AI Capital Flows
Coverage
The themes this publication follows closely enough to have a position on. Each page opens with where the theme stands — quoted from the most recent piece — and then lists every dated article behind it. Nothing here is investment advice.
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19 pieces · to
Memory pricing
DRAM and NAND contract and spot pricing — where it printed, who refused it, and what a refusal does to the quarter that follows.
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10 pieces · to
Hyperscaler capex
What the largest cloud buyers commit, what they actually book, and how the bill is funded.
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9 pieces · to
HBM
High-bandwidth memory: qualification, contracted capacity, and the distance between a supply agreement and a shipped stack.
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9 pieces · to
NAND
Flash supply, layer counts and the second memory cycle — the one that moves on a different clock from DRAM.
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5 pieces · to
Server OEMs
Dell, HPE, Lenovo and Supermicro — the vendors carrying the build-out on their own balance sheets, and what that does to margin and cash.
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4 pieces · to
Data-center demand
The demand that actually lands at the rack — and where the pull is real versus double-counted.
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4 pieces · to
Vendor financing & private credit
How the build-out is paid for — financing receivables, prepayments, securitisation and the credit that sits underneath the capex line.
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4 pieces · to
China memory & export controls
CXMT, YMTC and the policy line — domestic capacity, the filings behind it, and where the restriction list actually bites.
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4 pieces · to
Foundry & equipment
TSMC, ASML and Applied Materials — the tools and the wafer capacity that lead every other line in this build-out.