📰 DigiTimesDigiTimesDoubao · 实盘不做把握 6/10不做原因:已被定价
北京时间·🕒 发布 09-10 14:37:49·⟳ 抓取 09-10 15:02:35 +24m46s·⚡ 决策 09-15 13:02:19 +4d21h·42.1 天前
DigiTimes/Reuters：HBM紧缺推动华为昇腾、寒武纪等国产AI加速卡涨价20%-50%，但寒武纪否认涨价
信号为118小时前（9月10日）DigiTimes+Reuters同日报道的行业供需综述，非新发生事件；唯一点名的上市中国涨价标的寒武纪当日即公开否认涨价，直接多头逻辑被削弱；HBM受益方（海力士/三星/美光）均为超大市值龙头，报道只复述既有紧缺展望无公司级新增事实；国产链核心主体华为/沐曦/天数智芯未上市，A股仅存弱主题映射且已随存储板块消化数日，方向MIXED、无新鲜可执行edge。
📄 原文DigiTimes↗ 原文
China's Nvidia rivals raise prices as HBM shortage bites
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不做 寒武纪（688256.SH）
报道为118小时前旧闻且已高扩散；公司当日否认涨价通知，最直接的多头催化被证伪一半；私下报价与毛利率净影响不明，无新鲜edge，不做多也不构成做空级利空（需求与出货仍强）
不做 SK海力士（000660.KS）
超大市值龙头，本报道仅复述HBM紧缺与长协的已知行业背景，无新增订单/指引事实，软催化相对市值不构成短线交易增量，且已过5日
不做 华为昇腾/沐曦/天数智芯（未上市映射）（N/A）
涨价与出货放量的核心主体华为、沐曦、天数智芯均无直接可交易证券；A股存储/接口映射仅为弱主题联想且已随板块消化数日，不据此开主题单
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
HBM紧缺推动国产AI卡涨价的报道方向偏多（定价权+需求强）但成本端同样承压，且已过5日广泛传播；直接点名的寒武纪当日否认涨价，海外HBM龙头无新增事实，核心受益方华为未上市，缺乏新鲜、可坐实、可交易的正期望标的。
🔎 新鲜度:最早出现 2026-09-10 · 扩散 high · price-in 风险 high ↗
关键理由
- HBM紧缺与涨价对产业链影响分化：对存储原厂是景气确认但无新增事实，对国产加速卡厂是提价与成本并存的混合信号
- 唯一上市直接标的寒武纪（688256.SH）证券部门当日否认发布涨价通知，削弱了最直接的做多路径
主要风险
- 若后续有公司正式涨价公告或大额订单确认，本判断的陈旧性与方向结论需重估
- 存储板块情绪可能在FOMC前继续交易HBM紧缺主题，但那是板块beta而非本事件的新鲜edge
反向证据
先例如何影响了这次决策
对本次决策的影响:未因先例调整任何标的或价位；决策由新鲜度、公司否认与无新增事实决定
方向:未构建先例：本信号为5日前的行业供需综述而非新增公司事件，且最终因陈旧/方向混合/直接标的否认而回避，外部先例不改变结论
涨幅量级:无可用于校准幅度的对齐先例
形态:不适用
工具执行结果 · 成功 1 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 19 ms
{"result": "search_processed_events:agent query=`hbm短缺 中国ai芯片 昇腾950 寒武纪690 涨价 | huawei ascend 950dt cambricon 690 price hike hbm shortage | reuters 华为昇腾 950pr 910c 8万元 11万元 涨价`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"}
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Home
Tech
Semiconductors
China's Nvidia rivals raise prices as HBM shortage bites
Sherri Wang
, DIGITIMES, Taipei
Sep 10, 2026, 14:37 , Updated: Sep 10, 2026, 17:18
0
Credit: AFP
Chinese chipmakers challenging Nvidia are sharply raising prices for current and next-generation accelerators as high-bandwidth memory (HBM) becomes scarcer and more expensive, adding another cost constraint to China's push for domestic computing hardware.
Huawei's Ascend 950DT now carries an indicated price above CNY250,000 (approx. US$37,255), up roughly 20% to 50% from quotes two months earlier, while indicated pricing for Cambricon Technologies' next-generation 690 has risen 20% to 30% over the same period. MetaX and Iluvatar CoreX have also raised prices. Reuters reported on September 10 that Huawei's Ascend 950PR and Ascend 910C have climbed to above CNY80,000 and CNY110,000, respectively, while Chinese chipmakers are increasingly relying on gray-market HBM that can cost several times more than supplies purchased outside China.
Cambricon, however, pushed back against reports of a price increase. A representative from the company's securities department told Chinese financial media on September 10 that Cambricon had not issued any price-hike announcement and cautioned investors against relying on market rumors. The response did not directly address whether pricing had changed in private customer discussions.
