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.
Guest Gavin Baker is the sole host contributor here, expressing high conviction that high-bandwidth memory makers — primarily SK Hynix and Micron — will be the best-performing asset of 2025. His thesis rests on two main pillars: HBM represents a larger share of Nvidia GPU cost of goods sold than even TSMC, and demand has kept the category persistently sold out for roughly two years, driven by surging inference compute requirements across Nvidia, AMD, and Amazon Trainium platforms. With only one contributor, there is no disagreement or corroborating view from the other All-In hosts to note.
Gavin Baker picks high-bandwidth memory makers (primarily SK Hynix and Micron) as the best performing asset of 2025, citing HBM being a larger share of Nvidia GPU COGS than TSMC and persistent sold-out conditions driven by inference compute demand.
So high bandwidth memory would be my pick.”1:14:57