#50 - How the Memory Market Shapes AI, the US-China Chip Race, and the Memory Cycle with Vis Valluri of SK hynix

SK Hynix's Vis Valluri says AI-driven HBM and inference demand have structurally tightened memory supply through at least 2027, dampening historic cycle volatility.

• Memory supercycle thesis: Vis Valluri argues AI has structurally changed memory's historic boom-bust cycle; HBM, chain-of-thought inference, and agentic AI are amplitude-stacking demand drivers that keep DRAM/NAND tight through at least 2027.
• Micron's margins: Micron reported 81% operating margin and guided continued supply tightness through 2027 — the first time it made that statement, per Valluri.

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