memory: everyone on the record — The Minutes https://minutesof.com/on/memory/ Everyone on the record about memory: 26 verbatim quotes from 4 people, February 2023 to August 2026, in one chronology, each with a timestamp and a link… en Sun, 30 Aug 2026 22:33:05 +0000 Gavin Baker: Baker suggests memory companies should copy NVIDIA's credit wrapper model despite business instab 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,” — Gavin Baker, Invest Like The Best Tue, 04 Aug 2026 12:00:33 +0000 memory Gavin Baker: Baker argues breaking memory supply agreements could destroy franchises due to allocation loss ri 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.” — Gavin Baker, Invest Like The Best Tue, 04 Aug 2026 12:00:33 +0000 memory Gavin Baker: Baker suggests memory companies should copy NVIDIA's credit wrapper model while they have cash an 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.” — Gavin Baker, Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 memory Gavin Baker: Baker suggests memory companies should copy NVIDIA's credit wrapper model to participate in GPU r 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.” — Gavin Baker, Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 memory Gavin Baker: Baker explains breaking memory LTAs could destroy companies by losing allocations when market tig 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?” — Gavin Baker, Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 memory Gavin Baker: Baker identifies memory as the single most important factor for increasing token output per compu 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,” — Gavin Baker, Invest Like the Best Tue, 04 Aug 2026 08:00:00 +0000 memory Gavin Baker: Baker predicts GPUs will have 10-15 year useful lives due to prefill-inference disaggregation, ex 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.” — Gavin Baker, Invest Like the Best Wed, 20 May 2026 08:00:00 +0000 memory Gavin Baker: Baker believes NVIDIA could sell $11.52 trillion in chips next year if TSMC tripled capacity but 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.” — Gavin Baker, Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Gavin Baker: Baker argues this may be the first true capacity cycle and that fundamental shortages help avoid https://minutesof.com/q/eaa2c07f-36b4-496d-a802-6a49e559de0a/ https://minutesof.com/q/eaa2c07f-36b4-496d-a802-6a49e559de0a/ “This may be the first true capacity cycle. And I and and I and I do think that these fundamental shortages are good for us as investors.” — Gavin Baker, Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Gavin Baker: Baker takes the over on every AI capex and memory forecast number given by other speakers at the https://minutesof.com/q/d4f2a0f4-56a2-49b1-b256-38a58d9467ac/ https://minutesof.com/q/d4f2a0f4-56a2-49b1-b256-38a58d9467ac/ “And I would just say, I take the over on every number that they gave. Every single number.” — Gavin Baker, Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Gavin Baker: I would say based on every memory cycle we have had for the last twenty five years, this is the t 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%.” — Gavin Baker, Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Gavin Baker: I would say based on every memory cycle we have had for the last twenty five years, this is the t 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%.” — Gavin Baker, Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Gavin Baker: 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” — Gavin Baker, Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Gavin Baker: 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” — Gavin Baker, Sohn Conference Foundation Fri, 15 May 2026 18:17:41 +0000 memory Brad Gerstner: Gerstner says memory trades at 5x earnings and NVIDIA at 13-14x fully taxed GAAP earnings. https://minutesof.com/q/5094e131-01d9-482c-a310-2f57fd8690b0/ https://minutesof.com/q/5094e131-01d9-482c-a310-2f57fd8690b0/ “Think about memory as an industry is only trading at five times earning. In the case of NVIDIA, trading at 13 or 14, fully taxed gap earnings.” — Brad Gerstner, Altimeter Capital Tue, 05 May 