The analyst contends that HBM demand is structurally different from previous cycles due to compounding AI demand, which fuels frontier models, AI servers, and inference clusters. Supply chain checks continue to indicate higher pricing and margins for memory, with OpenAI and Anthropic's ARR accelerating, Codex usage exploding, and hyperscaler capex being revised higher.
AI demand is driving a structural shift in memory consumption, making HBM a critical and sustained input for compute infrastructure, despite short-term cyclical trading risks.