Analysis: Samsung's HBM4 base die is the foundry weapon TSMC and Intel can't copy

<p class="P1" data-sourcepos="5:1-5:458;117-574">The most revealing thing about Samsung Electronics' foundry commentary on its second quarter of 2026 earnings call was not any single number. It was the shape of the customer list: cloud service providers, AI/HPC designers, an LPU maker ramping at 4nm, and talks with Broadcom. This is not the mobile-centric foundry business Samsung has run for a decade. It is the profile of a fab catching overflow from a leading-edge market that has run out of capacity.