2026 22:10:35 +0000 memory Brad Gerstner: Gerstner notes memory companies trade at 5x fully taxed earnings and Samsung will profit more t https://minutesof.com/q/295ddc25-3844-40e9-ad8b-e31f81299114/ https://minutesof.com/q/295ddc25-3844-40e9-ad8b-e31f81299114/ “They're they're trading at five x fully taxed earnings. Samsung's gonna do more in profits this year than Google.” — Brad Gerstner, CNBC Television Mon, 04 May 2026 19:16:21 +0000 memory Dylan Patel: Patel reports memory prices have quadrupled over the past year, with SSDs up three to four times. https://minutesof.com/q/c56e363b-dd83-4210-8f36-83191d9f8973/ https://minutesof.com/q/c56e363b-dd83-4210-8f36-83191d9f8973/ “Memory has like four x in price over the last like year, and it's gonna continue to go up. And then now storage SSD, right?” — Dylan Patel, Daytona Tue, 07 Apr 2026 17:12:37 +0000 memory Gavin Baker: 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.” — Gavin Baker, Invest Like the Best Tue, 09 Dec 2025 15:05:00 +0000 memory Dylan Patel: Patel explains reasoning models dramatically increase serving costs due to long output context an https://minutesof.com/q/8ea24247-feff-4e7f-beec-571f6109d01d/ https://minutesof.com/q/8ea24247-feff-4e7f-beec-571f6109d01d/ “your memory usage is going way up with these reasoning models, and you still have a lot of users. So effectively, the cost to serve multiplies by a ton.” — Dylan Patel, Lex Fridman Mon, 03 Feb 2025 00:12:13 +0000 memory Gavin Baker: Baker reveals high bandwidth memory is a bigger cost component for NVIDIA than Taiwan Semi, with 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.” — Gavin Baker, All-In Podcast Sat, 04 Jan 2025 00:23:00 +0000 memory Gavin Baker: Baker reveals high bandwidth memory is a bigger cost component for NVIDIA than Taiwan Semi, with 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.” — Gavin Baker, All-In Podcast Sat, 04 Jan 2025 00:23:00 +0000 memory Bill Gurley: Gurley argues initial LLM versions are structurally flawed around personal memory and RAG approac https://minutesof.com/q/c3744cea-4801-46a1-bab6-6d2282aa5938/ https://minutesof.com/q/c3744cea-4801-46a1-bab6-6d2282aa5938/ “I do think that the initial versions of these models are structurally flawed around providing personal memory and allowing someone to become dependent on one of these things.” — Bill Gurley, Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 memory Brad Gerstner: Gerstner argues memory and context matter more than raw intelligence for AI assistants. https://minutesof.com/q/0fb92875-8ae9-4b8e-9736-f735c69ea782/ https://minutesof.com/q/0fb92875-8ae9-4b8e-9736-f735c69ea782/ “Or would you like to have an assistant that's just above average intelligence, knows everything about you, and they can use the Internet?” — Brad Gerstner, BG2 Pod Thu, 22 Feb 2024 12:20:31 +0000 memory Bill Gurley: Gurley says AI leaders admit memory is a hard problem requiring expensive nightly retraining per https://minutesof.com/q/87618e7f-cbf2-46df-b02f-219e98fe2a29/ https://minutesof.com/q/87618e7f-cbf2-46df-b02f-219e98fe2a29/ “If you talk to the people that are at the tops of these firms and you say, hey, why can't this thing remember everything I want? And they go, oh, that's a hard problem.” — Bill Gurley, BG2 Pod Thu, 22 Feb 2024 12:20:31 +0000 memory Bill Gurley: Gurley identifies long-term memory as a major unsolved problem preventing AI from becoming true p https://minutesof.com/q/132863e0-30a1-451e-8a59-14170cd85857/ https://minutesof.com/q/132863e0-30a1-451e-8a59-14170cd85857/ “I do think this memory issue is a big, big deal, at least on the consumer side. So none of the major contenders today can remember who you are because it would require them.” — Bill Gurley, BG2 Pod Thu, 08 Feb 2024 19:35:00 +0000 memory Dylan Patel: Patel states memory cost has quadrupled in NVIDIA GPUs while per-gigabyte pricing remained flat s https://minutesof.com/q/fad9d07a-a3d6-43a9-9e0b-f2591b6d3829/ https://minutesof.com/q/fad9d07a-a3d6-43a9-9e0b-f2591b6d3829/ “And now with the h 100, they have 96 or 80 gigabytes of memory, but the cost per gigabyte is the same.” — Dylan Patel, Gradient Flow Thu, 02 Feb 2023 12:00:39 +0000 memory