Memory names strongest today Our Rotation Tracker tells us what to long $MU $SNDK $DRAM longs for us at open $NBIS swing solid mover They are also buying Fast Food & Restraints today

Memory related posts keep going viral because people can actually feel the problem! As a leader in the space building @cognee_, we wrote a detailed guide which gets deep into what agent memory actually is. Read more here:

Memory: Datacenter HBM unlikely to move to 4-Hi 🔑 We share TrendForce’s view that the chance of de-spec to 4-Hi is low, vs worries over 4-Hi which could deliver same bandwidth with fewer dies, cut inference costs & stretch limited DRAM supply • Two key reasons 4-Hi unlikely fly in datacenter AI:
– Per-stack capacity is too small (~16GB for HBM5/HBM4E) → hyperscalers would need more chips, racks & scale-up networking
– Higher volume still increases base-die demand on tight advanced logic nodes (esp. N2 for HBM5) → little to no supply relief • Supply-chain feasibility low: mainstream production is focused on 8-Hi & 12-Hi, vs development cost and low-volume 4-Hi flows • Cost per Gb is higher on 4-Hi vs 8-Hi, with similar total cube cost based on current price quote. • Nvidia’s Rubin Ultra dropping to 8-Hi is well expected (our note on Aug 6) • For Rubin Ultra we expect parallel development of HBM4 8-Hi 192GB / HBM4E 8-Hi 256GB / HBM4E 12-Hi 384GB, with higher chance of HBM4 8-Hi first, then HBM4E 8-Hi as the mainstream SKU (consistent with our earlier AI Thermal report of maintain 2600W) • Reiterate our positive view on the DRAM/HBM sector #HBM# #DRAM# #MU#

Memory is no longer a commodity At least not completely And this trend is only accelerating Ten years from now, memory won't be considered any more of a commodity than what $TSM or $INTC sell HBM today is the early-stage part of this trend, with China as proof CXMT is only achieving a 25% yield on HBM3, versus 90%+ for SK Hynix They're struggling to translate their DRAM manufacturing know-how into HBM because of its much higher complexity That's even considering that CXMT uses 3,000 TSVs per HBM3 stack, compared with 8,000+ for SK Hynix, which simplifies manufacturing but can limit bandwidth Mass production has already been delayed, with current shipments still at sample scale to companies including T-Head and Cambricon The more complex memory becomes, the less it makes sense to call it a commodity. With innovations coming in custom HBM, zNAND-O, HPB, iHBM, HBF, and more, this trend is only accelerating