WEBVTT Kind: captions Language: en 00:00:00.320 --> 00:00:04.870 align:start position:0% In<00:00:00.640> 2025,<00:00:01.760> this<00:00:02.080> MacBook<00:00:02.560> Pro<00:00:02.960> cost<00:00:03.520> $1,600. 00:00:04.870 --> 00:00:04.880 align:start position:0% In 2025, this MacBook Pro cost $1,600. 00:00:04.880 --> 00:00:07.349 align:start position:0% In 2025, this MacBook Pro cost $1,600. Less<00:00:05.120> than<00:00:05.279> a<00:00:05.440> year<00:00:05.600> later,<00:00:06.240> the<00:00:06.480> same<00:00:06.799> laptop 00:00:07.349 --> 00:00:07.359 align:start position:0% Less than a year later, the same laptop 00:00:07.359 --> 00:00:10.870 align:start position:0% Less than a year later, the same laptop cost<00:00:07.759> $400<00:00:08.559> more.<00:00:09.760> Apple<00:00:10.080> says<00:00:10.320> it's<00:00:10.639> because 00:00:10.870 --> 00:00:10.880 align:start position:0% cost $400 more. Apple says it's because 00:00:10.880 --> 00:00:14.230 align:start position:0% cost $400 more. Apple says it's because of<00:00:11.360> demand<00:00:11.840> for<00:00:12.160> memory<00:00:12.639> and<00:00:12.960> storage<00:00:13.759> fueled 00:00:14.230 --> 00:00:14.240 align:start position:0% of demand for memory and storage fueled 00:00:14.240 --> 00:00:16.070 align:start position:0% of demand for memory and storage fueled by<00:00:14.400> the<00:00:14.420> [music]<00:00:14.639> rapid<00:00:14.960> expansion<00:00:15.440> of<00:00:15.679> AI 00:00:16.070 --> 00:00:16.080 align:start position:0% by the [music] rapid expansion of AI 00:00:16.080 --> 00:00:18.470 align:start position:0% by the [music] rapid expansion of AI data<00:00:16.400> centers.<00:00:17.279> That's<00:00:17.600> the<00:00:17.840> exact<00:00:18.240> same 00:00:18.470 --> 00:00:18.480 align:start position:0% data centers. That's the exact same 00:00:18.480 --> 00:00:21.910 align:start position:0% data centers. That's the exact same reason<00:00:18.880> Xbox<00:00:19.439> gave<00:00:19.680> for<00:00:19.920> a<00:00:20.240> $150<00:00:21.199> price<00:00:21.520> hike 00:00:21.910 --> 00:00:21.920 align:start position:0% reason Xbox gave for a $150 price hike 00:00:21.920 --> 00:00:24.710 align:start position:0% reason Xbox gave for a $150 price hike on<00:00:22.160> its<00:00:22.400> nearly<00:00:22.880> 6-year-old<00:00:23.519> console. 00:00:24.710 --> 00:00:24.720 align:start position:0% on its nearly 6-year-old console. 00:00:24.720 --> 00:00:28.470 align:start position:0% on its nearly 6-year-old console. Lenovo,<00:00:25.840> Dell,<00:00:26.480> and<00:00:26.800> HP<00:00:27.359> have<00:00:27.840> all<00:00:28.080> raised 00:00:28.470 --> 00:00:28.480 align:start position:0% Lenovo, Dell, and HP have all raised 00:00:28.480 --> 00:00:31.589 align:start position:0% Lenovo, Dell, and HP have all raised prices,<00:00:29.039> too,<00:00:29.679> citing<00:00:30.080> the<00:00:30.320> same<00:00:30.480> culprit. 00:00:31.589 --> 00:00:31.599 align:start position:0% prices, too, citing the same culprit. 00:00:31.599 --> 00:00:33.510 align:start position:0% prices, too, citing the same culprit. >> Just<00:00:31.840> these<00:00:32.160> seven<00:00:32.399> drives<00:00:32.719> alone<00:00:32.960> is<00:00:33.120> over<00:00:33.360> $6 00:00:33.510 --> 00:00:33.520 align:start position:0% >> Just these seven drives alone is over $6 00:00:33.520 --> 00:00:35.590 align:start position:0% >> Just these seven drives alone is over $6 or<00:00:33.760> $7,000.