Memory Is the Bottleneck

The idea

I believe AI's next constraint isn't compute, it's memory. Every new model needs more high-bandwidth memory and storage than the last, and only a few companies can make it. This basket leans on the memory makers and a memory ETF for breadth, with a slice of AMD for the accelerators that consume it. It's a multi-year hold that expects cycles along the way.

What would change my mind: Memory prices roll over while AI capex keeps rising.

What it owns

Discussion

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