The stacked High Bandwidth Memory (HBM) brings the memory closer to the logic die and enables very wide bus widths. HBM offers much more bandwidth than GDDR5, while promising significant power savings as well as taking up a lot less space on the PCB.
The Radeon R9 390X (Fiji XT) will be the first GPU to use HBM. The chip will use first-gen HBM, next year we'll see the introduction of HBM2 which doubles the bandwidth to 256GB/s per chip. NVIDIA will adopt HBM2 in 2016 with its Pascal GPU.