<00:00:34.480> When<00:00:34.640> I<00:00:34.715> [music]<00:00:34.800> bought<00:00:35.040> them, 00:00:35.590 --> 00:00:35.600 align:start position:0% or $7,000. When I [music] bought them, 00:00:35.600 --> 00:00:38.549 align:start position:0% or $7,000. When I [music] bought them, they<00:00:35.840> were<00:00:36.000> probably<00:00:36.320> about<00:00:36.719> $1,500<00:00:37.600> all<00:00:37.840> in. 00:00:38.549 --> 00:00:38.559 align:start position:0% they were probably about $1,500 all in. 00:00:38.559 --> 00:00:40.229 align:start position:0% they were probably about $1,500 all in. These<00:00:38.879> prices<00:00:39.280> aren't<00:00:39.300> [music]<00:00:39.680> tethered<00:00:40.000> to 00:00:40.229 --> 00:00:40.239 align:start position:0% These prices aren't [music] tethered to 00:00:40.239 --> 00:00:42.069 align:start position:0% These prices aren't [music] tethered to new<00:00:40.480> technology.<00:00:41.120> They've<00:00:41.360> just<00:00:41.520> gone<00:00:41.760> up 00:00:42.069 --> 00:00:42.079 align:start position:0% new technology. They've just gone up 00:00:42.079 --> 00:00:44.630 align:start position:0% new technology. They've just gone up because<00:00:42.480> some<00:00:42.879> center<00:00:43.280> and<00:00:43.440> some<00:00:43.680> place<00:00:44.320> needs 00:00:44.630 --> 00:00:44.640 align:start position:0% because some center and some place needs 00:00:44.640 --> 00:00:46.709 align:start position:0% because some center and some place needs them<00:00:44.879> more<00:00:45.040> than<00:00:45.200> I<00:00:45.440> do.<00:00:45.840> The<00:00:46.079> narrative<00:00:46.480> is 00:00:46.709 --> 00:00:46.719 align:start position:0% them more than I do. The narrative is 00:00:46.719 --> 00:00:49.029 align:start position:0% them more than I do. The narrative is that<00:00:46.879> AI<00:00:47.360> data<00:00:47.680> centers<00:00:48.000> are<00:00:48.239> buying<00:00:48.559> up<00:00:48.719> huge 00:00:49.029 --> 00:00:49.039 align:start position:0% that AI data centers are buying up huge 00:00:49.039 --> 00:00:50.869 align:start position:0% that AI data centers are buying up huge amounts<00:00:49.280> of<00:00:49.440> memory<00:00:49.760> and<00:00:50.000> chips,<00:00:50.480> causing 00:00:50.869 --> 00:00:50.879 align:start position:0% amounts of memory and chips, causing 00:00:50.879 --> 00:00:53.189 align:start position:0% amounts of memory and chips, causing shortages<00:00:51.440> and<00:00:51.680> skyrocketing<00:00:52.399> prices<00:00:52.879> for 00:00:53.189 --> 00:00:53.199 align:start position:0% shortages and skyrocketing prices for 00:00:53.199 --> 00:00:55.910 align:start position:0% shortages and skyrocketing prices for everyday<00:00:53.680> electronics.<00:00:55.120> There's<00:00:55.440> just<00:00:55.680> one 00:00:55.910 --> 00:00:55.920 align:start position:0% everyday electronics. There's just one 00:00:55.920 --> 00:00:58.229 align:start position:0% everyday electronics. There's just one issue.<00:00:56.719> Data<00:00:57.039> centers<00:00:57.440> don't<00:00:57.680> use<00:00:57.840> the<00:00:58.079> same 00:00:58.229 --> 00:00:58.239 align:start position:0% issue. Data centers don't use the same 00:00:58.239 --> 00:01:00.150 align:start position:0% issue. Data centers don't use the same type<00:00:58.399> of<00:00:58.559> microchips<00:00:59.199> as<00:00:59.440> your<00:00:59.680> phone<00:00:59.840> or 00:01:00.150 --> 00:01:00.160 align:start position:0% type of microchips as your phone or 00:01:00.160 --> 00:01:02.549 align:start position:0% type of microchips as your phone or laptop.