The increases point to a bottleneck beyond advanced logic manufacturing. SK Hynix, Samsung Electronics and Micron Technology dominate advanced HBM supply, while US export controls introduced in December 2024 restrict China's access to certain advanced HBM products.
With memory accounting for a significant share of an accelerator card's production cost, higher HBM prices are feeding through to finished hardware and raising the cost of deploying domestic alternatives to Nvidia.
Global memory supply leaves little slack
Outside China, the memory market offers limited room for additional demand.
Samsung expects demand for server DRAM, enterprise SSDs and HBM to accelerate in the second half of 2026 as infrastructure investment continues. Despite some moderation in smartphone and PC demand, the company expects the memory market to remain undersupplied, with supply constraints persisting despite efforts to increase production.
The imbalance could extend well beyond this year. Unmet demand carried over from 2026 is expected to deepen the memory shortage in 2027, with tight supply continuing into 2028. One constraint is the roughly three-and-a-half-year lead time between construction of a new fab and wafer production, limiting how quickly additional capacity can reach the market.
SK Hynix is seeing similar pressure. Additional supply requests continue to mount as major technology companies expand infrastructure investment. The memory maker has finalized long-term supply agreements with around 10 customers and is discussing additional multi-year contracts with major clients.
The company began mass shipments of HBM4 in the second quarter and plans to ramp production during the second half.
For Chinese chipmakers, that means trying to secure scarce HBM in a market where major global customers are increasingly using long-term agreements to lock in future supply. Restricted access to advanced HBM adds further pressure on both availability and price.
Huawei develops its own HBM approach
Huawei is seeking to address the memory constraint with technologies tailored to different workloads.
Its Ascend 950 series will use two proprietary HBM technologies. HiBL 1.0 will be paired with the Ascend 950PR, which targets the prefill stage of inference and recommendation systems, while HiZQ 2.0 is designed for the Ascend 950DT, targeting decode workloads and model training.
Huawei positions HiBL 1.0 as a lower-cost HBM option for workloads with relatively modest memory-bandwidth requirements. HiZQ 2.0, designed for more memory-intensive applications, provides 144GB of capacity and 4TB per second of memory bandwidth. The Ascend 950DT is scheduled for availability in the fourth quarter of 2026.
Huawei has not disclosed where or how the memory is manufactured, leaving unclear how far its proprietary approach can shield the company from broader HBM supply and pricing pressures.
The cost pressure is already visible across Huawei's product lineup. The Ascend 950PR, which sold for roughly CNY60,000 per card at the start of 2026, now fetches more than CNY80,000. The older Ascend 910C board has risen from around CNY90,000 to more than CNY110,000.
The increase is particularly notable because Huawei positioned HiBL 1.0 as a lower-cost memory solution. Higher prices for both the 950PR and the higher-performance 950DT suggest that proprietary memory technologies alone may not eliminate the broader supply and cost constraints surrounding HBM.
Higher cost for domestic compute
Demand for Chinese accelerators remains strong despite higher prices. Iluvatar CoreX has doubled planned GPU shipments to ByteDance to 100,000 units this year and diverted processors previously earmarked for internal use to help meet the internet company's demand.
US restrictions on Nvidia's most advanced products have created opportunities for domestic suppliers, but the HBM squeeze shows that designing a competitive processor is only part of the challenge.
As accelerator performance becomes increasingly dependent on high-bandwidth memory, advanced packaging and high-speed interconnects, China's ability to expand domestic computing capacity will also depend on securing enough memory at a viable cost. The latest price increases show HBM becoming another decisive test of how far China's Nvidia alternatives can scale.
Article
edited by Ysi Chen
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Corning sees CPO and glass core as new semiconductor battlegrounds
Tomorrow's Headlines
Sep 14, 18:47
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Tomorrow's Headlines
Sep 14, 18:46
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Home
Tech
Semiconductors
China's Nvidia rivals raise prices as HBM shortage bites
Sherri Wang
, DIGITIMES, Taipei
Sep 10, 2026, 14:37 , Updated: Sep 10, 2026, 17:18
0
Credit: AFP
Chinese chipmakers challenging Nvidia are sharply raising prices for current and next-generation accelerators as high-bandwidth memory (HBM) becomes scarcer and more expensive, adding another cost constraint to China's push for domestic computing hardware.
Huawei's Ascend 950DT now carries an indicated price above CNY250,000 (approx. US$37,255), up roughly 20% to 50% from quotes two months earlier, while indicated pricing for Cambricon Technologies' next-generation 690 has risen 20% to 30% over the same period. MetaX and Iluvatar CoreX have also raised prices. Reuters reported on September 10 that Huawei's Ascend 950PR and Ascend 910C have climbed to above CNY80,000 and CNY110,000, respectively, while Chinese chipmakers are increasingly relying on gray-market HBM that can cost several times more than supplies purchased outside China.
