MRAM Technology and Market Trends

Simone Bertolazzi, Ph.D. Technology and Market Analyst, Yole Développement

1 Yole’s Global Activity

2 Yole Développement - Fields of Expertise

Life Sciences Semiconductor Semiconductor & Healthcare & Software & Software o Microfluidics o Package, Assembly & Substrates o BioMEMS & Medical Microsystems o Semiconductor Manufacturing o Inkjet and accurate dispensing o Memory o Solid-State Medical Imaging & BioPhotonics o Software & Computing o BioTechnologies Life Photonics, Sciences & Sensing Healthcare & Display

Power Photonics, & Wireless Sensing & Display o RF Devices & Technologies Power & Wireless o Solid-State Lighting o Compound Semiconductors & Emerging Materials o Display o Power Electronics o MEMS, Sensors & Actuators o Batteries & Energy Management o Imaging o Photonics & Optoelectronics

3 About Yole’s Memory Team

Walt Coon Mike Howard Simone Bertolazzi, PhD Ivan Donaldson Emilie Jolivet VP of NAND VP of DRAM Technology & Market Analyst VP of Yole Finance Division Director and Memory Research and Memory Research Memory Semiconductor & Software

Experience: Experience: Experience: Experience: Experience: 20 years in Memory 15 years in Memory 8 years in Emerging 14 years in Semiconductor 9 years in Equipment, Semiconductors and Devices Industry Strategy, Business Manufacturing, Processing Development, and IR

At Yole: At Yole: At Yole: At Yole: At Yole: NAND DRAM Emerging Memory Manages all services Embedded Technologies, and relationships 3DIC & Manufacturing for global financial clients

4 Memory Technologies

Focus of Yole’s NAND and DRAM Market Monitors (published every quarter)

Focus of MRAM Technology and Business 2019 and Emerging Non-Volatile Memory Report (updated every year)

5 Outline o Overview of the Memory Market Established and Emerging Memory o (STT-)MRAM Technology - Overview Comparison with Other Memory Technologies o (STT-)MRAM Market and Ecosystem Applications & Players’ Dynamics Market Projections and Outlook

6 Stand-Alone Memory Market - Overview

• NAND and DRAM account for ≈97% of the overall stand-alone memory market. • Combined NAND and DRAM revenue was ≈ $160 billion in 2018, up 26% from 2017.

2018 Memory Market - Breakdown by Technology 180 70% 64%

160 60% Growth Revenueof(%) Growth

140 50% 120 40% 100 30% 80 26%

Revenue $B in Revenue 20% 60 10% 40 1% 20 -1% 0%

0 -10% Total Stand-Alone Market in 2018 ≈ $165 billions 2015 2016 2017 2018 2019 DRAM NAND

Source: “Status of the Memory Industry” Report (May 2019), NAND and DRAM Memory Research Service by Yole 7 Emerging NVM Market - Overview

• Flash NAND and DRAM will maintain their leading position over the next five years thanks to new technical solutions enabling further scalability. • Emerging NVM is gaining significant momentum, but will remain below 3% of the total stand-alone memory market.

~$165B ~$150B ~$190B 2018 2020 2023

Total Memory Market CAGR2018-2023 ~3%

Established Memories (Stand-Alone) Emerging NVM (Stand-Alone)

Source: “Emerging NVM” and “Status of the Memory Industry” Reports by Yole 8 Emerging NVM Applications

Stand-Alone Embedded

Industry & NVM in MCU, transportation, Enterprise Mass storage Cache in mobile Cache in high- NVM for artificial Client SCM SoC and consumer SCM memory devices end processors intelligence ASIC/ASSP electronics

IoT Journal Industrial automation Workstation Smartphones NAND & tablets CPU In-memory memory Smart card computing Databases Last-Level Cache (SRAM and eDRAM)

Smart meters Notebook General purpose Persistent memory (NVDIMM) Source: “Emerging NVM” Report by Yole

Automotive Automotive

Increasing density Increasing density 9 Stand-Alone vs Embedded NVM

• Stand-alone memory will be the dominant market and is driven primarily by Storage Class Memory (SCM) enterprise and client applications (3D XPoint). • Embedded applications are gaining momentum and will be reaching 16% of the emerging NVM market by 2023