<00:01:01.039> And<00:01:01.280> now<00:01:01.680> the<00:01:01.920> world's<00:01:02.239> biggest 00:01:02.549 --> 00:01:02.559 align:start position:0% laptop. And now the world's biggest 00:01:02.559 --> 00:01:04.469 align:start position:0% laptop. And now the world's biggest memory<00:01:02.879> chip<00:01:03.199> makers<00:01:03.520> are<00:01:03.760> being<00:01:04.000> sued<00:01:04.320> for 00:01:04.469 --> 00:01:04.479 align:start position:0% memory chip makers are being sued for 00:01:04.479 --> 00:01:07.510 align:start position:0% memory chip makers are being sued for allegedly<00:01:05.119> colluding<00:01:05.680> to<00:01:05.920> inflate<00:01:06.400> prices. 00:01:07.510 --> 00:01:07.520 align:start position:0% allegedly colluding to inflate prices. 00:01:07.520 --> 00:01:09.830 align:start position:0% allegedly colluding to inflate prices. So<00:01:07.840> who<00:01:08.400> or<00:01:08.720> what<00:01:09.040> is<00:01:09.280> actually<00:01:09.430> [music]<00:01:09.600> to 00:01:09.830 --> 00:01:09.840 align:start position:0% So who or what is actually [music] to 00:01:09.840 --> 00:01:12.630 align:start position:0% So who or what is actually [music] to blame?<00:01:10.560> AI<00:01:10.960> data<00:01:11.200> centers<00:01:11.760> or<00:01:12.000> the<00:01:12.240> companies 00:01:12.630 --> 00:01:12.640 align:start position:0% blame? AI data centers or the companies 00:01:12.640 --> 00:01:15.030 align:start position:0% blame? AI data centers or the companies making<00:01:12.880> the<00:01:13.119> chips? 00:01:15.030 --> 00:01:15.040 align:start position:0% making the chips? 00:01:15.040 --> 00:01:17.270 align:start position:0% making the chips? And<00:01:15.280> could<00:01:15.439> a<00:01:15.680> moratorium<00:01:16.240> on<00:01:16.479> data<00:01:16.720> centers 00:01:17.270 --> 00:01:17.280 align:start position:0% And could a moratorium on data centers 00:01:17.280 --> 00:01:21.990 align:start position:0% And could a moratorium on data centers actually<00:01:17.759> force<00:01:18.159> prices<00:01:18.640> down? 00:01:21.990 --> 00:01:22.000 align:start position:0% 00:01:22.000 --> 00:01:23.749 align:start position:0% To<00:01:22.240> know<00:01:22.479> what's<00:01:22.799> really<00:01:23.119> going<00:01:23.360> on<00:01:23.520> with 00:01:23.749 --> 00:01:23.759 align:start position:0% To know what's really going on with 00:01:23.759 --> 00:01:25.830 align:start position:0% To know what's really going on with these<00:01:24.000> tech<00:01:24.240> prices,<00:01:24.960> we<00:01:25.280> first<00:01:25.520> need<00:01:25.680> to 00:01:25.830 --> 00:01:25.840 align:start position:0% these tech prices, we first need to 00:01:25.840 --> 00:01:28.630 align:start position:0% these tech prices, we first need to understand<00:01:26.479> three<00:01:26.880> types<00:01:27.200> of<00:01:27.360> microchips. 00:01:28.630 --> 00:01:28.640 align:start position:0% understand three types of microchips. 00:01:28.640 --> 00:01:32.870 align:start position:0% understand three types of microchips. NAND,<00:01:29.439> DRAM,<00:01:30.080> and<00:01:30.320> HBM.<00:01:31.759> In<00:01:32.079> terms<00:01:32.240> of<00:01:32.400> memory, 00:01:32.870 --> 00:01:32.880 align:start position:0% NAND, DRAM, and HBM. In terms of memory, 00:01:32.880 --> 00:01:34.390 align:start position:0% NAND, DRAM, and HBM. In terms of memory, they<00:01:33.119> work<00:01:33.360> a<00:01:33.520> bit<00:01:33.680> like<00:01:33.840> the<00:01:34.159> human<00:01:34.321> [music] 00:01:34.390 --> 00:01:34.400 align:start position:0% they work a bit like the human [music] 00:01:34.400 --> 00:01:36.630 align:start position:0% they work a bit like the human [music] brain.