Samsung Electronics HBM revenue is projected to surge 321% YoY to US$81bn in 2027, according to Goldman Sachs. Blended HBM average selling prices are estimated to exceed US$4.0 per Gb, representing a 159% annual increase driven by severe industry supply shortages. High-bandwidth memory will expand from 8% of total DRAM sales in 2026 to 20% in 2027. Foundry fundamentals are improving alongside memory demand, led by 4nm base die production for next-generation HBM4 architecture. Sustaining this revenue expansion requires successful HBM4 qualification and execution on long-term customer agreements. Key downside risks highlighted by the analysts include memory supply-demand deterioration and potential customer despeccing. #Samsung# #HBM# Report date: 2026-10-08 · GS