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Notes: The Bottleneck Heuristic — The Memory Supercycle, Power Bottleneck, and Data Center Value Creation (Pt.3)

Notes: The Bottleneck Heuristic — The Memory Supercycle, Power Bottleneck, and Data Center Value Creation (Pt.3)

The memory supercycle is no longer just about HBM. Multi-tier architectures are pulling conventional DRAM and NAND into the same structural shortage, while power and PCB bottlenecks are now compounding the constraint.

25 min read 29 Jun 2026

AI Value Chain Bottlenecks: Mapping Pricing Power and Investment Opportunity (Pt.1)

36 min read 02 Apr 2026

AI Value Chain Bottlenecks: Mapping Pricing Power and Investment Opportunity (Pt.1)

AI bottlenecks flow like a canal system of shifting dams — energy partially eased by natural gas and Bitcoin miner conversions, but pricing power now migrates downstream to data centers and optical interconnects, with a tailored Rule of X framework surfacing the winners.