Ray Wang on How AI Is Causing DRAM Prices to Surge

Ray Wang on How AI Is Causing DRAM Prices to Surge – Odd Lots

Mentioned

Bullish

MU— Memory chip makers experiencing massive demand surge from AI with constrained supply through 2027, creating a multi-year super cycle with expanding margins.
NVDA— NVIDIA's AI servers driving 3x memory content growth compared to regular servers, with demand accelerating faster than supply can catch up.
INFRA— AI infrastructure buildout creating massive capital expenditure boom with clean room constraints and wafer capacity limitations driving multi-year investment cycle.

Bearish

NTDOY— Nintendo facing severe memory chip shortages and price hikes that will impact production volumes and margins through 2026.
AAPL— Apple warning of margin pressure from memory chip shortage with meaningful impact expected in second half of 2026.
RETAIL— Consumer electronics facing demand destruction from memory shortages with PC makers cutting outlooks and smartphone volumes declining significantly.

Not investment advice.