<00:01:35.200> NAND<00:01:35.680> is<00:01:35.840> like<00:01:36.000> your<00:01:36.240> long-term 00:01:36.630 --> 00:01:36.640 align:start position:0% brain. NAND is like your long-term 00:01:36.640 --> 00:01:39.190 align:start position:0% brain. NAND is like your long-term memory.<00:01:37.360> It<00:01:37.520> holds<00:01:37.759> on<00:01:37.920> to<00:01:38.079> information<00:01:38.880> even 00:01:39.190 --> 00:01:39.200 align:start position:0% memory. It holds on to information even 00:01:39.200 --> 00:01:41.590 align:start position:0% memory. It holds on to information even after<00:01:39.439> a<00:01:39.759> device<00:01:40.000> is<00:01:40.240> powered<00:01:40.560> off. 00:01:41.590 --> 00:01:41.600 align:start position:0% after a device is powered off. 00:01:41.600 --> 00:01:44.310 align:start position:0% after a device is powered off. >> Think<00:01:41.759> of<00:01:41.920> an<00:01:42.159> iPhone<00:01:42.560> is<00:01:42.880> the<00:01:43.040> best<00:01:43.280> example. 00:01:44.310 --> 00:01:44.320 align:start position:0% >> Think of an iPhone is the best example. 00:01:44.320 --> 00:01:46.230 align:start position:0% >> Think of an iPhone is the best example. If<00:01:44.560> you<00:01:44.640> take<00:01:44.799> a<00:01:44.960> lot<00:01:45.040> of<00:01:45.200> photos,<00:01:45.680> a<00:01:45.759> thousand 00:01:46.230 --> 00:01:46.240 align:start position:0% If you take a lot of photos, a thousand 00:01:46.240 --> 00:01:47.749 align:start position:0% If you take a lot of photos, a thousand photos<00:01:46.640> in<00:01:46.880> a<00:01:47.040> month<00:01:47.119> or<00:01:47.360> something<00:01:47.520> like<00:01:47.680> that 00:01:47.749 --> 00:01:47.759 align:start position:0% photos in a month or something like that 00:01:47.759 --> 00:01:49.510 align:start position:0% photos in a month or something like that and<00:01:48.000> they're<00:01:48.159> on<00:01:48.320> your<00:01:48.560> phone,<00:01:49.119> that's 00:01:49.510 --> 00:01:49.520 align:start position:0% and they're on your phone, that's 00:01:49.520 --> 00:01:52.310 align:start position:0% and they're on your phone, that's usually<00:01:49.920> stored<00:01:50.399> in<00:01:50.640> in<00:01:50.960> nan<00:01:51.360> storage. 00:01:52.310 --> 00:01:52.320 align:start position:0% usually stored in in nan storage. 00:01:52.320 --> 00:01:54.550 align:start position:0% usually stored in in nan storage. >> DRAM<00:01:52.661> [music]<00:01:53.040> or<00:01:53.280> dynamic<00:01:53.759> random<00:01:54.159> access 00:01:54.550 --> 00:01:54.560 align:start position:0% >> DRAM [music] or dynamic random access 00:01:54.560 --> 00:01:57.429 align:start position:0% >> DRAM [music] or dynamic random access memory<00:01:55.119> is<00:01:55.360> your<00:01:55.680> short-term<00:01:56.240> memory,<00:01:56.960> fast 00:01:57.429 --> 00:01:57.439 align:start position:0% memory is your short-term memory, fast 00:01:57.439 --> 00:01:59.830 align:start position:0% memory is your short-term memory, fast but<00:01:57.759> temporary,<00:01:58.560> and<00:01:58.799> it<00:01:59.040> clears<00:01:59.360> the<00:01:59.680> moment 00:01:59.830 --> 00:01:59.840 align:start position:0% but temporary, and it clears the moment 00:01:59.840 --> 00:02:02.709 align:start position:0% but temporary, and it clears the moment you<00:02:00.079> switch<00:02:00.320> the<00:02:00.560> power<00:02:00.799> off.<00:02:01.520> HBM<00:02:02.240> or<00:02:02.479> high 00:02:02.709 --> 00:02:02.719 align:start position:0% you switch the power off. HBM or high 00:02:02.719 --> 00:02:05.429 align:start position:0% you switch the power off. HBM or high bandwidth<00:02:03.200> memory<00:02:03.840> is<00:02:04.240> essentially<00:02:04.719> DRAM<00:02:05.280> on 00:02:05.429 --> 00:02:05.439 align:start position:0% bandwidth memory is essentially DRAM on 00:02:05.439 --> 00:02:07.910 align:start position:0% bandwidth memory is essentially DRAM on steroids.