▶ 3:07 · $NVDA · If You Missed Sandisk, These AI Memory Stocks are Next

episode briefing

If You Missed Sandisk, These AI Memory Stocks are Next

2026-05-13 · 11 company · 5 thematic

sentiment

6 bull3 bear2 neu

speakers

25-year Silicon Valley veteran. Joined Facebook/Meta in 2008, scaled data centers, Oculus, Instagram, built FAIR. Left to found Gigascale Capital ($250M fund) betting on atoms over bits: energy, robotics, manufacturing, defense. Portfolio includes Panthalassa, Heron Power, Radiant Nuclear, Form Energy.

josh kale

Co-host of Limitless Podcast (episode 210), a 4x/week show covering the frontier of AI and technology with a newsletter reaching hundreds of thousands. The podcast recently spun out as an independent entity.

ejaaz

quote

“if you look at every future iteration, including Rubin, Rubin Ultra, and Feynman that is going to be launched later in 2028, it doesn't just require the same amount of memory, it requires two, three, and four X the amount of memory for eve…”

—mike

now playing · $NVDA

$NVDA···bullish· highmike

Nvidia's GPU roadmap requires 2-4x more memory per generation, creating insatiable HBM demand

Every future Nvidia GPU iteration (Rubin, Rubin Ultra, Feynman) requires 2x, 3x, and 4x more memory respectively, and Nvidia has booked all SK Hynix capacity, making memory the cr…

$SNDK···bullish· mediumjosh kale

SanDisk has surged 1,500% as a memory beneficiary but is a smaller holding in the DRAM ETF

SanDisk has appreciated 15x and is included in the DRAM ETF basket, though it represents a smaller allocation compared to the three primary memory giants.

$MU···bullish· high· posmike

Micron is the primary US-listed pure-play memory beneficiary of AI-driven HBM demand

Micron has surged 8x as the accessible Western proxy for AI memory demand; Google prepaid 40% for TPU memory supply, forward P/E is under 10x vs historical 30-50x in cycles, and l…

$SKHY···bullish· highmike

SK Hynix is the dominant HBM supplier to Nvidia with all capacity booked out

SK Hynix is the 'king' of memory, sole/main provider for Nvidia's GPUs; Nvidia has monopolized all SK Hynix capacity going forward, prompting customers to offer prepayment for gua…

$005930.KS···neutral· mediummike

Samsung is a major memory player but conglomerate structure dilutes pure AI memory exposure

Samsung Electronics is the second-largest memory manufacturer but its diverse business lines make it a less concentrated bet on the AI memory supercycle compared to SK Hynix or Mi…

$DRAM···bullish· high· posmike

DRAM ETF is the fastest-growing ETF ever, offering Western access to Korean memory giants

The DRAM ETF launched 6 weeks ago, attracted $6B in assets in 5 weeks ($1.1B in a single day), holds ~70% in SK Hynix, Samsung, and Micron, solving the access problem for US inves…

$RAM···neutral· lowmike

RAM 2x leveraged memory ETF launching soon for aggressive exposure to the memory supercycle

A 2x leveraged version of the memory ETF (ticker RAM) is imminent, providing a high-risk tool for investors with extreme conviction in the memory trade.

$GOOGL···bullish· mediumejaaz

Google prepaid 40% for Micron TPU memory, signaling legitimate hyperscaler demand

A recent Google-Micron deal for TPU memory involved 40% upfront payment, demonstrating that Mag 7 companies are locking in supply with cash, validating the demand signal.

$ANTHROPICbearish· lowejaaz

Risk that Anthropic and OpenAI inflate demand forecasts, potentially creating a memory bubble

If frontier AI labs overstate their memory needs, a demand collapse could cascade through the memory supply chain, though current structural evidence argues against this.

$OPENAIbearish· lowejaaz

Risk that Anthropic and OpenAI inflate demand forecasts, potentially creating a memory bubble

If frontier AI labs overstate their memory needs, a demand collapse could cascade through the memory supply chain, though current structural evidence argues against this.

