Yes, you can invest in the spine of AI infrastructure. Seven listed companies as an opportunity for profit

In the next article in a series for investors interested in companies from the modern technologies sector We focus on those players who provide important elements for AI infrastructure.

IMPORTANT: included in the company's text and valuations are only informative and do not constitute a recommendation for the purchase or sale of financial products. Investment decisions should be preceded by your own risk analysis and financial situation.

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The market is growing by 30 percent annually

According to SK Hynix, the memory market for AI is expected to grow about 30 percent. annually until 2030, and the scale of orders of the largest cloud suppliers suggests that We are talking about tens of billions of dollars value. It is also a thesis supported by this year's statements of the company and media relations. Micron Technology, another memory manufacturer, estimates that the value of the HBM market will increase from $ 18 billion. in 2024 to approx. 35 billion dollars in 2025, which well reflects the dynamics of this sector.

If we think about this investment long -term, The exposure not only makes sense at HBM manufacturers, but also on the neck of this bottlewhich became advanced packaging. TSMC still packs AI systems mainly in Taiwan, and its cowos (chip-on-wifer-on-substrate) process is considered a bottleneck of the entire chain. Analysts estimate that the powers of cowos grew and grow an end, but the demand is still catching up, and Nvidia even changes the preferred variety of cowos to better scale production.

To explain, Cowos is an advanced 2.5D TSMC packaging, in which the logical system and HBM piles are embedded on a silicon interpreter on a wafer, and then the whole combined with ABF ground, which shortens the paths, increases the capacity and allows you to densely integrate many chips. In other words, Cowos is a method of mounting the processor and HBM memory. These are real competitive advantages of companies well set in packaging and in materials – and real risks for those who stay in the back.

There are three memory companies in the center of the topic. That's right:

Micron Technology – This year he registered the HBM3E project in NVIDIA platforms from B200/GB200 to subsequent generations and raised revenue forecasts thanks to the demand for HBM. Investment banks estimate that the sale of HBM in Micron is approaching an annual rate of $ 8 billion, which shows that the American player is becoming stronger.

SK Hynix – remains the main supplier of HBM to Nvidia, and the company itself communicates about 30 percent. CAGR memory for AI until 2030. In practice, it means that even with short -term HBM3E price fluctuations, the long -term path of volume growth and market value is significant.

Samsung electronics – Historically, it is number two in memory, but he had a slip in HBM. Today, it provides smaller volumes than SK Hynix, while warning about the potential hypertension of HBM3E in the near future. For a long -term investor, he is a candidate for “reversing fate” – if he improves activities, he can return to the game for large shares.

The aforementioned bottle neck is packing and interpreters, so it's worth knowing three stock symbols also from this section of the chain.

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Without them, the memory will not be created

Taiwan Semiconductor Manufacturing Company, or TSMC (Symbol: TSM), is the actual operator of a significant part of the GPU+HBM integration thanks to Cowos and 3D Fabric. Investing in TSMC we talk not about a simple play on HBM, but a wide exposure to the entire AI boom, in which packaging restrictions explicitly limit the supply of accelerators to clouds.

AMKOR Technology (symbol: AMKR) i Ase technology holding (Symbol: ASX), in turn, is the main OSAT, i.e. subcontractors from packaging and tests. These are external companies that perform the final assembly of systems for chip manufacturers and their testing.

AMKOR strengthens cooperation with TSMC and develops production capacity in the USA, also using local government grants, and the results for 2025 show the growing contribution of advanced products. ASE, in turn, announced a more than double increase in advanced packaging and testing revenues in 2025., a prasa tajwańska pisała o rozważanej ekspansji w USA pod potrzeby klientów AI. These are companies that naturally flow on the same wave as HBM memory, but are often valued lower than memory producers.

The puzzle is complemented by packaging equipment. Dutch Be Semiconductor Industries – Bes symbol – He is a leader in a hybrid connection and becomes critical for the next generation of HBM and advanced technological stacks. The company raised long -term financial goals thanks to the demand of AI, and orders in 2025 reflect with growing activity in Asia. For the investor, it is an exhibition at the so -called Shoeds and pickaxes in gold fever, which is AI.

See also: And starts with the board. How can companies implement artificial intelligence before everyone does it? [WYWIAD]

Determining your investment position

How to build a position if we are just starting? Firstly It should be determined whether we want pure exposure to HBM, or rather a basket including memory, packaging and equipment. Pure exhibition is Micron, SK Hynix or Samsung. A more diversified approach is the TSMC + AMKR/ASX + BESI mix.

Then, after choosing your players, it is worth controlling the risk of concentration on the clients' side (NVIDIA, AMD), observe messages about the transition to HBM4 and the power of Cowos U TSMC and OSAT partners – these are direct demand signals.

The risks, which in turn should be remembered, are not academic. The next quarters can bring price fluctuations and a mix of products by the potential short -term hypertoration HBM3Eand geopolitics and customs can shake valuations especially in Asia. At the same time, it is supply barriers – from the lack of power in packaging, through the limited supply of ABF substrates, to the complexity of switching to HBM4 – they are an argument that this topic will not disappear in a year or two, but will build the value of the entire AI infrastructure.

For a long -term investor, it is a possible bonus for patience, but with the indicated diversification and discipline in position management.

Author: Grzegorz Kubera, Business Insider Polska journalist

Note: The valuations included in the text are only informative and do not constitute a recommendation for the purchase or sale of financial products.