<00:02:06.799> It's<00:02:07.119> the<00:02:07.360> same<00:02:07.520> kind<00:02:07.680> of 00:02:07.910 --> 00:02:07.920 align:start position:0% steroids. It's the same kind of 00:02:07.920 --> 00:02:09.990 align:start position:0% steroids. It's the same kind of short-term<00:02:08.399> memory,<00:02:08.879> but<00:02:09.119> it's<00:02:09.440> designed<00:02:09.759> to 00:02:09.990 --> 00:02:10.000 align:start position:0% short-term memory, but it's designed to 00:02:10.000 --> 00:02:12.630 align:start position:0% short-term memory, but it's designed to process<00:02:10.560> much<00:02:10.879> more<00:02:11.200> data<00:02:11.520> at<00:02:11.760> once,<00:02:12.480> more 00:02:12.630 --> 00:02:12.640 align:start position:0% process much more data at once, more 00:02:12.640 --> 00:02:15.910 align:start position:0% process much more data at once, more than<00:02:12.879> any<00:02:13.120> human<00:02:13.440> brain<00:02:13.760> could.<00:02:15.120> While<00:02:15.440> NAND 00:02:15.910 --> 00:02:15.920 align:start position:0% than any human brain could. While NAND 00:02:15.920 --> 00:02:18.309 align:start position:0% than any human brain could. While NAND and<00:02:16.080> DAM<00:02:16.640> chips<00:02:16.959> are<00:02:17.200> used<00:02:17.360> to<00:02:17.599> power<00:02:17.920> devices 00:02:18.309 --> 00:02:18.319 align:start position:0% and DAM chips are used to power devices 00:02:18.319 --> 00:02:20.949 align:start position:0% and DAM chips are used to power devices like<00:02:18.640> smartphones,<00:02:19.680> tablets,<00:02:20.319> computers, 00:02:20.949 --> 00:02:20.959 align:start position:0% like smartphones, tablets, computers, 00:02:20.959 --> 00:02:23.750 align:start position:0% like smartphones, tablets, computers, and<00:02:21.280> smart<00:02:21.520> TVs,<00:02:22.319> HBM<00:02:22.959> chips<00:02:23.280> are<00:02:23.440> used<00:02:23.599> to 00:02:23.750 --> 00:02:23.760 align:start position:0% and smart TVs, HBM chips are used to 00:02:23.760 --> 00:02:27.510 align:start position:0% and smart TVs, HBM chips are used to power<00:02:24.080> AI<00:02:24.480> systems.<00:02:25.920> All<00:02:26.239> DRAM,<00:02:26.879> NAND,<00:02:27.280> and 00:02:27.510 --> 00:02:27.520 align:start position:0% power AI systems. All DRAM, NAND, and 00:02:27.520 --> 00:02:30.630 align:start position:0% power AI systems. All DRAM, NAND, and HBM<00:02:28.080> microchips<00:02:28.800> start<00:02:29.120> out<00:02:29.360> as<00:02:29.760> thin<00:02:30.160> silicon 00:02:30.630 --> 00:02:30.640 align:start position:0% HBM microchips start out as thin silicon 00:02:30.640 --> 00:02:33.509 align:start position:0% HBM microchips start out as thin silicon wafers.<00:02:31.520> The<00:02:31.840> key<00:02:32.000> point<00:02:32.239> is<00:02:32.480> that<00:02:32.720> the<00:02:32.959> more 00:02:33.509 --> 00:02:33.519 align:start position:0% wafers. The key point is that the more 00:02:33.519 --> 00:02:36.070 align:start position:0% wafers. The key point is that the more of<00:02:33.760> these<00:02:34.160> tiny<00:02:34.560> tiny<00:02:34.959> cells<00:02:35.280> and<00:02:35.519> connections 00:02:36.070 --> 00:02:36.080 align:start position:0% of these tiny tiny cells and connections 00:02:36.080 --> 00:02:39.270 align:start position:0% of these tiny tiny cells and connections