~$280 ~$2.4 ~$7.2 2018 2020 2023

84% 98% 98%

Emerging Memory Market CAGR2018-2023 ~104%

Stand-Alone Emerging NVM Embedded Emerging NVM

Source: “Status of the Memory Industry” and “Emerging NVM” Reports by Yole 10 Opportunities for New Memories

Low density Medium density High density 10,000

1,000 Ind., transp., and CE Embedded NVM

Stand-alone NVM 100 Cache in high-end processors (eDRAM) Mainstream memory Embedded NVM in MCUs, SoCs... Enterprise storage SCM M 10 Bubble size corresponds to the total accessible Price per Gb ($/Gb) Gb per Price Cache in mobile devices market (TAM) size in 2018 1 Enterprise/Client SCM S Emerging NVM DRAM scalability improvement

0.1 Sources: “Emerging NVM” and “Status of the Memory Industry” NAND (May 2019) Reports by Yole 0.01

1 Mb 10 Mb 100 Mb 1Gb 10Gb 100Gb 1 Tb Chip Density 11 Memory Technology Comparison 2018 stand-alone commercial products performance

PCM Flash Flash STT-MRAM RRAM DRAM 3D XPoint NAND NOR

Non-volatile YES YES YES NO YES YES

YES Byte addressable YES YES YES YES YES (but not for erase) Endurance High (>109) Medium (107) Low (106) High (1015) Low (105) Low (105) (# cycles)

Maximum density 256Mb 128Gb 4Mb 16Gb 1Tb 2Gb for products in 2018 (1Gb ready)

Cell size Medium Small Medium Small Medium Very small (4/96L) (cell size in F2) (6-30) (4/2L) (6-30) (6-8) (6-30)

Speed Fast Fast Medium Fast Slow Slow write (Latency) (~10 ns) (10-100ns) (~100 ns) (~10 ns) (100,000ns) (100,000ns)

Switching Power Medium/Low Medium Medium Low High High

2018 price High Low High Low Very low Medium ($10/Gb) ($/Gb) ($10-100/Gb) (≤ $0.5/Gb) ($100 - 1000/Gb) ($0.97 Gb) ($0.03/Gb)

Samsung, Micron, Micron, Winbond, Samsung, Micron, SK Key suppliers Everspin, Avalanche Micron/Intel Adesto, Fujitsu Toshiba, WDC, SK Macronix, Cypress- hynix, Nanya hynix, Intel Infineon, GigaDevice 12 Memory Technology Comparison 2018 stand-alone commercial products performance

Speed 0 Density Density position in 2018 (Gb) 10000 1000

100 Yole Développement © 2019 NAND 10 PCM 1 DRAM 0.1 NOR 0.01 Working Memory STT-MRAM 0.001 NAND PCM DRAM NOR STT-MRAM RRAM RRAM Endurance 13 Stand-Alone STT-MRAM Roadmap Chip density and technology node scaling - Comparison with DRAM

• STT-MRAM will target enterprise storage (SCM) applications for a long time before trying to substitute DRAM.

Stand-alone memory density roadmap (Gb) Technology-node scaling (nm)

2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 100 45 40 35 10 30 25 20

Density (Gb/die) Density 1 15 echnology Node (nm)Node echnology T 10 5 0.1 0 DRAM STT-MRAM DRAM STT-MRAM 14 Embedded Memory Technologies Comparison of embedded technologies (based on technical literature data)

5: best value Standby Power SRAM 0: worst value 5 eDRAM 4 Among established eFlash 3 and emerging Endurance Cell Size STT-MRAM embedded memory 2 PCM technologies, STT- MRAM is promising 1 RRAM as it offers a 0 combination of persistence, low- power consumption, high speed and high Read Speed Write Energy endurance

Write Speed 15 Embedded MRAM is Taking Off!

Embedded Memory Technology Highlights 30

• eFlash scaling is reaching its end: 28nm/22nm will be likely the last technology nodes.

