When the Bottleneck Migrates: Interconnect, HBM, and the Repricing of the Entire Storage Empire
- SK hynix and SanDisk introduced the first standard specification for High-Bandwidth Flash (HBF) at FMS 2026.
- NVIDIA is considering downgrading the HBM configuration for Rubin Ultra from 12hi HBM4E to HBM4E 8hi, HBM4 12hi, and HBM4 8hi.
- Micron, SK hynix, and SanDisk saw pre-market stock increases of 3.68%, 3%, and 4.42%, respectively.
- The interconnect is becoming the primary bottleneck in AI infrastructure, with HBM being a close second.
- The value distribution in the storage industry is being rewritten as the bottleneck shifts from within compute units to the interconnect layer.
On August 4, 2026, two significant developments occurred in the storage industry. In the morning, SK hynix and SanDisk unveiled the first standard specification for High-Bandwidth Flash (HBF), a new storage tier positioned between HBM and SSDs. In the afternoon, TrendForce reported that NVIDIA is evaluating a downgrade of the HBM configuration for Rubin Ultra, considering alternatives to the originally planned 12hi HBM4E.
The stock market reacted positively to these announcements, with Micron's shares rising by 3.68%, SK hynix by 3%, and SanDisk by 4.42%. This indicates a recognition of the HBM supply bottleneck and the introduction of new alternatives, although the narrative is not centered around an impending storage bull market.
The report highlights that the interconnect, rather than advancements in NAND technology or packaging, is the key factor in the evolving landscape of storage. As interconnect bandwidth continues to grow, it is becoming the primary bottleneck in AI infrastructure, while HBM is closely following behind. The shift in bottleneck location signifies a revaluation of the entire storage system, as the focus moves from internal chip communication to interconnect capabilities.
瓶颈迁移：互连、高带宽内存及整个存储帝国的重新定价
2026年8月4日，存储行业发生了两项重要发展。上午，SK海力士和闪迪推出了高带宽闪存（HBF）的第一个标准规范，这是一种介于高带宽内存（HBM）和固态硬盘（SSD）之间的新存储层。下午，TrendForce报道NVIDIA正在评估将Rubin Ultra的HBM配置从原计划的12hi HBM4E降级为其他选项。
市场对此反应积极，美光的股价上涨了3.68%，SK海力士上涨了3%，闪迪上涨了4.42%。这表明市场认识到HBM供应瓶颈，并引入了新的替代方案，尽管这一叙述并不是围绕即将到来的存储牛市。
报告强调，互连而非NAND技术或封装的进步，是存储演变格局中的关键因素。随着互连带宽的持续增长，它正成为人工智能基础设施的主要瓶颈，而HBM紧随其后。瓶颈位置的变化标志着整个存储系统的重新估值，因为焦点从内部芯片通信转向互连能力。