$NVDA · Nvidia shifting away from HBM as memory bottleneck evolves

episode briefing

extracted intelligence

Bloomberg Tech

AI Chip Selloff Spreads Across Global Markets | Bloomberg Tech 7/07/2026

now viewing▶ 7:00

Nvidia shifting away from HBM as memory bottleneck evolves

2026-07-07 · 13 company · 7 thematic

sentiment

10 bull1 bear2 neu

speakers

vanessa larco

Former GP at a large venture firm, launched Premise to invest in pre-seed/seed AI startups with a founder-first thesis, avoiding overpriced repeat-founder rounds.

ryan

Host of the podcast (Long Strange Trip). Previously worked at PTC in the 1990s. Built HubSpot through 'founder mode' flat organization. Experimented with eliminating org charts/titles 4 years in but reverted due to lack of intelligence systems. Now exploring 'Dorsey mode' AI-centered organization.

joel shulman

Manages an ETF that held ~$300M in SpaceX pre-IPO (14% position), generated $130M profit, and now tracks SpaceX's Nasdaq 100 inclusion and fundamental thesis.

peter elstrom

Leads Bloomberg's coverage of Asian technology companies, particularly Korean semiconductor makers Samsung and SK Hynix.

kunjan sobhani

Covers semiconductor industry with focus on server design, data center infrastructure, memory cycles, and sovereign AI spending trends.

robert shipman

Analyzes corporate bond markets and credit fundamentals, particularly for large tech issuers funding AI infrastructure.

quote

“WE ARE SEEING A LOT OF FOCUS FROM NVIDIA BUT ALSO QUALCOMM AND CERBERUS, GOING AWAY FROM HBM. THIS COULD HELP SLOW DOWN THE PEAKS AND TROUGHS OF THE MEMORY CYCLE.”

—kunjan sobhani

now playing · $NVDA

$PREMISEbullish· medium· posvanessa larco

New venture fund Premise targets pre-seed AI with founder-first thesis

Premise focuses on earliest-stage AI where valuations are still reasonable, betting on founder quality and market expansion probability rather than product, avoiding overpriced re…

$MU···bullish· highryan

Micron surges as memory becomes AI infrastructure bottleneck

Memory and storage stocks like Micron have seen enormous gains while Mag 7 underperforms, as the AI trade shifts focus to where the physical bottleneck is in infrastructure.

$WDC···bullish· highryan

Western Digital rallies on memory/storage AI demand

Western Digital benefits from the same memory/storage bottleneck shift as Micron, with the stock seeing enormous gains as AI infrastructure spending prioritizes storage.

$GOOGL···bullish· mediumryan

Alphabet holds up best in Mag 7 on Gemini, chips, YouTube, Waymo synergy

Alphabet has outperformed Mag 7 peers due to optimism around its full-stack AI position: Gemini models, custom chips, YouTube data, and Waymo autonomy working in concert.

$MSFT···bearish· highryan

Microsoft drops 20% on skepticism over AI capex returns

Microsoft has seen its worst month since December 2000 as investors question the return on aggressive AI spending, with cash flow pressure evident from equity raises and debt mark…

$SPCX···bullish· high· posjoel shulman

SpaceX Nasdaq 100 inclusion brings passive flows; fund manager sees 20x revenue growth

SpaceX dominates launch with 90% market share and 10x cost advantage over NASA, Starlink's 5-tier pricing model extracts maximum value across segments, and optional space-based da…

$005930.KS···neutral· mediumpeter elstrom

Samsung beats estimates but sells off on crowded AI positioning

Samsung delivered stellar earnings with revenue doubling and 19x profit growth, but shares fell because investor expectations were extremely high and positioning in Korean memory…

$000660.KS···bullish· mediumpeter elstrom

SK Hynix outperforms Samsung on memory AI rally

SK Hynix has risen more than Samsung's 150% YTD gain, driven by bullishness on the AI memory trade and leveraged ETF flows amplifying volatility.

$NVDA···neutral· mediumkunjan sobhani

Nvidia shifting away from HBM as memory bottleneck evolves

Nvidia, Qualcomm and Cerebras are moving away from HBM dependence, which could smooth the traditional boom-bust memory cycle by reducing peak demand pressure.

$AMZN···bullish· highrobert shipman

Amazon raises $25B+ in bonds to fund $300B AI capex surge

Amazon's $25B bond offering (likely to grow) signals capex will far exceed its $200B guidance, potentially approaching $300B next year as AI demand outpaces supply and they front-…

$TSLA···bullish· mediumjoel shulman

RBC boosts Tesla target on potential SpaceX merger synergies

RBC raised Tesla's price target based on potential merger with SpaceX, seen as 25-30% accretive to Tesla stock, with analysts viewing the combination as a key catalyst.

$SAAB···bullish· mediummichelle davis

Saab benefits as Europe shifts defense spending to local contractors

European NATO members are favoring local contractors like Saab over Boeing to meet 5% GDP defense targets, creating a structural tailwind for European defense industrials.

$DEEPSEEKbullish· mediumyahaira

DeepSeek developing own inference chip to reduce Nvidia dependence

Chinese AI leader DeepSeek plans to develop its own chip for the inference stage, part of a broader shift by Chinese firms to allocate 46% of AI accelerator budgets to domestic su…