you<00:02:36.319> can<00:02:36.720> cram<00:02:37.040> onto<00:02:37.360> a<00:02:37.599> wafer,<00:02:38.480> the<00:02:38.720> more<00:02:38.959> data 00:02:39.270 --> 00:02:39.280 align:start position:0% you can cram onto a wafer, the more data 00:02:39.280 --> 00:02:41.110 align:start position:0% you can cram onto a wafer, the more data you<00:02:39.519> can<00:02:39.680> store<00:02:39.920> onto<00:02:40.319> that. 00:02:41.110 --> 00:02:41.120 align:start position:0% you can store onto that. 00:02:41.120 --> 00:02:43.589 align:start position:0% you can store onto that. >> HBM<00:02:41.840> is<00:02:42.080> a<00:02:42.319> whole<00:02:42.560> other<00:02:42.800> level<00:02:43.040> of<00:02:43.200> storage 00:02:43.589 --> 00:02:43.599 align:start position:0% >> HBM is a whole other level of storage 00:02:43.599 --> 00:02:47.509 align:start position:0% >> HBM is a whole other level of storage capacity.<00:02:44.480> HBM<00:02:45.360> takes<00:02:46.239> one<00:02:46.480> of<00:02:46.640> those<00:02:46.879> chips 00:02:47.509 --> 00:02:47.519 align:start position:0% capacity. HBM takes one of those chips 00:02:47.519 --> 00:02:50.150 align:start position:0% capacity. HBM takes one of those chips and<00:02:47.840> they<00:02:48.400> stack<00:02:48.800> them<00:02:49.040> vertically<00:02:49.680> next<00:02:49.920> to 00:02:50.150 --> 00:02:50.160 align:start position:0% and they stack them vertically next to 00:02:50.160 --> 00:02:51.589 align:start position:0% and they stack them vertically next to another<00:02:50.480> one<00:02:50.640> and<00:02:50.879> then<00:02:51.040> another<00:02:51.280> one<00:02:51.360> and 00:02:51.589 --> 00:02:51.599 align:start position:0% another one and then another one and 00:02:51.599 --> 00:02:53.110 align:start position:0% another one and then another one and then<00:02:51.760> another<00:02:52.000> one<00:02:52.160> and<00:02:52.560> they're<00:02:52.800> kind<00:02:52.959> of 00:02:53.110 --> 00:02:53.120 align:start position:0% then another one and they're kind of 00:02:53.120 --> 00:02:55.670 align:start position:0% then another one and they're kind of packaged<00:02:53.599> together<00:02:53.840> in<00:02:54.160> a<00:02:54.319> kind<00:02:54.480> of<00:02:54.640> 3D<00:02:55.120> shape. 00:02:55.670 --> 00:02:55.680 align:start position:0% packaged together in a kind of 3D shape. 00:02:55.680 --> 00:02:58.470 align:start position:0% packaged together in a kind of 3D shape. When<00:02:55.920> you<00:02:56.560> mash<00:02:57.120> all<00:02:57.360> those<00:02:57.680> chips<00:02:58.080> together, 00:02:58.470 --> 00:02:58.480 align:start position:0% When you mash all those chips together, 00:02:58.480 --> 00:03:02.070 align:start position:0% When you mash all those chips together, you<00:02:58.720> get<00:02:58.800> a<00:02:59.040> lot<00:02:59.200> more<00:02:59.920> memory.<00:03:01.120> HBM<00:03:01.680> can<00:03:01.840> move 00:03:02.070 --> 00:03:02.080 align:start position:0% you get a lot more memory. HBM can move 00:03:02.080 --> 00:03:04.790 align:start position:0% you get a lot more memory. HBM can move data<00:03:02.560> 5<00:03:02.879> to<00:03:03.120> 10<00:03:03.360> times<00:03:03.402> [music]<00:03:03.760> faster<00:03:04.400> than<00:03:04.560> a 00:03:04.790 --> 00:03:04.800 align:start position:0% data 5 to 10 times [music] faster than a 00:03:04.800 --> 00:03:07.430 align:start position:0% data 5 to 10 times [music] faster than a standard<00:03:05.120> DRAM<00:03:05.599> chip.