Andrew Feldman

So then their response is, all right, we'll give you 18 months of demand.

So then their response is, all right, we'll give you 18 months of demand.

So suddenly everybody went from giving six months of demand to 18 months of demand.

So suddenly everybody went from giving six months of demand to 18 months of demand.

All the supply chain is confused.

All the supply chain is confused.

We were making the exact same amount of memory we are now as we were four months ago.

We were making the exact same amount of memory we are now as we were four months ago.

And what's happened is the signal into the makers has exploded.

And what's happened is the signal into the makers has exploded.

And it will take us about 18 months to digest.

And it will take us about 18 months to digest.

The prices will stay high.

The prices will stay high.

This is a known phenomenon in the memory market.

This is a known phenomenon in the memory market.

This happens every six or eight years.

This happens every six or eight years.

What's different right now is the GPUs are using a huge amount of HBM, which is a flavor of DRAM, and they're chewing through that.

What's different right now is the GPUs are using a huge amount of HBM, which is a flavor of DRAM, and they're chewing through that.