Vol. II · No. 14Current Events · TBBT
InsightsCurrent Events··5 min read
The AI Trade Escapes Nvidia. Is Memory the Real Bottleneck?
VI
Victor Chen
The News
April was the month the AI trade stopped being a single stock. Across the month, Micron rose more than 50%, AMD more than 70%, and Qualcomm nearly 40%, while Alphabet added roughly 34% on cloud and advertising strength. The semiconductor sector broke to new highs as money rotated out of the idea that Nvidia is the AI trade and into the layers underneath it. The specific April catalyst was Micron's launch of volume HBM4 production, the next generation of high-bandwidth memory, priced more than 50% above the prior generation.
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