The Memory Thesis

Tracking the AI memory supercycle — HBM, DRAM, and the companies powering the next wave of AI infrastructure on Earth and Space

Tasks I Used to Skip Because They Took Too Long. AI Does Them Now While I Sleep

May 14, 2026

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4 min read

Tasks I Used to Skip Because They Took Too Long. AI Does Them Now While I Sleep

I've been running an agentic AI on my e-commerce business for months. Here's what it's taught me about where memory demand is actually going.

Vic L

China's Three Walls: Why the Memory Supercycle Is Protected Until at Least 2027

May 13, 2026

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3 min read

China's Three Walls: Why the Memory Supercycle Is Protected Until at Least 2027

The most common pushback I get on my DRAM thesis is China. "Won't they just flood the market and kill pricing?" Here's why that argument doesn't survive contact with reality.

Vic L

The $3.8 Billion Facebook Post That Shook The Kospi

May 12, 2026

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4 min read

The $3.8 Billion Facebook Post That Shook The Kospi

A Korean policy adviser posted something on social media this morning. Foreign investors sold $3.8 billion of Korean stocks within minutes. Here's what actually happened, and why I didn't sell.

Vic L

The Black Swan: Could Software Optimization Eat the Memory Supercycle?

May 11, 2026

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3 min read

The Black Swan: Could Software Optimization Eat the Memory Supercycle?

I'm long DRAM. I've already written three posts laying out why I think the AI memory supercycle is real and has years to run. Now I'm going to make the strongest case against my own position.

Vic L

Big Tech Is Offering to Fund SK Hynix's Factory Equipment. They Said Nah.

May 9, 2026

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2 min read

Big Tech Is Offering to Fund SK Hynix's Factory Equipment. They Said Nah.

Reuters reported something so absurd yesterday that I genuinely had to read it twice and assess if it is fake news.

Vic L

Samsung Workers Just Low Key Confirmed The Memory Thesis

May 8, 2026

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2 min read

Samsung Workers Just Low Key Confirmed The Memory Thesis

Samsung's chip minions rejected a $340,000 bonus this week, because it was offered as a one-time payment, they know what's up and the supercycle is not ending anytime soon.

Vic L