Piecemakers bets edge AI devices will diverge from reliance on HBM

Taiwanese DRAM developer PieceMakers, backed by Nanya, began trading on the Emerging Stock Board on September 16 at a reference price of NT$740, closing its first session up 23.6% at NT$915. The company is betting on custom memory for inference: DRAM stack is attached directly to the processor via hybrid bonding, not through HBM. About 40% of revenue in the first half of 2026 came from custom AI developments, with the first major client expected no earlier than 2027.

• Shares closed first session at NT$915, up 23.6% from reference price NT$740
• Company valuation about NT$44.7 billion (~$1.4 billion) with 60.4 million shares
• Nanya owns 33.96% of PieceMakers after selling 715,000 shares
• Share of custom AI developments in revenue grew from 4% in 2024 to ~40% in H1 2026