Topic · L2 · Power & Stack
Last year's chokepoint. This year's footnote.
HBM was the binding constraint in 2024–25, then eased as supply caught up — and the bottleneck moved on. Proof that no constraint is permanent. The edge is in seeing it move before the price does.
Signal readings
- ⬤HBM pricing & sold-out statusMemory prices have been rising sharply since the second half of 2025, with LPDRAM supply already constrained enough that (18.46)2026-06-10 source →
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