Amati Insights - Memory super-cycle: from demand boom to critical shortages

Memory semiconductor companies have been a long-held position in the WS Amati Global Innovation fund. The recent demand boom and associated stock price rallies contributed strongly to the fund performance.

Join Graeme Bencke and Mikhail Zverev as they discuss what happens next and how they're evolving their exposure to this increasingly mission critical part of the technology sector.

00:06 – Introduction & Disclaimer

00:35 – Today’s Topic: The Memory Supercycle

01:07 – The AI‑Driven Demand for Memory

01:59 – Historic Cycles: Why Memory Is So Volatile

02:38 – The Cloud Boom (2016–2018)

03:13 – COVID Cycle & Consumer Device Demand

03:39 – The Current AI Cycle: Most Intense Yet

04:15 – Memory Pricing Explosion (7× Increase)

04:52 – Capacity Shortages Into 2027–2028

05:41 – Sector‑Wide Demand: Phones, PCs, AI, Automotive

06:36 – Potential Risks: China & Supply Concerns

07:56 – AI Demand Risk & Over‑Investment Cycles

09:01 – Consumer‑Level Impact: Apple, Dell & Pricing Pressures

10:34 – Memory Producers Adding New Capacity

11:14 – Semiconductor Equipment Beneficiaries

12:02 – Are Memory Stocks Overvalued? (Price‑to‑Book vs P/E)

12:53 – Fund Positioning: Taking Profits & Rebalancing

13:39 – Closing Remarks

⚠️ Warning: Capital at Risk. Professional Investors Only.