High Bandwidth Memory M&A and Partnerships 2024-2026: Strategic Focus

High Bandwidth Memory (HBM): timeline

Sources: the numbered public sources listed below.

The deals so far

The High Bandwidth Memory (HBM) market has seen significant M&A and partnership activity. Qualcomm completed its acquisition of Alphawave Semi for approximately $2.4 billion in December 2025 [1][2][3][4][5]. This move aimed to strengthen Qualcomm's data center offerings. FormFactor and Teradyne announced a broad technology collaboration in October 2026, alongside a $300 million strategic equity investment from Teradyne in FormFactor [6][7][8][9][10][11][12]. This collaboration focuses on advanced packaging, HBM, and silicon photonics. Rambus announced a strategic partnership with ChipAgents in October 2026, including an undisclosed strategic investment in the AI chip design platform company [13][14][15][16]. Cohu acquired Tignis in December 2024, a provider of AI-powered process control software [23][24]. ASMPT has also been active in portfolio adjustments, disposing of ASMPT NEXX, Inc. in June 2026 [17][18] and its joint venture, Advanced Assembly Materials International Limited, in November 2025 [22].

Why companies are buying and partnering

Companies are engaging in M&A and partnerships to acquire critical technologies and expand market reach. Qualcomm's acquisition of Alphawave Semi aimed to bolster its data center offerings with high-speed wired connectivity and custom silicon [1][2][3][4][5]. Teradyne's strategic equity investment in FormFactor targets advanced packaging, HBM, and silicon photonics, indicating a push into key growth areas [6][7][8][9][10][11][12]. Rambus's partnership with ChipAgents and investment in the AI chip design platform company seek to accelerate chip design with agentic AI [13][14][15][16]. Cohu's acquisition of Tignis expands its analytics offerings in the semiconductor process control market, leveraging AI-powered software [23][24]. These actions reflect a strategic imperative to integrate advanced capabilities and secure competitive advantages in rapidly evolving technology landscapes.

Who is consolidating, and what they gain

Consolidation is evident across various segments of the HBM ecosystem. Qualcomm is consolidating its position in data center solutions through the Alphawave Semi acquisition, gaining high-speed connectivity and custom silicon expertise [1][2][3][4][5]. Teradyne is strengthening its presence in advanced packaging and HBM through its investment in FormFactor, securing access to critical technologies [6][7][8][9][10][11][12]. Rambus is enhancing its AI chip design capabilities by partnering with and investing in ChipAgents, aiming for faster innovation [13][14][15][16]. Cohu is expanding its analytics and process control offerings with the Tignis acquisition, integrating AI-powered software [23][24]. ASMPT is streamlining its operations by divesting non-core assets like ASMPT NEXX, Inc. [17][18] and Advanced Assembly Materials International Limited [22], and considering options for its SMT Solution Division [19][20][21], to focus on its semiconductor solutions segment.

What the deals signal for capacity, prices and competition

These deals signal a strategic focus on enhancing capabilities rather than solely expanding raw manufacturing capacity. The emphasis on advanced packaging, HBM, and AI-powered design and control suggests a drive for higher performance and efficiency in semiconductor manufacturing [6][7][8][9][10][11][12][13][14][15][16][23][24]. This could lead to increased competition in specialized technology segments, potentially impacting prices for advanced solutions. Companies are investing in intellectual property and specialized expertise, which may lead to differentiation and premium pricing for innovative products. The streamlining efforts by companies like ASMPT indicate a move towards optimizing resource allocation in core, high-growth areas, which could indirectly influence overall market dynamics and competitive intensity [19][20][21][22].

Where the next deals could come from

Future deals are likely to emerge from areas focused on AI integration, advanced packaging, and specialized data center solutions. Companies seeking to enhance their AI chip design platforms, similar to Rambus's partnership with ChipAgents, are potential targets or collaborators [13][14][15][16]. Further consolidation in high-speed connectivity and custom silicon for data centers, following Qualcomm's acquisition of Alphawave Semi, is also probable [1][2][3][4][5]. The focus on advanced packaging and HBM, highlighted by the Teradyne-FormFactor collaboration, suggests continued investment in these critical areas [6][7][8][9][10][11][12]. Companies providing AI-powered process control and analytics software, like Tignis acquired by Cohu, remain attractive for expanding semiconductor manufacturing intelligence [23][24]. Divestitures of non-core assets, as seen with ASMPT, may also create opportunities for new acquisitions [17][18][19][20][21][22].

What it means for buyers, suppliers and investors

For buyers, these trends mean access to more integrated and advanced solutions, particularly in AI and HBM-enabled applications. Suppliers are under pressure to innovate and specialize, offering high-value components and services in advanced packaging and AI-driven design. Investors should note the strategic shift towards specialized technology acquisitions and partnerships, focusing on long-term growth in high-demand areas like AI and data centers. The market for HBM was worth $23.9 billion in 2025 and is forecast to reach $120.9 billion by 2035, a CAGR of 17.6%. This growth underscores the importance of strategic positioning through M&A and partnerships. Companies like ASMPT are optimizing their portfolios, indicating a broader industry trend towards focused investment in core competencies [19][20][21][22].

About the data

Facts in this M&A analysis come from the dated public sources listed below - company announcements and filings, regulators and business and trade news - cited by number in the text. Market size figures are Market-Reports.com estimates (US dollars, base year 2025, forecast to 2035). Statements about what developments mean are our assessment, not reported fact.

Sources

1. [1] listingtrack.io
2. [2] manufacturingdive.com
3. [3] qualcomm.com
4. [4] semiconductor-digest.com
5. [5] paulweiss.com
6. [6] electronicsforyou.biz
7. [7] inelectronics.co.uk
8. [8] investing.com
9. [9] fundz.net
10. [10] cioinfluence.com
11. [11] investing.com
12. [12] gcs-web.com
13. [13] investing.com
14. [14] rambus.com
15. [15] streetinsider.com
16. [16] rambus.com
17. [17] asmpt.com
18. [18] asmpt.com
19. [19] smtmachine-spareparts.com
20. [20] thestandard.com.hk
21. [21] semicone.com
22. [22] asmpt.com
23. [23] businesswire.com
24. [24] cohu.com