High Bandwidth Memory

What It Is and Why It Matters

Jack Freed, Konstantin F. Pilz, Nicholas Brown, Lennart Heim

Expert InsightsPublished Jul 9, 2026

High Bandwidth Memory (HBM) is a specialized type of memory used in most leading artificial intelligence chips, but it is produced at a globally competitive scale by only three companies, and it relies on complex manufacturing processes concentrated in a handful of facilities in East Asia. In this paper, the authors synthesize technical and market analysis of the HBM ecosystem: how HBM works, how it is produced, and who controls its production. They aim to equip policymakers and researchers with a primer that can be referenced in a variety of policy discussions.

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Freed, Jack, Konstantin F. Pilz, Nicholas Brown, and Lennart Heim, High Bandwidth Memory: What It Is and Why It Matters. Santa Monica, CA: RAND Corporation, 2026. https://www.rand.org/pubs/perspectives/PEA4748-1.html.
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