A thematic basket of high-bandwidth memory chip manufacturers, anchored by SK Hynix and Micron Technology.
1 take · first discussed Jan 4, 2025
Private company — no public price to score. We track what they said; valuation-mark tracking is on the roadmap.
The collective view on high-bandwidth memory producers SK Hynix and Micron is firmly bullish, driven entirely by guest Gavin Baker, who names the HBM basket as his single highest-conviction pick for 2025. His core thesis is that HBM supply has been sold out for roughly two years and will remain constrained as demand from inference workloads and test-time compute continues to grow, keeping GPUs — from NVIDIA, AMD, and Amazon — capacity-bound. None of the regular All-In hosts weigh in on this thesis in the supplied material, so no agreement or disagreement among Chamath, Friedberg, Sacks, or Palihapitiya can be noted.
Gavin Baker picks high-bandwidth memory producers (Hynix and Micron) as his best performing asset of 2025, arguing HBM supply will remain sold out as inference/test-time compute demand accelerates and GPUs run out.
High-bandwidth memory would be my pick. HBM memory, it's in NVIDIA GPUs, AMD GPUs, Amazon Trainiums... it's been sold out for the last 2 years.”1:14:58