From the stray current Edison found in a light bulb to a switch that steers electrons on command — vacuum tube, PN junction, transistor, the short history of taming electricity.

A circuit that can remember a single 0 or 1, grown step by step into a register — and why cache, not clock speed, is what makes a gaming CPU fast.

Light is both the chisel that carves chips (lithography) and the paint that makes screens (quantum dots, AR waveguides) — how humans learned to tame it in the space of a silicon chip.

Memory is the most cyclical business in tech — 40 years of up-10x, down-90%. This run has three genuinely structural differences. But 'this time is different' is the most expensive sentence in finance, so the bear case gets equal weight.

HBM isn't faster DRAM. It's DRAM rotated 90 degrees — stacked, drilled through with thousands of vertical wires, and bolted next to the GPU on a silicon interposer. That manufacturing nightmare is exactly why three memory makers just crossed a trillion dollars.

DRAM is a leaky bucket you refill thousands of times a second. That physical fragility is why it's fast, why it's volatile, and why it just hit a scaling wall at the exact moment AI demand exploded — sending RAM prices up triple digits.

I finance the machines AI runs on, and the single priciest, scarcest part inside the box isn't the logic die — it's the memory stacked next to it. This is why: inside a modern accelerator, raw FLOPS stopped being the binding constraint. Memory bandwidth did.