South Korean semiconductor manufacturer specializing in DRAM, NAND flash, and high-bandwidth memory chips.Yahoo Finance ↗skhynix.com ↗
2 takes · first discussed Oct 10, 2025 · last May 8, 2026
Every call, plotted at the price the day they made it.
Chamath argues that HBM memory is the critical constrained input for next-gen AI chips, making SK Hynix (and Samsung) powerful leverage points in the AI supply chain — analogous to controlling the money supply — with growing pricing power as AMD and others compete for allocation.
Gerstner is heavily invested in memory stocks like SK Hynix, which trades at just 5x fully-taxed GAAP earnings while being a key beneficiary of the AI compute buildout — a 25% portfolio position he views as deeply undervalued.
Both Chamath and guest Bill Gerstner are bullish on SK Hynix, though for complementary reasons. Chamath emphasizes the company's strategic leverage in the AI supply chain as a dominant supplier of HBM memory — a critical and constrained input for next-generation AI chips — arguing that scarcity gives SK Hynix meaningful pricing power over customers like AMD. Gerstner, with higher conviction and a 25% portfolio allocation to memory stocks, focuses on the stark valuation case: SK Hynix trades at just 5x fully-taxed GAAP earnings, which he views as deeply undervalued relative to its role as a core beneficiary of the AI compute buildout. The two hosts agree that SK Hynix occupies a structurally important position in the AI ecosystem, with no notable disagreement between them.
Chamath argues that HBM memory is the critical constrained input for next-gen AI chips, making SK Hynix (and Samsung) powerful leverage points in the AI supply chain — analogous to controlling the money supply — with growing pricing power as AMD and others compete for allocation.
the people that then control that supply, SK Hynix and Samsung, will have leverage... Sam has allocation and now Sam can allocate allocation, and then as a result get a tax.”52:14
Gerstner is heavily invested in memory stocks like SK Hynix, which trades at just 5x fully-taxed GAAP earnings while being a key beneficiary of the AI compute buildout — a 25% portfolio position he views as deeply undervalued.
The memory stocks that everybody's excited about, we have 25% of our portfolio in. SK Hynix, 5 times fully taxed GAAP earnings. Samsung, 6 times. Micron, 7 times, right? This is not the stuff that bubbles are made of.”1:02:20