Memory semiconductor companies have been a long-held position in the WS Amati Global Innovation fund. The recent demand boom and associated stock price rallies contributed strongly to the fund performance.

Join Graeme Bencke and Mikhail Zverev as they discuss what happens next and how they're evolving their exposure to this increasingly mission critical part of the technology sector.

00:06 – Introduction & Disclaimer
00:35 – Today’s Topic: The Memory Supercycle
01:07 – The AI‑Driven Demand for Memory
01:59 – Historic Cycles: Why Memory Is So Volatile
02:38 – The Cloud Boom (2016–2018)
03:13 – COVID Cycle & Consumer Device Demand
03:39 – The Current AI Cycle: Most Intense Yet
04:15 – Memory Pricing Explosion (7× Increase)
04:52 – Capacity Shortages Into 2027–2028
05:41 – Sector‑Wide Demand: Phones, PCs, AI, Automotive
06:36 – Potential Risks: China & Supply Concerns
07:56 – AI Demand Risk & Over‑Investment Cycles
09:01 – Consumer‑Level Impact: Apple, Dell & Pricing Pressures
10:34 – Memory Producers Adding New Capacity
11:14 – Semiconductor Equipment Beneficiaries
12:02 – Are Memory Stocks Overvalued? (Price‑to‑Book vs P/E)
12:53 – Fund Positioning: Taking Profits & Rebalancing
13:39 – Closing Remarks

⚠️ Warning: Capital at Risk. Professional Investors Only.