<00:03:06.239> Its<00:03:06.640> stack<00:03:07.040> design 00:03:07.430 --> 00:03:07.440 align:start position:0% standard DRAM chip. Its stack design 00:03:07.440 --> 00:03:09.350 align:start position:0% standard DRAM chip. Its stack design also<00:03:07.760> makes<00:03:08.080> manufacturing<00:03:08.642> [music]<00:03:08.800> HBM 00:03:09.350 --> 00:03:09.360 align:start position:0% also makes manufacturing [music] HBM 00:03:09.360 --> 00:03:12.229 align:start position:0% also makes manufacturing [music] HBM chips<00:03:09.840> significantly<00:03:10.560> more<00:03:10.800> complex. 00:03:12.229 --> 00:03:12.239 align:start position:0% chips significantly more complex. 00:03:12.239 --> 00:03:14.390 align:start position:0% chips significantly more complex. >> All<00:03:12.480> that<00:03:12.720> complexity<00:03:13.440> just<00:03:13.680> basically<00:03:14.080> means 00:03:14.390 --> 00:03:14.400 align:start position:0% >> All that complexity just basically means 00:03:14.400 --> 00:03:16.710 align:start position:0% >> All that complexity just basically means that<00:03:14.640> that<00:03:15.040> they<00:03:15.192> [music]<00:03:15.599> um<00:03:16.159> they're<00:03:16.480> much 00:03:16.710 --> 00:03:16.720 align:start position:0% that that they [music] um they're much 00:03:16.720 --> 00:03:18.390 align:start position:0% that that they [music] um they're much more<00:03:16.959> expensive<00:03:17.360> to<00:03:17.599> manufacture<00:03:18.159> and 00:03:18.390 --> 00:03:18.400 align:start position:0% more expensive to manufacture and 00:03:18.400 --> 00:03:19.910 align:start position:0% more expensive to manufacture and actually<00:03:18.640> they<00:03:18.879> take<00:03:19.040> a<00:03:19.280> lot<00:03:19.360> more<00:03:19.599> kind<00:03:19.760> of 00:03:19.910 --> 00:03:19.920 align:start position:0% actually they take a lot more kind of 00:03:19.920 --> 00:03:21.830 align:start position:0% actually they take a lot more kind of manufacturing<00:03:20.800> capacity. 00:03:21.830 --> 00:03:21.840 align:start position:0% manufacturing capacity. 00:03:21.840 --> 00:03:25.030 align:start position:0% manufacturing capacity. >> These<00:03:22.239> HBM<00:03:22.800> chips<00:03:23.280> are<00:03:23.519> the<00:03:23.840> backbone<00:03:24.400> of<00:03:24.640> AI 00:03:25.030 --> 00:03:25.040 align:start position:0% >> These HBM chips are the backbone of AI 00:03:25.040 --> 00:03:27.110 align:start position:0% >> These HBM chips are the backbone of AI data<00:03:25.360> centers<00:03:25.920> and<00:03:26.159> demand<00:03:26.480> for<00:03:26.640> them<00:03:26.879> is 00:03:27.110 --> 00:03:27.120 align:start position:0% data centers and demand for them is 00:03:27.120 --> 00:03:30.149 align:start position:0% data centers and demand for them is through<00:03:27.440> the<00:03:27.599> roof.<00:03:28.400> So<00:03:28.720> if<00:03:29.040> HBM<00:03:29.760> is<00:03:30.000> what 00:03:30.149 --> 00:03:30.159 align:start position:0% through the roof. So if HBM is what 00:03:30.159 --> 00:03:32.630 align:start position:0% through the roof. So if HBM is what powers<00:03:30.560> AI,<00:03:31.440> why<00:03:31.680> is<00:03:31.840> there<00:03:31.920> a<00:03:32.159> shortage<00:03:32.480> of 00:03:32.630 --> 00:03:32.640 align:start position:0% powers AI, why is there a shortage of 00:03:32.640 --> 00:03:35.190 align:start position:0% powers AI, why is there a shortage of the<00:03:32.879> other<00:03:33.040> two<00:03:33.280> types?<00:03:34.400> It<00:03:34.640> all<00:03:34.799> comes<00:03:35.040> down 00:03:35.190 --> 00:03:35.200 align:start position:0% the other two types? It all comes down 00:03:35.200 --> 00:03:37.990 align:start position:0% the other two types? It all comes down to<00:03:35.440> just<00:03:35.760> three<00:03:36.080> companies.