• SRAM scaling is also slowing down. The cell footprint 20 (# of F2) degrades at advanced FinFET nodes

• STT-MRAM offers non-volatility together with low power Code/Data Storage (eFlash-like)

consumption, which is ideal for low-power MCUs, Working Memory (slow SRAM-like)

wearables and IoTs. Technology Node (nm) Node Technology 10 LL Cache Memory (replace eDRAM/SRAM) • STT-MRAM offer a significant density gain over SRAM. At advanced nodes (≤1xnm) more than ×3 gain.

 Thanks to strong support of top foundry/IDM players and equipment suppliers, embedded STT-MRAM is poised to 0 become the next embedded NVM solution for nodes ≤28nm. 2018 2019 2020 2021 2022 2023 2024

SRAM eFlash eMRAM 16 (STT-)MRAM Applications

Stand-alone Embedded

Industry, Code/Data Storage “Working” Memory Cache Memory transportation, Enterprise Storage Persistent Memory (Slow SRAM) (SRAM, eDRAM) and other (eFlash)

NVSRAM

MCU, ASSP, ASIC, SoC CMOS Image Sensors Industrial Storage Accelerators Image memory buffer NVDIMM CPU automation Network Interface Cards Persistent Memory for Servers Transport Aerospace 2023+ IoT / Wearables Display Driver ICs Medical Tcon, memory buffers Gaming Mobile AP General Purpose Network & Infrastructure Solid State Drives 2023+ Write caching, journaling, logs, data buffering and Edge AI accelerator chips In memory computing streams Automotive

Required Speed/Density Required Speed/Density 17 The MRAM Ecosystem is Growing An increasing number of players are involved in the MRAM arena

MRAM IP and Design

Players in mass production or close to mass production Embedded MRAM manufacturers

40nm, up to 128Mb 40nm, 28nm (256M, 1Gb) Toggle Manufacturing Expected: 28nm, 22nm

Stand-alone MRAM manufacturers

18 Embedded MRAM Business Key partnerships and developments for leading players.

Foundry / IDM To be announced

(STT-)MRAM Players - Partners

CMOS bulk FD-SOI 22nm FD-SOI 28nm CMOS bulk CMOS 22nm Technology planar 22nm planar planar 28/22nm planar FinFET 28/22nm Process (in mass (sampling) (sampling) (in development) (sampling) production)

Expected Short- eFlash eFlash “Slow” SRAM eFlash “Slow” SRAM “Slow” SRAM Term Application “Slow” SRAM “Slow” SRAM

19 Embedded MRAM Business Challenges and developments by equipment suppliers

Key Equipment Suppliers Critical Challenges (Example of Tools)

• Deposition of MTJ stack Goal: high-quality stacks via real- time property monitoring (System Endura Clover) (NC7900 ) (EXIM)

• Etching of MTJ cells Goal: high-density, narrow pitch (System Centura) (NC8000) (Tactras) (Kyio) (E-9000)

• Testing and Metrology Goal: high-speed measurement of electrical and magnetics properties (IBEX 300/FD) (T5385ES ) (Polar Kerr System) (CIPTech)

20 (STT-)MRAM Market Projections Market Forecast for Embedded and Stand-Alone (STT-)MRAM

320 Total Wafer Production 2 240 ~$0.58B for stand-alone MRAM in 2024 160 CAGR18-24 ~126%

1.5 80 Thousand Wafers Thousand ~$1.2B for embedded MRAM in 2024 0 2018 2021 2024 1

CAGR18-24 ~85%

MRAM market in $B in market MRAM 0.5

0 2018 2021 2024 New Report by Yole (August 2019) 21 Summary and Outlook

. Thanks to strong support of top foundry/IDM players and equipment suppliers, embedded STT-MRAM is poised to become the next embedded NVM solution for technology nodes ≤ 28nm.

. The embedded STT-MRAM market has the potential to grow up to ~$1.2B by 2024, driven by code/data storage and “slow” working memory applications.

. The stand-alone (STT-)MRAM market is expected to grow less vigorously than its embedded counterpart, with revenues up to ~$580M in 2024.

. In the coming years, enterprise storage (SSD caching, storage and network accelerators) will be the leading stand-alone STT-MRAM applications.

22 Thank you for your attention Questions?

Simone Bertolazzi, Ph.D. [email protected]