Piecemakers bets edge AI devices will diverge from reliance on HBM — custom-designed memory fuses DRAM stack directly to the processor using hybrid bonding

PieceMakers, a Nanya-backed DRAM designer, began trading on Taiwan’s Emerging Stock Board on September 16 at a NT$740 reference price, Cnyes reported ahead of the debut. PieceMakers is not an HBM company. Instead, it bets that inference memory diverges from training memory, President Lee Hsiao-wen told Cnyes, and that DRAM stacked directly on the processor with hybrid bonding can sit between Nvidia’s SRAM-only Groq LPU and HBM. As it stands, design fees, not chips, carry the company's profit, with AI custom-design work accounting for around 40% of the company's revenue in the first half of 2026. Piecemakers Chairman Joseph Ting told TechNews that its first volume customer program will not contribute to the company's financials until 2027 at the earliest.At roughly 60.4 million shares outstanding, that price values the company at around NT$44.7 billion (around $1.4 billion). Taiwan's Emerging Board is the Taipei Exchange's pre-listing market, not a main-board IPO, so shares trade through market makers ahead of any formal listing application. The stock ended its first session at NT$915, 23.6% above the NT$740 reference price, after opening at NT$1,035 and trading as high as NT$1,205.