Decoding the memory trade
The rented moat.
A third of AI capex now flows to memory. It’s the most levered read on whether capex holds or breaks. But every headline “tell” which feels like a resolution is set by a beneficiary: rental indices are Nvidia-propped, depreciation schedules from hyperscalers (as included in this revenue-vs-depreciation chart) use the 5-yr life which is contested as gene…
