Nanya-backed DRAM designer PieceMakers debuts with hybrid-bonded memory for edge AI
PieceMakers, a DRAM designer backed by Nanya Technology, began trading on Taiwan's Emerging Stock Board on September 16. The company focuses on inference memory that uses DRAM stacked directly on the processor via hybrid bonding, rather than HBM. Design fees currently drive profitability, with AI custom-design work accounting for about 40% of revenue in the first half of 2026.
PieceMakers' hybrid-bonding approach targets inference workloads, positioning its HiBaLL 3D memory at over 1 TB/s between SRAM-based accelerators and HBM. The HBLL 2D design dates to 2016, taped out for Intel's HPC line and presented at ISSCC 2017. AI custom design revenue has climbed from roughly 4% in 2024 to nearly 40% in the first half of 2026.
The business model relies on non-recurring engineering fees rather than chip sales, with the first volume customer program not affecting financials until 2027. Nanya holds a 33.96% stake after selling 715,000 shares at NT$740 to seed the float. The stock closed its debut at NT$915, up 23.6% from the reference price, valuing the company near NT$44.7 billion.
PieceMakers' hybrid-bonded inference memory could reduce reliance on HBM for edge AI devices, potentially lowering cost and complexity for smaller hardware makers. If the design-fee model proves sustainable, it may shift how memory startups fund development, though volume shipments remain unproven until 2027. The approach could broaden competition in AI memory, but its impact depends on whether customers adopt the technology beyond initial NRE engagements.