Cambricon, however, pushed back against reports of a price increase. A representative from the company's securities department told Chinese financial media on September 10 that Cambricon had not issued any price-hike announcement and cautioned investors against relying on market rumors. The response did not directly address whether pricing had changed in private customer discussions.
The increases point to a bottleneck beyond advanced logic manufacturing. SK Hynix, Samsung Electronics and Micron Technology dominate advanced HBM supply, while US export controls introduced in December 2024 restrict China's access to certain advanced HBM products.
With memory accounting for a significant share of an accelerator card's production cost, higher HBM prices are feeding through to finished hardware and raising the cost of deploying domestic alternatives to Nvidia.
Global memory supply leaves little slack
Outside China, the memory market offers limited room for additional demand.
Samsung expects demand for server DRAM, enterprise SSDs and HBM to accelerate in the second half of 2026 as infrastructure investment continues. Despite some moderation in smartphone and PC demand, the company expects the memory market to remain undersupplied, with supply constraints persisting despite efforts to increase production.
The imbalance could extend well beyond this year. Unmet demand carried over from 2026 is expected to deepen the memory shortage in 2027, with tight supply continuing into 2028. One constraint is the roughly three-and-a-half-year lead time between construction of a new fab and wafer production, limiting how quickly additional capacity can reach the market.
SK Hynix is seeing similar pressure. Additional supply requests continue to mount as major technology companies expand infrastructure investment. The memory maker has finalized long-term supply agreements with around 10 customers and is discussing additional multi-year contracts with major clients.
The company began mass shipments of HBM4 in the second quarter and plans to ramp production during the second half.
For Chinese chipmakers, that means trying to secure scarce HBM in a market where major global customers are increasingly using long-term agreements to lock in future supply. Restricted access to advanced HBM adds further pressure on both availability and price.
Huawei develops its own HBM approach
Huawei is seeking to address the memory constraint with technologies tailored to different workloads.
Its Ascend 950 series will use two proprietary HBM technologies. HiBL 1.0 will be paired with the Ascend 950PR, which targets the prefill stage of inference and recommendation systems, while HiZQ 2.0 is designed for the Ascend 950DT, targeting decode workloads and model training.
Huawei positions HiBL 1.0 as a lower-cost HBM option for workloads with relatively modest memory-bandwidth requirements. HiZQ 2.0, designed for more memory-intensive applications, provides 144GB of capacity and 4TB per second of memory bandwidth. The Ascend 950DT is scheduled for availability in the fourth quarter of 2026.
Huawei has not disclosed where or how the memory is manufactured, leaving unclear how far its proprietary approach can shield the company from broader HBM supply and pricing pressures.
The cost pressure is already visible across Huawei's product lineup. The Ascend 950PR, which sold for roughly CNY60,000 per card at the start of 2026, now fetches more than CNY80,000. The older Ascend 910C board has risen from around CNY90,000 to more than CNY110,000.
The increase is particularly notable because Huawei positioned HiBL 1.0 as a lower-cost memory solution. Higher prices for both the 950PR and the higher-performance 950DT suggest that proprietary memory technologies alone may not eliminate the broader supply and cost constraints surrounding HBM.
Higher cost for domestic compute
Demand for Chinese accelerators remains strong despite higher prices. Iluvatar CoreX has doubled planned GPU shipments to ByteDance to 100,000 units this year and diverted processors previously earmarked for internal use to help meet the internet company's demand.
US restrictions on Nvidia's most advanced products have created opportunities for domestic suppliers, but the HBM squeeze shows that designing a competitive processor is only part of the challenge.
As accelerator performance becomes increasingly dependent on high-bandwidth memory, advanced packaging and high-speed interconnects, China's ability to expand domestic computing capacity will also depend on securing enough memory at a viable cost. The latest price increases show HBM becoming another decisive test of how far China's Nvidia alternatives can scale.
Article
edited by Ysi Chen
AI Search
Related stories
Huawei's custom HBM challenges the existing memory hegemony
Huawei Ascend 950 to feature in-house HBM in 2026, advancing China's AI memory independence
Huawei charts 6-year Ascend AI chip roadmap, showcasing HBM advances and SuperNode scale
NVIDIA's Rubin CPX may reshape AI memory demand, boosting GDDR7 over HBM
HBM capacity crunch triggers price surge in DDR5 and VRAM markets
Show more
Categories
Chips + components Memory chips
Tags
Ascend China chipmakers cost HBM Nvidia production
Share this article
Other links
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Global supply chain: China market
Asia
Regions
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Sep 14, 08:00
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Monday 14 September 2026
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Sorry, the page you are trying to open is available only for our paid subscribers.
Please login to read more
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