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According to Fubon Securities' "2027 Semiconductor Outlook" report, the cost of HBM4 will increase from $17-18/GB for HBM3e to $31-32/GB by 2026, pushing up the selling price of NVIDIA Rubin GPU to $78000 to $80000. However, NVIDIA still maintains a high gross profit margin of 75% to 80%, and its pricing power and cost transmission ability have not been shaken. The report indicates that the HBM cost for customized ASICs may reach $35-36/GB, and the HBM cost will double by 2027. Google plans to deploy 12 to 15 million TPUs by 2028, Intel's EMIB production capacity is expected to increase to 24000 to 25000 pieces per month by the end of 2027, and TSMC is slowing down its SoIC expansion to prioritize expanding CoWoS production capacity.