Is HBM gradually losing its moat? According to Korean media, NVIDIA’s next-generation NVHBM will be led by NVIDIA in logical design, integrating the memory controller directly into the base die, which will then be manufactured by TSMC. Previously, Samsung, SK Hynix, and Micron controlled all aspects of HBM—design, DRAM manufacturing, base die fabrication, and stacking packaging—entirely in-house. Now, the rules have changed: NVIDIA leads the core logical design, while TSMC handles advanced logic manufacturing. Samsung, SK Hynix, and Micron can now only compete on DRAM yield, stacking, thermal management, and mass production capabilities. Essentially, their moat is narrowing—they no longer hold the reins. NVIDIA ($NVDA) is no longer simply purchasing HBM; it now sets the rules, defines HBM design standards to meet its own needs, and controls the narrative. TSMC, of course, needs no introduction—already dominating chip foundry and advanced packaging, it is now also bringing HBM base dies under its control. The competitive landscape in the memory industry is constantly evolving. Today’s market leader may be reshuffled entirely with the next generation of technology.