창미니

GPU 보틀넥은 지나가고 메모리 보틀넥은 현재 진행형이고 CPU 보틀넥은 이제 시작이라고 봐도 될 것 같네요.

our AI supply chain tracker lit up this week: hyperscalers stopped being picky. they signed 5 long-term electricity contracts in the past 10 days. the mix tells us where the future is headed. Wind from EDP. Battery from Noon. Gas from Bloom. Solar from Overview. Nuclear SMR from X-energy. they're buying every reliable electron they can find. That's clearly the language of constrained capacity. Hyperscaler PPA Flow rose +16pp in 7 days, the largest move on our entire constraint board. memory's still tight. but the rent is migrating from the fab to the substation. you can ship a million Blackwells into Cedar Hill, Texas. Without a substation, a transformer, and a 20-year PPA, they're paperweights. Names exposed: VST, CEG, TLN, NEE on the long side. Electrons are the hard part.

BIG TECH IS TRYING TO FUND SK HYNIX CHIP PRODUCTION Reuters reports SK Hynix has received unprecedented offers from global tech firms trying to secure memory chip supply. The offers include investing in dedicated memory production lines and financing ASML EUV machine purchases. One source said available capacity is “essentially zero right now.” “There isn’t even a small portion that can be designated for a specific customer.” SK Hynix is cautious because customer funding could tie it to specific buyers and force lower chip pricing in exchange for long-term revenue guarantees. Another structure being discussed across long-term chip agreements: customers provide 30% to 40% of cash upfront.