The NVIDIA RTX PRO 6000 has recently generated significant buzz in the market, with expectations running high for strong shipment performance driven by solid demand. However, Avril Wu, Senior Vice President of Research at TrendForce, points out that uncertainties remain. Specifically, the custom low-power variant designed for the Chinese market faces challenges related to cost-performance disadvantages and increasing competition from other players. In addition, memory supply constraints could further impact overall shipments.
TrendForce’s latest investigations reveal that the implementation of the U.S. “reciprocal tariffs” on April 9th—followed by a 90-day grace period for most regions—has prompted buyers and suppliers to adjust their strategies in response to policy uncertainty. Avril Wu, Senior Research Vice President at TrendForce, noted that with both sides rushing to complete transactions and shipments within the grace period to mitigate future policy risks, memory market activity is expected to pick up notably in 2Q25.
The DRAM industry experienced inventory reductions and price recovery in the first three quarters of 2024; however, pricing momentum is expected to weaken in the fourth quarter. TrendForce’s Senior Vice President of Research, Avril Wu, noted that some DRAM suppliers, after achieving profitability this year, have begun planning new capacity expansions. This could lead to a 25% YoY increase in total DRAM bit output in 2025—marking a more substantial growth compared to 2024.
Concerns over a potential HBM oversupply in 2025 have been growing in the market. TrendForce’s Senior Vice President of Research, Avril Wu, reports that it remains uncertain whether manufacturers will be able to ramp up HBM3e production as planned next year. Additionally, the steep learning curve for achieving stable yields in HBM3e 12-Hi production makes it difficult to determine if a capacity surplus will occur.
TrendForce reports that significant capital investments have occurred in the memory sector due to the high ASP and profitability of HBM. Senior Vice President Avril Wu notes that by the end of 2024, the DRAM industry is expected to allocate approximately 250K/m (14%) of total capacity to producing HBM TSV, with an estimated annual supply bit growth of around 260%. Additionally, HBM’s revenue share within the DRAM industry—around 8.4% in 2023—is projected to increase to 20.1% by the end of 2024.