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High-Bandwidth Memory is the constraint that gates whether each new GPU generation can actually run at spec. Three companies - SK Hynix, Samsung, Micron - control essentially 100% of supply. The compu
48 hours after Situational Awareness LP's Q1 2026 13F filed, the $3.86B long book broke first: Bloom Energy -17%, IREN -18%, Applied Digital -19%, CoreWeave -14%. The $8.5B chip-short stack is working
Twelve editorial bubbles in the AI supercycle. We measured all of them with 252-day residualized correlations. Half are real. Half are SPY in a costume.
Hyperscalers are spending hundreds of billions a year on AI compute while the dominant chipmaker helps finance its own customers. The history of bubbles says real technology and a real bubble are not