AI demand will grow.
Compute demand will grow.
Memory demand will grow.
AI will get cheaper.
Compute will get cheaper.
Memory will get cheaper.
Antithetical to consensus, but both ends can be, and will be, simultaneously true.
I buy the demand side. I am not sure the price side shows up as fast as people think. Micron just said they still cannot fill customer demand even after the long-term agreements, and customers keep coming back for more. Q4 revenue $54.23B, gross margin ~87%, and they have agreements covering most of 2027 HBM supply at higher prices. Only three companies can actually ship HBM at scale. That is why I also own the power side. $WULF is about a $7.4B market cap against a 20-year Anthropic lease for ~401 MW that they have put at about $19B of contracted revenue, first power not until the second half of 2027. Memory can get cheaper later. The megawatts and the HBM bits that are already signed do not.