Frictionless

Logan Jastremski × P Equity Research

AI infrastructure is constrained less by GPUs alone than by a shifting stack of memory, advanced packaging, power, construction, and networking, with memory potentially absorbing roughly half of hyperscaler capex through 2028.Long-term agreements and higher utilization may support a higher earnings floor, but cannot repeal cyclicality if ROI and free cash flow disappoint.Watch ABF, optics, and China’s potential 20-25% global memory share.