Counterpoint: hbm memory demand slump concerns are misguided, high stacking remains the trend

On October 9, 2026, Counterpoint Research stated that concerns about a slowdown in HBM memory demand are based on incorrect information. The firm emphasized that the trend toward high-stacking HBM memory continues, with more NVIDIA Rubin GPUs shifting to 12Hi HBM4. No ASIC solutions have adopted only four-layer stacked HBM memory. Counterpoint argued that for AI XPU workloads, ensuring bandwidth and capacity is more critical than cost reduction. The analysis highlights the ongoing industry focus on performance over cost efficiency in HBM memory adoption. The report also noted that the demand for high-stacking HBM memory remains strong, driven by the need for higher bandwidth and capacity in AI applications. This trend is expected to continue as the industry prioritizes performance over cost savings. Counterpoint’s findings suggest that the market is not experiencing a slowdown in HBM demand, but rather a shift toward more advanced memory solutions.