12 Comments

Thank you for the great article. Why just Rambus? this business small to Renesas so understandable. But Montage totally out?

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Oh good point. I did not know Montage makes DDR5 chipsets. If that is a significant portion of their revenue then sure same thesis should work.

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Great article as usual.

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Why is MU extremely high risk/reward? I thought we are going into a huge HBM cycle with o3 time compute and reasoning needing more memory than ever. And Blackwell will have more memory than previous gen.

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CXMT dumping D5.

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Jan 5Edited

But that's DRAM isn't it? Not competing with HBM. DRAM price decline surely had a part in the current depressed price of MU stock.

Isn't the MU thesis that HBM growth will make it potentially be a bigger part of MU revenues as 2025 progresses?

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Ok I read the previous Irrational Ideas post on 27 Dec now and now I get what you mean.

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Check out the 3Q24 Onto post. Basically Onto CEO publicly said SK and Micron belive Samsung have gotten it together on HBM3E and are afraid of ramping up HBM as they are unsure who will get the Nvidia share

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I wonder what the latest situation is here. I guess we will learn about it in the next earnings calls.

But can't we have a world where all these 3 thrive? You think the market is not going to be that big? NVDA is not the only HBM buyer right? All ASICs builders will also need a lot of HBM.

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In January, a new U.S. administration will take office. What are the chances that this administration will impose new sanctions on CXMT?

I’ve been reading reports from Korean analysts, and they suggest that there are ‘signals’ indicating that the Trump administration might impose sanctions on CXMT.

What are your thoughts on this?

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Well Trump is trying to get the supreme court to not ban Tik Tok so.... no idea. Could go either way.

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Have you checked the price differences between mrdimm and regular ones? The gap is huge.

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