Introduces Dom Rizzo, portfolio manager at T. Rowe Price.
John
Dom Rizzo
Confirms extreme shortage in entire memory industry (DRAM/NAND), primarily invested in Hynix for HBM leadership, sees memory and logic converging.
Asks how to navigate memory's boom-bust cycles and whether AI demand creates significant upside or requires selectivity.
John
Dom Rizzo
Memory has completely inelastic demand curve; price increases (50-80% QoQ) will take quarters to impact earnings due to contracted demand.
Asks impact on storage names like Pure Storage and NetApp trying to add value.
John
Dom Rizzo
Struggles with storage names adding value given Nvidia's systems architecture approach.
Asks if avoiding core memory players due to volatility explains focus on semi-cap equipment.
John
Dom Rizzo
Semi-cap equipment is best way to play both memory and logic; expects CPU renaissance in 2026 with fabulous growth for AMD and Intel.