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Positive response to Changxin 4F2 breakthrough, Micron CTO: 3D DRAM is "long-term more scalable and cost-effective"

Positive response to Changxin 4F2 breakthrough, Micron CTO: 3D DRAM is "long-term more scalable and cost-effective"

华尔街见闻华尔街见闻2026/10/22 03:16
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By:华尔街见闻

The global storage chip market has recently experienced valuation fluctuations, and debates over technological approaches are intensifying. Scott DeBoer, President of Micron, stated that although the company internally evaluated the 4F² architecture for a long time, it will stay committed to the 6F² roadmap and move directly to 3D DRAM, citing a lack of sustainable scalability for the vertical channel transistors in the 4F² design. In contrast, ChangXin Memory Technologies previously announced plans to launch 4F² DDR5 products by the end of the year, and Samsung is also considering introducing the architecture in 2028.

Recently, the global storage chip market has experienced a new round of valuation fluctuations and debates over technical roadmaps. In the capital markets, the Philadelphia Semiconductor Index and the storage sector have seen significant pullbacks; on the industry side, Changxin Memory Technologies’ breakthrough in the 4F² DRAM architecture has sparked widespread discussion within the sector.

On October 21, Micron President and Chief Technology & Product Officer Scott DeBoer hosted a technical and product webinar, with one of the core topics being a response to investor concerns raised after Changxin disclosed its 4F² architecture plans.

Scott DeBoer stated bluntly that although Micron internally conducted long-term evaluations and prototype validations of 4F², the company will stick to its current 6F² roadmap and eventually move directly to 3D DRAM. According to Micron, from a long-term evolutionary perspective, 3D DRAM offers greater certainty in “scalability and cost-effectiveness.”

He further explained that the key factor dictating DRAM bit density and cost scaling is capacitor spacing.The vertical channel transistor (VCAT) used in 4F² architectures offers no viable scaling path beyond further pitch reduction.

According to Chase Trade Desk, a subsequent research report by UBS analyst Timothy Arcuri's team pointed out that if Micron’s judgment is correct and the industry ultimately shifts toward 3D DRAM, deposition and etching equipment suppliers are likely to benefit.

As previously reported by WallstreetCN, Changxin Memory Technologies President Cao Kanyu disclosed on October 10 that the company plans to launch its next-generation DDR5 RDIMM based on the 4F² architecture by year-end. Compared to the mainstream 6F² architecture, the chip area can be reduced by about 30%, which significantly increases the number of chips cut from each wafer.

Micron’s Core Argument: 4F² Is Not the Path to the Future

The reason Changxin’s 4F² technology has drawn such intense industry attention is that it directly addresses the core commercial challenge of DRAM chips—bit density per wafer and cost.

In traditional DRAM design, the industry mainstream relies on the 6F² architecture. If a transition to 4F² succeeds, it is theoretically possible to shrink the cell size by more than 30% at the same process node, significantly increasing the number of effective dies (chip units) produced per wafer.

UBS’s follow-up on Micron’s technical communications revealed the company’s given production bottleneck analysis of 4F²:

First,the bottleneck lies in the capacitor, not the transistor. Micron believes that the ultimate bottleneck for DRAM scaling is capacitor pitch, rather than just the transistor cell structure. If capacitor spacing cannot be simultaneously compressed, merely switching to a 4F² structure will not directly translate to sustained cost advantages.

Second, the expansion ceiling for VCAT. The use of vertical channel transistors (VCAT) is typically required for 4F². According to Micron, apart from pitch compression, VCAT lacks a sustainable evolutionary path and introduces significant manufacturing complexities for processes such as ALD (Atomic Layer Deposition) and selective epitaxy, so the cost of volume production could erode the benefits of area shrinkage.

Deutsche Bank analyst Melissa Weathers summarized in her post-event report that Micron not only explicitly stated it does not plan to transition to the 4F² architecture, but also emphasized that it has internally evaluated and developed prototypes for the 4F² solution over several decades. The ultimate conclusion is: before the industry moves to 3D DRAM, 6F² remains the more attractive path.

Major Players Demonstrate Diverging Technical Considerations

UBS analysis points out that Micron’s statement essentially means it is progressing along two technical paths in parallel, similar to its hedged approach to EUV adoption at the 1-beta node. The company believes that 3D DRAM will eventually intersect with its roadmap and regards it as a “more scalable and cost-effective” long-term solution.

However, Micron’s logic does not represent an industry-wide consensus.

UBS’s research during the same period shows that, apart from Changxin’s intense efforts in this direction, industry leader Samsung is also rumored to be considering the introduction of 4F² at the future 0a nm node to alleviate process challenges related to high aspect ratio capacitors.

Samsung plans to complete volume production of 6F² at the 1d nm node in 2027 and aims to roll out 4F² at the 0a nm node before the end of 2028.

Micron’s Technical Narrative

Beyond directly addressing doubts about 4F², Micron also highlighted its comprehensive technical layout at the webinar.

AI Memory Map Extension: Micron emphasized that AI’s demand for memory extends beyond single-layer HBM for training, and also includes LPDDR6, DDR6, SOCAMM, and 1TB large-capacity RDIMM for inference, edge AI, and autonomous driving scenarios.

Advanced Packaging and Logic Integration: Micron considers hybrid bonding as the core moat for 16-High and higher-spec HBM in the future, and is actively cooperating with foundries to develop vHBM (vertical stacking of memory atop compute cores). Micron is demonstrating that the competitive focus for storage in the AI era has shifted from “single-bit cost control” to “system-level synergy among memory, packaging, and logic architecture.”

NAND Value Reconfiguration: Micron also showcased its Gen11 NAND roadmap that exceeds 400 layers, emphasizing the drive to meet high-performance storage needs for high IOPS and bandwidth in the AI age and striving to build an integrated barrier between DRAM and NAND.

The Real Impact of Changxin’s 4F²: Market Reactions May Be Overinterpreted

Regarding concerns triggered by Changxin’s 4F² announcement, multiple organizations have already given rather cautious assessments.

Nomura Securities believes that neither 4F² nor 3D DRAM will have a substantial impact during the outlook period before 2028, and large-scale production of Changxin’s 4F² is not expected until 2027-2028. CIC Securities also points out that 4F² is still at an early validation stage, with yield, output, and customer qualification yet to be observed, so its impact on the industry landscape in the mid-term is limited.

In terms of Changxin’s own industrial position, its HBM business is still in its early stages, making it difficult in the short term to capitalize on the high premium from this segment driven by AI computing power. Given that the price increase slope for general DRAM has already narrowed significantly, this structural feature leaves it with relatively limited room for hedging.

Tracking data from TrendForce shows that the quarter-over-quarter increase in contract prices for general DRAM has narrowed from 93%-98% in Q1 2026 to 13%-18% by Q3 and is expected to further drop to 10%-15% in Q4.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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