Memory Constraints Reshape AI Infrastructure Margins (nova.kapualabs.com)
HBM and advanced packaging drive 60–70% of accelerator costs while supplier pricing power tests NVIDIA's margins.
Memory is the new AI bottleneck. HBM now drives 60-70% of accelerator costs, shifting pricing power upstream and squeezing margins downstream. A nuanced look at NVIDIA's risky position. https://post.kapualabs.com/3pkmcj52