The Great Memory Trade

The author, who says they have their entire net worth in SK Hynix, Sandisk and Micron as of April 2026, argues that memory is the most bottlenecked and most underpriced component of the AI trade. Memory bandwidth and capacity limit which AI models can run and how much context they can use, and the author says HBM is required for every NVIDIA chip sold. The author cites SK Hynix's expected 2027 profit of $150 billion against a $540 billion market cap, and Micron's expected FY2027 profit of around $100 billion against a $500 billion market cap. The author also rejects the view that memory is a cyclical commodity, pointing to long-term agreements and CEOs saying memory is sold out until 2027 at the earliest.