Key ideas from Ray Wang

• HBM memory requires 3x more wafer capacity than commodity DRAM, creating supply constraints as AI demand surges
• Spot DRAM prices have gone "nuts" since late 2024, with the surge hitting suddenly after years of stability
• Nintendo shares are "getting hammered" due to memory chip shortages affecting gaming console production
• Chinese memory makers like CXMT are 3-4 years behind Korean producers in technology but dominating domestic market
• Memory suppliers' inventories are dropping every quarter as demand outstrips production capacity through 2025
• AI inference requires massive memory bandwidth, with longer context windows driving exponential memory consumption
• The memory shortage could persist until second half of 2027 despite node migration and new fab capacity