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Wednesday, November 11, 2026

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ON THE TAPE with Guy Adami

Guy Adami discusses Nvidia, Anthropic's IPO prospects, energy, gold and the AI trade.

NVDA $4.2T
WHAT ARE WE DOING? “Contrarians At The Gate” 4 clicks

From X

@convequity

Convequity on X

High-bandwidth memory generally costs about 5x more per GB than conventional DRAM. As AI systems support longer context windows and more complex reasoning, memory demand is spreading into conventional DRAM and NAND. The mechanism is a tiered memory system. HBM holds active model weights and the context needed now. External DRAM holds a broader pool of context that the model can retrieve, while NAND-based SSDs store less frequently used context and model checkpoints. This keeps more context accessible at a lower cost, with a latency trade-off. Memory producers are operating at approximately 80% gross margins and 60%+ EBIT margins. The industry's through-cycle average gross margin has been 35-40%, and past peaks rarely exceeded 55-60%. Supply explains much of this. Samsung, SK Hynix and Micron invested heavily in capacity during the 2021-2022 boom. That capacity came online in 2023 and 2024, when smartphone, PC and non-AI server demand was weak. All three cut production, recorded operating losses and set conservative capex plans. Samsung cut DRAM output by approximately 15-20% in 2023. The capacity response as of mid-2026: 1. Samsung has targeted a roughly 50% increase in HBM production capacity this year. 2. SK Hynix has accelerated its HBM4 ramp through the M15X fab, while reportedly redirecting some planned HBM4 capacity toward DDR5. 3. $MU has accelerated DRAM and HBM output in Taiwan. Meaningful wafer starts from its new US and Singapore facilities are not expected until 2027 and beyond. These additions are weighted toward HBM and high-end server DRAM, not broad conventional memory capacity. They appear insufficient to close the gap in the near term, so the unusually high margins look likely to persist for several more quarters.

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Sea Ltd Earnings Update: Q3 2026

Sea Ltd reported Q3 2026 revenue of $8.6 billion, up 43.4% year over year, while net income rose 34.0%.

SE $45B
SixSigmaCapital: Navigating the Financial Markets 4 clicks

Airbnb 3Q26: Business Update

Airbnb’s 3Q26 revenue rose 19% to $4.9 billion as nights and seats grew 16%, with app bookings up 29% and Reserve Now Pay Later adding…

ABNB $108B
Speedwell Memos 2 clicks

Research update

S&P Global research will assess Platts, Kensho and ratings growth; Benefit Systems’ 72% YTD rally changed its valuation, while Netflix and…

SPGI $138BICE $101B
Global Outperformers 3 clicks

Monte Investments Market Brief Vol. CXXXV

Quanta Services’ backlog rose 63% year over year to $64 billion as shares fell 30%, while AI power and data-center construction demand…

PWR $88B
Monte Independent Investment Research 2 clicks

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SpaceX’s $24 billion Starbase power plant, Microsoft’s Oracle capacity cuts, Riot’s $72 billion AI lease and Quanta’s sell-off frame…

PWR $88BORCL $399B
Monte Independent Investment Research 3 clicks

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