"Memory" hides three different businesses. Only one prices like a monopoly.
DRAM, NAND, and HBM are not the same thing. Why HBM breaks the brutal memory cycle, the three companies that own it, and how it is taxing everything else.
Follow the $60 billion: where TSMC's capex lands, and who keeps the margin
The previous two issues showed the money is real. This one traces the dollar one level down, to the toolmakers and the IP that capture the most durable value.
