MSX美股每日观察：FMS 2026存储峰会：HBF标准首发，三星、SK海力士、美光集体押注产能
- 核心观点：在2026年FMS峰会上，三大存储巨头针对“AI内存墙”提出互不兼容的解决方案，表明存储已成为制约AI算力发挥的关键约束条件，行业标准尚未收敛但产能已同步扩张。
- 关键要素：
- SK海力士与闪迪联合发布高带宽闪存（HBF）首个标准规格，支持8层与16层堆叠，单颗容量最高512GB，定位为HBM之下的新增层级。
- HBF读带宽区间为0.4–3.0 TB/s，上限触及HBM4区间，但基于闪存介质，延迟与写入寿命与DRAM不同，官方定位为增量层而非替代品。
- 三星发布V10 BV-NAND，堆叠400层以上，首次采用晶圆键合工艺，同时预览zHBM与zNAND-O概念产品，尚未量产。
- SK海力士发布第10代375层4D NAND，能效比较上一代提升2.5倍；铠侠CM10为首款结合PCIe 6.0、332层BiCS10与直接冷板液冷的企业级SSD。
- 据报道，三星计划将HBM月产能从约17万片晶圆提升至约25万片，增幅约47%，目标2026年底达成，扩产先于需求兑现。
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Today's Observation
FMS 2026 took place on August 4–6 in Santa Clara, USA, marking the 21st edition of the world's largest independent storage industry summit. At this single event, three industry giants delivered three mutually incompatible answers to the "AI memory wall": SK Hynix and SanDisk jointly unveiled the first standard specification for High Bandwidth Flash (HBF), adding a new tier below HBM; Samsung introduced BV-NAND with over 400 layers, using wafer bonding technology for the first time to stack vertically; and Kioxia integrated direct cold-plate liquid cooling into enterprise SSDs for the first time, addressing constraints from the thermal dissipation side.
Data in a Minute
• The first HBF standard specification was released by SK Hynix and SanDisk via OCP, supporting 8-layer and 16-layer stacking with a maximum capacity of 512GB per unit
• HBF read bandwidth ranges from 0.4–3.0 TB/s, with the upper limit entering HBM4's bandwidth territory; however, it is officially positioned as a new tier below HBM, not a replacement
• Samsung unveiled V10 BV-NAND with over 400 stacked layers, marking the industry's first use of wafer bonding technology
• Samsung also previewed zHBM and zNAND-O, both still in the concept stage with no mass production yet
• SK Hynix released its 10th-generation 375-layer 4D NAND, with energy efficiency 2.5 times better than the previous generation
• Kioxia's CM10 is the first enterprise SSD to combine PCIe 6.0, 332-layer BiCS10, and direct cold-plate liquid cooling
• Reports indicate Samsung plans to increase its monthly HBM production capacity from approximately 170,000 wafers to around 250,000 wafers, a rise of roughly 47%, targeting completion by the end of 2026
MSX View
The most noteworthy signal from this summit is not any specific product, but rather the shift in the role of storage within AI systems. Thermal budgets have spilled over from GPUs all the way to SSDs, and the need to add a new tier below HBM all points to the same thing: storage has become a constraint on whether compute power can reach full utilization. It is worth noting that while HBF's bandwidth ceiling has touched HBM4 territory, its underlying medium remains flash memory, with latency and write endurance on a different scale than DRAM. Its official positioning is always as an incremental layer rather than a replacement—this is the point most prone to being exaggerated and misunderstood in dissemination. What deserves closer observation is that despite the three routes being mutually incompatible and industry standards far from convergence, all three companies have simultaneously committed to production capacity. Capacity decisions are made far ahead of demand realization, and this is the root cause of storage cycles. In the short term, simultaneous capacity expansion is a signal that AI demand has been jointly confirmed by the three giants; in the medium term, whether supply pacing aligns with demand is the true variable in this cycle.
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