Andrew Feldman

The challenge here is that these are extremely lumpy items, right?

The challenge here is that these are extremely lumpy items, right?

You can't just add a little bit of manufacturing capacity at a fab.

You can't just add a little bit of manufacturing capacity at a fab.

You have to build a fab for $40 billion and it takes five years to build.

You have to build a fab for $40 billion and it takes five years to build.

If you see demand explode, you cannot respond quickly.

If you see demand explode, you cannot respond quickly.

All you can do is fill your factory.

All you can do is fill your factory.

Once your factory is filled, you've got to build another factory, right?

Once your factory is filled, you've got to build another factory, right?

It's a step function in your ability to meet that demand.

It's a step function in your ability to meet that demand.

And the step is huge and takes years.

And the step is huge and takes years.

And so if demand stays high, we're going to continue to see memory shortages for at least the next several years.

And so if demand stays high, we're going to continue to see memory shortages for at least the next several years.

You've seen so many different... Not if AI continues to improve in usefulness.

You've seen so many different... Not if AI continues to improve in usefulness.