Doug O'Loughlin

Thanks for having me.

More than happy to answer whatever questions you guys have.

So, like the word implies, memory often stores something for recalling later, kind of like how our memory works.

Now, there's two key styles of memory, which is DRAM, which is non-persistent, meaning it works while it's plugged in.

And there's something called NAND, or actually there's also hard drives as well, but for most people really care about DRAM and NAND.

Now, NAND is non-persistent, meaning that you can unplug it and it will still hold your information.

So whenever you turn off your computer, all your files are still there.

That's on NAND.

But when you turn on your computer, most of the time it's using faster memory, which is called DRAM.

So those are the big categories of memory.

And there's actually kind of this newer category called HPM, called high bandwidth memory.

But, you know, don't want to get too into weeds too quickly.

I think there's a little bit of history that helps set the context.

Memory is notoriously cyclical.

Pretty much every year there's new memory demand comes online for more data.

But when new memory supply comes online, often it comes on in chunks of 40-50 percent.

What happens is supply overshoots demand, boom, price goes down.

Demand overshoots supply, boom, price goes up.

We're in what is probably the most historic memory cycle of all time.

Demand specifically from AI has skyrocketed and effectively, we just came out of the single worst memory cycle ever.