/tags/investment/Recent content in Investment on Yiwei ShiHugoen-usFri, 08 May 2026 11:58:50 -0400/posts/20260508-memory/Fri, 08 May 2026 11:58:50 -0400/posts/20260508-memory/<p><em>A deep dive into the memory shortage, the Nvidia value chain, and where the profits are flowing</em></p> <hr> <h2 id="the-setup-something-strange-is-happening-in-memory">The Setup: Something Strange Is Happening in Memory</h2> <p>If you only watch Nvidia, you are missing the most interesting story in semiconductors right now.</p> <p>In Q1 2026, SK Hynix posted an operating margin of 72%. That number is not a typo. It exceeded both Nvidia and TSMC in the same quarter. For a company that makes commodity DRAM, this is the kind of margin associated with luxury handbags, not memory chips. Industry veterans say profitability like this has not been seen since Microsoft launched Windows 95 in 1995.</p>