I’m not convinced the memory trade is over Situational Awareness getting forced out of a leveraged book tells you more about position sizing than the underlying thesis AI is increasingly becoming a memory problem HBM demand is still running into constrained supply, SK Hynix is warning the worst shortage may not even arrive until 2027 and inference only increases the amount of memory required The trade may have got crowded but this remains an AI bottleneck with those in the know shouting that supply constraints are still a MASSIVE problem …and as AI becomes increasingly memory-bound, crypto has a role beyond compute: making agent memory persistent, permissionless and verifiable Imo the next few months could present very interesting buying opportunities… just don’t do a Leopold & leverage up!