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AI INFRASTRUCTURE · LAYER 03

03

Memory

Coverage Layer

Memory has moved from a conventional cyclical component to a bandwidth constraint for AI training and inference. HBM, server DRAM, enterprise SSDs and consumer NAND must now be assessed separately.

COVERAGE UNIVERSE

What we track

01Samsung · SK hynix · Micron
02HBM · Server DRAM
03Enterprise SSD · NAND
04CXMT · YMTC

NEXT VERIFIABLE CHECKS

What must be proven next

  1. HBM4 supply, bookings and qualification
  2. Server DRAM and enterprise SSD pricing and orders
  3. Whether 2027 capacity changes the cycle
  4. Chinese suppliers' yields, enterprise qualification and valuation

Research focusCompare product road maps, customer breadth, margins and cash conversion to distinguish durable infrastructure value from a short product cycle.

PUBLISHED RESEARCH

Research already filed under this layer

WEEKLY

AI Demand Is Becoming a Long-Term Obligation, but Contracts Are Not Cash Flow

DEEP DIVE

AI Needs More Than GPUs: Which Memory Layer Is Truly Scarce?

CRITICAL UPDATE

CXMT's Fifth-Generation DRAM Enters Mass Production

TREND TRACKING

AI Infrastructure Tracking: Strong Demand, Diverging Delivery and Funding

WEEKLY

AI Infrastructure Weekly