https://marginofsignal.com/Analysis of the companies building AI infrastructure.https://marginofsignal.com/posts/after-hbm/https://marginofsignal.com/posts/after-hbm/Wed, 30 Sep 2026 00:00:00 +0000Memory was the squeeze of 2026. The constraint is already moving outward from the chip: to packaging, optics, storage and power. Here's the order, the numbers, and what could break it.https://marginofsignal.com/posts/what-is-hbm/https://marginofsignal.com/posts/what-is-hbm/Tue, 29 Sep 2026 00:00:00 +0000High-bandwidth memory is the stacked DRAM sitting next to every AI accelerator. Here's how it works, who makes it, and why it's squeezing the entire memory market.https://marginofsignal.com/posts/ai-supercycle/https://marginofsignal.com/posts/ai-supercycle/Sun, 27 Sep 2026 00:00:00 +0000Spending is still accelerating, but the pricing power is shifting from chips to the bottlenecks: memory and power. Here are the numbers, the thesis, and what could break it.https://marginofsignal.com/posts/why-margin-of-signal/https://marginofsignal.com/posts/why-margin-of-signal/Sun, 27 Sep 2026 00:00:00 +0000What this site covers, how each post is built, and why every thesis comes with its risks.