Beth Kindig

AMD $AMD has an estimated 5%-7% of the GPU server market today compared to Nvidia’s $NVDA 85%+. If AMD can move from the mid-single digits toward 15%-20%, it would represent roughly 2X to 4X AMD’s current market share without needing to take the GPU crown. More below. https://t.co/5RdxeHmZIr

Year-end pricing estimates for memory disagree by more than 25 points. Jefferies reportedly expects memory prices to rise 40-50% QoQ in Q3 and another 30-40% in Q4, while TrendForce estimates much lower growth at 13-18% QoQ for DRAM and 10-15% QoQ for NAND in Q3. https://t.co/lCWt8SPVt6 $MU $SKHY $SNDK

TrendForce also projects the supply-demand gap for data centers in the US will surpass 170GW by 2030. $NVDA $AMD $MSFT $GOOG $AMZN

OpenAI is also projecting revenue to rise roughly tenfold by 2030, up from $36 billion this year to $350 billion by 2030, per the FT. $MSFT $AMZN $GOOG $NVDA

Model complexity and the KV cache are two primary drivers for memory, especially for inference requiring increasingly large context windows. Context windows for OpenAI’s leading models have risen 230-260X in three years to 1.05M tokens, while Meta’s Llama 4 Scout is 10X higher at 10M. $MSFT $AMZN $META $GOOG $MU https://t.co/lCWt8SQtiE

AMD’s battle with Nvidia on GPUs looks surprisingly similar to $INTC, but there’s one major difference – AMD does not need to overtake $NVDA to win. Below, I map out why AMD’s $AMD next-generation GPU roadmap could continue to support higher returns than Nvidia through 2028. https://t.co/5RdxeHmZIr

According to Citi, monthly AI tokens used have increased at an average 31% MoM rate since the start of 2025. $MSFT $AMZN $GOOG $NVDA

Samsung is reportedly expected to more than double output of its HBM4 family next year, while total HBM output is expected to increase ~40% to 250,000 wafers per month. $MU $SKHY $NVDA $AMD

In 2019 I said $NVDA would become the world's most valuable company. In 2021, that it would surpass $AAPL. In July 2024, I said AMD's $AMD returns would outpace Nvidia's over five years. So far, so good. This week, I cover why the next chapter could be AMD’s biggest. Link in bio.

AMD $AMD is said to be increasing prices for its AI GPUs, consumer GPUs and motherboard chipsets by ~10% in Q4 as TSMC hikes prices, per TechPowerUp. $TSM $NVDA $AVGO

“Compute is worthless if you can’t power it.” With @cvpayne, I break down the I/O Fund’s early call on Bloom $BE at $16—and another company well positioned to meet the scale of power AI will require over the next decade. https://t.co/daUpLsITfu

Meta’s $META Muse reportedly recorded 1.8 million iOS downloads in the US and Canada during its first 12 days, compared with 1.3 million for ChatGPT over the same post-launch period, per Apptopia.

If Nvidia $NVDA loses 10 points of GPU share, that is not a thesis killer. But if AMD $AMD gains 10 points, it’s transformational. This week, I look at what AMD must do to continue its winning streak. Link in bio.

BofA is modeling 5-6GW of owned-capacity deployments for Meta $META in 2027 at a cost of $200 billion, with its custom silicon push expected to save Meta roughly $8.5 billion. $AVGO $NVDA $AMD

Nvidia $NVDA is said to be buying an additional $1.5 billion of SB Energy shares before its IPO, which would take its total stake to $3 billion. SB Energy is developing the PORTS-Pike Technology Campus in Ohio, scaling up to 8GW with OpenAI the main tenant. $MSFT $ORCL

Hyperscalers' bonds to fuel capex offer institutional investors an attractive 100-180+ basis point yield premium over Treasuries, meaning marginal balance sheet capacity is being funneled away from government debt auctions. https://t.co/S1tok9ANLg $MSFT $AMZN $GOOG $ORCL https://t.co/qDTWUWI7Q6

Under a multi-year agreement, Marvell $MRVL and GlobalFoundries $GFS are working to expand GFS’ silicon germanium capacity to support Marvell’s optical connectivity portfolio.

CleanSpark last week aimed to raise $2.2 billion in junk bonds for a Meta-leased AI data center in Georgia, the first junk bond deal tied to a Meta project. The deal reportedly drew about $10 billion in interest, 4X the planned raise. $META $CLSK $MSFT $AMZN $GOOG

Ten banks are providing a $22 billion loan to support Alphabet and Blackstone’s new AI cloud JV, Crux AI, with Blackstone investing an initial $5 billion to bring 500MW of capacity online in 2027. $GOOG $AVGO

Anthropic says its Claude AI models now “lead” 26% of its AI research and development, up from less than 1% in February 2026. $AMZN $GOOG $NVDA

Nvidia $NVDA CEO Jensen Huang: “I expect Nvidia to sell twice as many chips as this next year as we do this year.” $AMD $AVGO

Cisco estimates from 2026 to 2035, agentic AI will result in 9X enterprise traffic growth compared to just 2.5X growth without agentic AI. $NET $CSCO $CRWD https://t.co/R9EcaZCiR4

Gartner predicts the average Fortune 500 enterprise to have more than 150,000 agents deployed by 2028, a 10,000X increase from 2025. $MSFT $GOOG $AMZN $META

“We still forecast that customer demand will remain higher than our supply capacity even beyond 2030.” — SK Hynix CEO $SKHY $MU $NVDA $AMD

The Dark Horse is officially a trillion-dollar company. $AMD

Oracle: “GPU utilization remains extremely high at 97.9% in Q1.” $ORCL $NVDA $CRWV

By 2035, data centers in the US are projected to consume more natural gas than Germany and Japan combined, per BloombergNEF. $NVDA $MSFT $GOOG $AMZN

Intel is currently only able to meet ~50% of customer demand for server CPUs, according to CEO Lip-Bu Tan. $INTC $AMD $NVDA

Crusoe has signed a multiyear cloud agreement with Perplexity to supply and manage dedicated Nvidia GB300 clusters for Perplexity’s model training and inference workloads. $NVDA $GOOG

OpenAI is in early discussions for a new funding round valuing the firm at $1.2 trillion, which would represent around a 40% increase from its March valuation at $852 billion. $MSFT $AMZN $GOOG $NVDA