The Minutes of Gavin Baker on memory https://minutesof.com/gavin-baker/on/memory/ Everything Gavin Baker has said on memory: 21 verbatim quotes between January 2025 and August 2026, each with a timestamp and a link to the recording it… en Sun, 30 Aug 2026 16:21:41 +0000 Baker argues breaking memory supply agreements could destroy franchises due to allocation loss risk. https://minutesof.com/q/0235e5c1-2209-4a3c-b1c5-ed6271534d2c/ https://minutesof.com/q/0235e5c1-2209-4a3c-b1c5-ed6271534d2c/ “I just think given that this is, the axis around which kind of everything is revolving, man, like, might blow up your entire business and your franchise by breaking an LTA.” — Invest Like The Best Tue, 04 Aug 2026 12:00:33 +0000 memory Baker suggests memory companies should copy NVIDIA's credit wrapper model despite business instability risks. https://minutesof.com/q/b18d31ec-64d8-4147-923e-7a957eb56092/ https://minutesof.com/q/b18d31ec-64d8-4147-923e-7a957eb56092/ “I would be going to the buyers of GPUs, Traniums, and whoever and say, I'll participate in the NVIDIA credit wrapper. Now their business is just inherently less stable and predictable,” — Invest Like The Best Tue, 04 Aug 2026 12:00:33 +0000 memory Baker identifies memory as the single most important factor for increasing token output per compute unit. https://minutesof.com/q/498c1547-6142-4dfd-9717-055d939ec2fc/ https://minutesof.com/q/498c1547-6142-4dfd-9717-055d939ec2fc/ “It's the single most important thing you could do to increase token output per unit of compute, and then that obviously, definitionally, actually lowers costs,” — Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 memory Baker explains breaking memory LTAs could destroy companies by losing allocations when market tightens again. https://minutesof.com/q/1c68adab-c7db-487c-a37a-3d17c27ea19c/ https://minutesof.com/q/1c68adab-c7db-487c-a37a-3d17c27ea19c/ “Well, if they're breaking their LTAs, it probably means, you know, your oversupply, prices are coming down, and then, you know, capacity naturally contracts. Well, what do you think is gonna happen to Google's allocations?” — Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 memory Baker suggests memory companies should copy NVIDIA's credit wrapper model to participate in GPU revenue stream https://minutesof.com/q/04a10ac9-3dc4-4ef0-b30d-013a32bc208d/ https://minutesof.com/q/04a10ac9-3dc4-4ef0-b30d-013a32bc208d/ “Which is? I would be going to the buyers of GPUs, tradiums, and whoever and say, I'll participate in the NVIDIA credit wrapper.” — Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 memory Baker suggests memory companies should copy NVIDIA's credit wrapper model while they have cash and credit mark https://minutesof.com/q/f8a1ce63-0c20-4776-b362-c6e16f7a9165/ https://minutesof.com/q/f8a1ce63-0c20-4776-b362-c6e16f7a9165/ “I'm just making this up. But, like, do something. Like, you can because you have money now and credit markets are revolting.” — Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 memory Baker predicts GPUs will have 10-15 year useful lives due to prefill-inference disaggregation, extending older https://minutesof.com/q/ca1f41f5-e05d-4029-a1db-504f8b4e433d/ https://minutesof.com/q/ca1f41f5-e05d-4029-a1db-504f8b4e433d/ “The disaggregation of inference means that I think these GPUs are going to have ten or fifteen year lives.” — Invest Like the Best Wed, 20 May 2026 08:00:00 +0000 memory Baker admits he has been hanging on to memory stocks for dear life despite contrarian instincts. https://minutesof.com/q/9a463885-24f2-43d3-9479-fb352cad111c/ https://minutesof.com/q/9a463885-24f2-43d3-9479-fb352cad111c/ “I've been hanging on to the memory stocks for dear life. And yeah, but that's that's a that that's been a lifelong journey” — Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory I would say based on every memory cycle we have had for the last twenty five years, this is the time to be sel https://minutesof.com/q/f4b9214f-e8ec-4253-adbe-1d9175dac3ff/ https://minutesof.com/q/f4b9214f-e8ec-4253-adbe-1d9175dac3ff/ “I would say based on every memory cycle we have had for the last twenty five years, this is the time to be selling memory 100%.” — Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Baker believes NVIDIA could sell $11.52 trillion in chips next year if TSMC tripled capacity but bubble risks https://minutesof.com/q/5844eeb0-1c90-4b36-a1d3-14fdd317f440/ https://minutesof.com/q/5844eeb0-1c90-4b36-a1d3-14fdd317f440/ “And if they doubled or tripled capacity, like, NVIDIA could probably sell $11,520,000,000,000 worth of chips next year. I really believe that. But the other side of that might be very painful for everyone.” — Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Baker warns a true DRAM capacity cycle could see prices increase 10X, not the typical 30-50%. https://minutesof.com/q/cd04bf33-77bd-450c-8ff0-789eaf28c649/ https://minutesof.com/q/cd04bf33-77bd-450c-8ff0-789eaf28c649/ “If the price of DRAM, if like a DRAM wafer is valued at like a five carat diamond.” — Invest Like the Best Tue, 09 Dec 2025 15:05:00 +0000 memory Baker reveals high bandwidth memory is a bigger cost component for NVIDIA than Taiwan Semi, with only two capa https://minutesof.com/q/43e8de1e-f992-4cb3-a105-207866b23450/ https://minutesof.com/q/43e8de1e-f992-4cb3-a105-207866b23450/ “High bandwidth memory is a bigger part of NVIDIA's cogs on GPUs than Taiwan Semi is. And today, there's two companies that can make it, Hynix and Micron.” — All-In Podcast Sat, 04 Jan 2025 00:23:00 +0000 memory