The Memory Wall: HBM and AI’s Second Bottleneck

Power is the buildout’s most-discussed constraint; memory is its least-appreciated one. HBM is sold out, its makers are diverting capacity from ordinary DRAM, and the packaging that assembles it is itself a bottleneck.

• The HBM oligopoly: SK Hynix, Samsung, Micron
• How HBM is crowding out DRAM and driving a memory supercycle
• Rising memory content per GPU (Blackwell → Rubin)
• CoWoS advanced packaging as the bottleneck behind the bottleneck

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