Gregory Carr
speaker
2,075 appearances
6 recordings
6 series
first heard Dec 2025
last heard 7 Jul
Gregory Carr’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 6 in all, peaking in Jun 2026 with 4.
Appearances
the wafer fab equipment suppliers, they all trade at huge premiums to DRAM relative to prior cycles and their business models have improved.
But so has the industry structure and business models of DRAM because HBM DRAM is increasingly a customized chip.
But as far as other people being able to do this, look, CXMT is going public in China.
they may be the cure for Apple's ills.
They will flood the market with, to some degree, cheap consumer-grade DRAM.
But for the DRAM you need in these AI servers, there are three companies that can make it.
It's really hard to do.
This is as close to magic as science can get.
And I think TeraFab is going to be an important part of this solution.
But these stocks still trade are cross-sectionally cheap relative to the rest of AI.
Something I've been thinking about, memory is DRAM is probably gonna be 30 to 40% of all hyperscaler CapEx next year.
Every hundreds of billions of dollars that are spent
Going straight to DRAM, it's wild.
But this may actually be very valuable for society because it is probably going to inflate the costs of building a gigawatt data center to the point where even for the hyperscalers,
economics matter.
We're caught in this prisoner's dilemma.
And this may give us as a society time to adapt, to adapt what our friend Brad Gershner calls the social contract.
So the high iPhone prices, one, CXMT is coming for consumer-grade DRAM.
But two, this may be good for AI.
It may be good for us as a society.
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