Summary

• Hyperscaler capex is now large enough to turn component shortages into pricing power, which explains the surge in memory names such as Micron and SK Hynix.
• The next constraint is likely power and data-center infrastructure, as AI demand must pass through grid capacity, electrical equipment, and thermal systems.
• The binding variable has shifted from chip and memory availability to site enablement: connection, energization, cooling, and operation at scale.

AI infrastructure equities’ recent behavior is rooted in a shift from compute-supply scarcity to physical-capacity scarcity

The most extreme price moves in the 2026 AI trade sit with memory producers. SK Hynix (HXSCL) has gained more

318 Followers