“We have increased our HBM market TAM estimate to now exceed $30 billion in 2025 — we have increased our estimate from $25 billion to $30 billion for calendar year 2025, driven by increased demand and increased volume required in 2025 for HBM.”

Sanjay MehrotraCEO

Chairman, President and CEO, Micron Technology

Industry estimates put the 2025 HBM market at roughly $35-38 billion (some trackers higher), comfortably above Mehrotra's raised $30 billion TAM forecast, with SK hynix alone taking roughly 58-62% share of a rapidly expanding market.