In June 2026, JEDEC published a new standard called SPHBM4.

If SPHBM4 reaches commercial scale, which memory company will gain the upper hand? Which foundry will stand out? And how will the power dynamics shift among memory makers, foundries, Nvidia, and hyperscalers?

This article begins by explaining, in the simplest possible way, what SPHBM4 changes at the technical level.

It then follows why this standard has appeared now, how it could shift value across the packaging supply chain, and which parts of that shift the market has already priced in, as well as where the gaps still remain.

For investors who want to understand semiconductor packaging, HBM architecture, and the next reshaping of the AI infrastructure supply chain, this article will serve as a practical guide.