Semiconductors
The AI Memory Boom Has Arrived
Memory is typically a cyclical industry that is lower margin and lumpy, yet it is seeing a newfound resurgence from AI that is strong enough to transform commoditized hardware into a secular trend as the AI economy is built out. AI servers use more DRAM and NAND than traditional servers, relying heavily on high-bandwidth memory (HBM) for training and inference. We first touched upon the rising importance of the memory market in AI GPUs in the summer of 2023 within our AMD and Lam Research analyses, and provided a closer look in November 2023 in the analysis, 2024 Trend: Memory and PC Rebound. We also dove further into HBM’s growth opportunities in December 2023 with our Micron deep dive, Micron: AI Offers a Multifaceted Secular Growth Tailwind.
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