While memory stocks have surged alongsideNvidia Corp.'s (NASDAQ:NVDA) AI-fueled rally,GraniteSharesCEOWill Rhindbelieves Wall Street is still underestimating how long the shortage of high-bandwidth memory (HBM) could last.
儘管內存股隨著輝達公司（納斯達克：NVDA）受AI推動的漲勢而飆升，但GraniteShares首席執行長Will Rhind認為，華爾街仍低估了高帶寬內存（HBM）短缺可能持續的時間。
"What's priced in is the last twelve months," Rhind told Benzinga in an exclusive email interview. "What's hard to price is a shortage that may not clear until 2028."
Rhind在一封獨家電子郵件採訪中告訴Benzinga：「當前股價反映的是過去十二個月的情況。難以定價的是一種可能要到2028年才會緩解的短缺。」
HBM has become one of the most critical components in AI servers, enabling Nvidia's latest GPUs to process massive AI workloads. Demand has surged as hyperscalers includingMicrosoft Corp.(NASDAQ:MSFT),Alphabet Inc.(NASDAQ:GOOGL) (NASDAQ:GOOG),Amazon.com Inc.(NASDAQ:AMZN) andMeta Platforms Inc.(NASDAQ:META) continue pouring billions into AI infrastructure.
HBM已成為AI服務器中最關鍵的組件之一，使輝達最新的GPU能夠處理龐大的AI工作負載。隨著微軟（納斯達克：MSFT）、Alphabet（納斯達克：GOOGL）（納斯達克：GOOG）、亞馬遜（納斯達克：AMZN）和Meta Platforms（納斯達克：META）等超大規模企業繼續投入數十億美元建設AI基礎設施，需求激增。
Unlike traditional memory, however, HBM capacity cannot be expanded overnight. Production requires advanced manufacturing, packaging, and years of investment, creating supply constraints that Rhind believes could persist well beyond current market expectations.
然而，與傳統內存不同，HBM產能無法在一夜之間擴大。其生產需要先進的製造、封裝技術以及多年的投資，這造成了供應限制，Rhind認為這種限制可能會持續遠超當前市場的預期。
"Capacity takes years to build, and the AI buildout isn't slowing," he said.
「產能建設需要數年時間，而AI建設並未放緩，」他表示。
The comments reinforce the bullish outlook for leading HBM suppliers such asSK Hynix Inc.(NASDAQ:SKHY),Samsung Electronics Co., Ltd.(OTC:SSNLF) andMicron Technology, Inc.(NASDAQ:MU), even after their strong AI-driven gains.
這些評論強化了對領先HBM供應商（如SK Hynix（納斯達克：SKHY）、Samsung Electronics（場外交易代碼：SSNLF）和美光科技（納斯達克：MU））的看漲前景，即使它們此前已因AI熱潮錄得強勁漲幅。
For investors, the key takeaway is that while memory stocks have already rallied sharply, the industry's supply-demand imbalance may prove more durable than the market currently anticipates if AI infrastructure spending continues at its current pace.
對投資者而言，關鍵在於：儘管內存股已經大幅上漲，但如果AI基礎設施支出繼續以當前速度推進，該行業供需失衡的局面可能比市場目前預期的更為持久。 (Benzinga)