We Don't Own Enough Memory
The Memory Permanence
My first internship was working in a Tech - Fortune 50’s supply chain as a Memory OCM. At 19 years old, my freshman summer, I had an opportunity most of my peers couldn’t even imagine. I was a Memory Operational Commodity Manager, responsible for the memory chips; that are now currently exploding in share price as the world finally realizes their importance to AI infrastructure.
My commodity covered the full spectrum: HBM, NAND, SSD, DDR4, DDR5 (which had just hit the market), and even DDR6 (already in testing, years ahead of production). My suppliers? They’re the names you see trading today. At 19, I was getting a real Semiconductor 101 education, not from a textbook, but from the supply chain itself. (I was a Finance Major lol).
ChatGPT was going mainstream. NVIDIA was trading at $1,000 pre-split. I had a hunch, even a conviction, that semiconductors and memory would be foundational to the AI boom ahead. But I’d be lying if I said I fully grasped the magnitude of what was coming.
I could hear the music when no one else could. It was beautiful. Fast forward to Q3-Q4 2025: the rest of the world is finally hearing the melody I’d already caught. Today, I’m here to tell you that same song is getting louder. We’re very early to what I’m now calling The Memory Permanence.
Memory was cyclical for years. Now it's permanently structural.
I believe we are only in the 3-4 innings of The Memory Supercycle, this post will share my view on Memory. Enjoy!
The Number Nobody Is Talking About
This might be the only place you'll see this exact computation modeled this week. That's the edge you're paying for.
Let me give you one data point and let it sit for a second.
