Rubin Ultra gave up 4 memory stacks. Follow the money that freed up.
I'm still long the memory trade. The next marginal dollar inside an AI rack is being spent on moving data, and the supply chain that catches it has 5 layers.
"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.
