When the Bottleneck Migrates: Interconnect, HBM, and the Repricing of the Entire Storage Empire
- SK hynix and SanDisk announced 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 other options.
- Micron, SK hynix, and SanDisk saw pre-market stock increases of 3.68%, 3%, and 4.42%, respectively.
- The interconnect is identified as the primary bottleneck in AI infrastructure, with HBM following closely behind.
- The value distribution in the storage industry is undergoing a significant rewrite due to these developments.
On August 4, 2026, two significant events 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, moving from the originally planned 12hi HBM4E to a consideration of HBM4E 8hi, HBM4 12hi, and HBM4 8hi.
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%. These developments indicate an acknowledgment of the HBM supply bottleneck and the formal proposal of new alternatives. The article emphasizes that the ongoing changes are not indicative of a forthcoming storage bull market, but rather a re-evaluation of value distribution within the storage sector.
The interconnect, rather than advancements in NAND technology or packaging breakthroughs, is highlighted as the key factor in this revaluation. As the bottleneck shifts from within the compute unit to the interconnect layer, it is reshaping the entire compute and storage architecture.
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事件。上午，SK海力士和闪迪公布了高带宽闪存（HBF）的首个标准规范，这是一种介于HBM和SSD之间的新存储层。下午，TrendForce报告称，NVIDIA正在评估将Rubin Ultra的HBM配置从原计划的12hi HBM4E降级为考虑HBM4E 8hi、HBM4 12hi和HBM4 8hi。
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%。这些发展表明，市场对HBM供应瓶颈的认可以及新替代方案的正式提出。文章强调，这些变化并不意味着即将到来的存储牛市，而是存储行业价值分配的重新评估。
互连被强调为这一重新评估的关键因素，而不是NAND技术或封装突破的进展。随着瓶颈从计算单元内部转移到互连层，它正在重塑整个计算和存储架构。