$AAPL···bearish· lowejaaz

Consumer device makers like Apple may push back on memory costs, a risk to monitor

Rising memory prices are already increasing consumer electronics costs (PS5, PCs); if Apple and others resist, it could signal a demand ceiling for memory.

←

▶ 3:07 · $NVDA · If You Missed Sandisk, These AI Memory Stocks are Next

episode briefing

Limitless Podcast

If You Missed Sandisk, These AI Memory Stocks are Next

2026-05-13 · 11 company · 5 thematic

sentiment

6 bull3 bear2 neu

speakers

mike

josh kale

ejaaz

quote

“if you look at every future iteration, including Rubin, Rubin Ultra, and Feynman that is going to be launched later in 2028, it doesn't just require the same amount of memory, it requires two, three, and four X the amount of memory for eve…”

—mike

now playing · $NVDA

$NVDA···bullish· highmike

Nvidia's GPU roadmap requires 2-4x more memory per generation, creating insatiable HBM demand

Every future Nvidia GPU iteration (Rubin, Rubin Ultra, Feynman) requires 2x, 3x, and 4x more memory respectively, and Nvidia has booked all SK Hynix capacity, making memory the cr…

$SNDK···bullish· mediumjosh kale

SanDisk has surged 1,500% as a memory beneficiary but is a smaller holding in the DRAM ETF

SanDisk has appreciated 15x and is included in the DRAM ETF basket, though it represents a smaller allocation compared to the three primary memory giants.

$MU···bullish· high· posmike

Micron is the primary US-listed pure-play memory beneficiary of AI-driven HBM demand

Micron has surged 8x as the accessible Western proxy for AI memory demand; Google prepaid 40% for TPU memory supply, forward P/E is under 10x vs historical 30-50x in cycles, and l…

$SKHY···bullish· highmike

SK Hynix is the dominant HBM supplier to Nvidia with all capacity booked out

SK Hynix is the 'king' of memory, sole/main provider for Nvidia's GPUs; Nvidia has monopolized all SK Hynix capacity going forward, prompting customers to offer prepayment for gua…

$005930.KS···neutral· mediummike

Samsung is a major memory player but conglomerate structure dilutes pure AI memory exposure

Samsung Electronics is the second-largest memory manufacturer but its diverse business lines make it a less concentrated bet on the AI memory supercycle compared to SK Hynix or Mi…

$DRAM···bullish· high· posmike

DRAM ETF is the fastest-growing ETF ever, offering Western access to Korean memory giants

The DRAM ETF launched 6 weeks ago, attracted $6B in assets in 5 weeks ($1.1B in a single day), holds ~70% in SK Hynix, Samsung, and Micron, solving the access problem for US inves…

$RAM···neutral· lowmike

RAM 2x leveraged memory ETF launching soon for aggressive exposure to the memory supercycle

A 2x leveraged version of the memory ETF (ticker RAM) is imminent, providing a high-risk tool for investors with extreme conviction in the memory trade.

$GOOGL···bullish· mediumejaaz

Google prepaid 40% for Micron TPU memory, signaling legitimate hyperscaler demand

A recent Google-Micron deal for TPU memory involved 40% upfront payment, demonstrating that Mag 7 companies are locking in supply with cash, validating the demand signal.

$ANTHROPICbearish· lowejaaz

Risk that Anthropic and OpenAI inflate demand forecasts, potentially creating a memory bubble

If frontier AI labs overstate their memory needs, a demand collapse could cascade through the memory supply chain, though current structural evidence argues against this.

$OPENAIbearish· lowejaaz

Risk that Anthropic and OpenAI inflate demand forecasts, potentially creating a memory bubble

If frontier AI labs overstate their memory needs, a demand collapse could cascade through the memory supply chain, though current structural evidence argues against this.

$AAPL···bearish· lowejaaz

Consumer device makers like Apple may push back on memory costs, a risk to monitor

Rising memory prices are already increasing consumer electronics costs (PS5, PCs); if Apple and others resist, it could signal a demand ceiling for memory.