress	Market Strategy
Samsung	Launch 400-layer NAND in 2026; Constructing hybrid bonding production lines	Focus on high-end enterprise market
SK Hynix	Mass-produce hybrid bonding NAND in 2027; 321-layer TLC has been commercially mass-produced	“Full-line AI Storage Creator” strategy[11]
Yangtze Memory	Mature Xtacking technology; 232-layer NAND released; Entering HBM market	Accelerated domestic substitution, technology recognized internationally[12]
Micron	Focus on data center and enterprise products; Exit consumer business	Prioritize high-value-added products
Kioxia/SanDisk	Constrained by production capacity; Seeking external cooperation	Facing survival pressure

• Incremental Market
  : HBM demand has a compound annual growth rate of 59.7% (2024-2026), with prices continuing to rise[13]
• Stock Market
  : Consumer SSDs and NAND Wafers face a moderate recovery, with price increases lower than DRAM[7]

• NAND prices rose from $4.80 (1TB TLC) in July 2025 to $10.70 in November, an increase of over 100%[9]
• Suppliers prioritize ensuring HBM and advanced DRAM production capacity, leading to a supply-demand gap in the conventional storage market[7]
• Small and medium-sized suppliers face a “survival crisis”, and the market is concentrating toward leading players[7]

Hybrid bonding technology has become a new competitive focus, with significant differences in strategies among various manufacturers:

Technological Dimension	Competitive Landscape
Stacking Layers	Samsung (400 layers) vs SK Hynix (321 layers) vs Yangtze Memory (232 layers)[4][8][12]
Bonding Technology	Yangtze Memory’s Xtacking technology is leading; Samsung/SK Hynix are accelerating their catch-up[12]
Heterogeneous Integration	TSMC SoIC-X (9μm pitch) vs Intel Foveros Direct (<5μm) vs Samsung X-Cube (4μm)[1]

As one of the industry’s leading hybrid bonding technologies, Yangtze Memory’s Xtacking architecture has the following advantages:

• Patent Barrier
  : International manufacturers (such as Samsung and SK Hynix) have purchased its patent licenses[14]
• Technological Maturity
  : Has applied hybrid bonding technology to 64-layer NAND since 2018, with profound experience accumulation[7]
• Market Breakthrough
  : The registered capital of the third-phase project is RMB 20.72 billion, which is expected to accelerate capacity expansion[12]

• HBM Field
  : Yangtze Memory has officially entered the HBM market, and is expected to transform from a “follower” to a “leader”[14]
• NAND Field
  : Global market share is still low, but the technological gap has narrowed to 1-2 generations[12]
• Domestication of Equipment
  : The etching and thin film deposition equipment market is expected to grow 1.7-1.8 times[12]

• Hybrid bonding technology will consolidate its technological leading position in the high-end NAND market
• However, it faces competitive pressure from SK Hynix in the HBM field, as well as short-term challenges from the delay of V9 products
• In the long term, technological layout will help maintain competitive advantages in the AI storage era

• Short-term (2025-2026)
  : NAND prices remain high, and the tight supply situation continues
• Mid-term (2027-2028)
  : Mass production of hybrid bonding NAND accelerates, and the technological generation gap narrows
• Long-term (2028-2030)
  : The market focuses on AI storage, and technological innovation replaces capacity competition

• Hybrid bonding technology is a key track for domestic storage to achieve overtaking
• Yangtze Memory is expected to gain greater voice in the global storage market by virtue of its Xtacking technology advantages
• It is necessary to continuously pay attention to the window period of technological iteration and accelerate the localization process of equipment and processes

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[1] EETimes China - Top 10 Technological Trends in the Global Semiconductor Industry for 2026
[2] Applied Materials - Hybrid Bonding Technology
[3] China Flash Market - Samsung Electronics Gradually Introduces Hybrid Bonding Starting with 16-layer HBM
[4] Korea Economic Daily - Samsung to build hybrid bonding lines
[5] Mordor Intelligence - NAND Flash Memory Market Size & Share Analysis
[6] Industry Research - NAND Flash Memory and DRAM Market
[7] 36Kr - The Frenetic Storage Arena: Wealth Creation, Fierce Competition, and Restructuring
[8] TrendForce - NAND layer roadmap comparison
[9] TechPowerUp - Samsung V9 NAND delay and NAND flash market analysis
[10] SemiEngineering - HBM4 Sticks With Microbumps, Postponing Hybrid Bonding
[11] Yahoo Finance - SK Hynix $13 billion expansion
[12] GF Securities - In-Depth Report on Resonance of Storage Capacity Expansion and Independent Controllability
[13] Wenxue City - The Logic Behind Micron’s Skyrocketing Stock Price
[14] Sohu - Domestic Storage Chips Accelerate Their Rise, Yangtze Memory Officially Enters the HBM Market