<00:03:37.040> Micron, 00:03:37.990 --> 00:03:38.000 align:start position:0% to just three companies. Micron, 00:03:38.000 --> 00:03:40.949 align:start position:0% to just three companies. Micron, Samsung,<00:03:38.720> and<00:03:39.040> SKHX. 00:03:40.949 --> 00:03:40.959 align:start position:0% Samsung, and SKHX. 00:03:40.959 --> 00:03:43.270 align:start position:0% Samsung, and SKHX. Together,<00:03:41.440> they<00:03:41.680> produce<00:03:42.080> more<00:03:42.239> than<00:03:42.480> 60%<00:03:43.120> of 00:03:43.270 --> 00:03:43.280 align:start position:0% Together, they produce more than 60% of 00:03:43.280 --> 00:03:44.550 align:start position:0% Together, they produce more than 60% of the<00:03:43.440> world's<00:03:43.840> NAND<00:03:44.012> [music] 00:03:44.550 --> 00:03:44.560 align:start position:0% the world's NAND [music] 00:03:44.560 --> 00:03:48.309 align:start position:0% the world's NAND [music] and<00:03:44.720> nearly<00:03:45.120> 90%<00:03:46.000> of<00:03:46.159> its<00:03:46.400> DRAM.<00:03:47.760> All<00:03:48.000> three 00:03:48.309 --> 00:03:48.319 align:start position:0% and nearly 90% of its DRAM. All three 00:03:48.319 --> 00:03:50.149 align:start position:0% and nearly 90% of its DRAM. All three companies<00:03:48.720> have<00:03:48.959> shifted<00:03:49.360> at<00:03:49.440> least<00:03:49.760> some<00:03:50.000> of 00:03:50.149 --> 00:03:50.159 align:start position:0% companies have shifted at least some of 00:03:50.159 --> 00:03:51.862 align:start position:0% companies have shifted at least some of their<00:03:50.319> production<00:03:50.799> capacity<00:03:51.440> to<00:03:51.680> building 00:03:51.862 --> 00:03:51.872 align:start position:0% their production capacity to building 00:03:51.872 --> 00:03:54.550 align:start position:0% their production capacity to building [music]<00:03:52.080> HBM<00:03:52.640> microchips.<00:03:54.000> And<00:03:54.159> the<00:03:54.319> stock 00:03:54.550 --> 00:03:54.560 align:start position:0% [music] HBM microchips. And the stock 00:03:54.560 --> 00:03:56.309 align:start position:0% [music] HBM microchips. And the stock prices<00:03:54.879> for<00:03:55.120> all<00:03:55.280> three<00:03:55.519> companies<00:03:55.920> jumped 00:03:56.309 --> 00:03:56.319 align:start position:0% prices for all three companies jumped 00:03:56.319 --> 00:03:59.350 align:start position:0% prices for all three companies jumped massively<00:03:56.959> between<00:03:57.360> June<00:03:57.760> 2025<00:03:58.720> and<00:03:59.040> June 00:03:59.350 --> 00:03:59.360 align:start position:0% massively between June 2025 and June 00:03:59.360 --> 00:04:00.789 align:start position:0% massively between June 2025 and June 2026. 00:04:00.789 --> 00:04:00.799 align:start position:0% 2026. 00:04:00.799 --> 00:04:02.149 align:start position:0% 2026. >> If<00:04:01.040> you're<00:04:01.120> a<00:04:01.280> memory<00:04:01.599> chip<00:04:01.840> company, 00:04:02.149 --> 00:04:02.159 align:start position:0% >> If you're a memory chip company, 00:04:02.159 --> 00:04:03.589 align:start position:0% >> If you're a memory chip company, obviously<00:04:02.480> you're<00:04:02.720> going<00:04:02.799> to<00:04:02.879> go<00:04:03.040> to<00:04:03.200> the<00:04:03.360> best 00:04:03.589 --> 00:04:03.599 align:start position:0% obviously you're going to go to the best 00:04:03.599 --> 00:04:05.910 align:start position:0% obviously you're going to go to the best customers,<00:04:04.159> and<00:04:04.480> right<00:04:04.720> now<00:04:05.439> those<00:04:05.680> are<00:04:05.760> the 00:04:05.910 --> 00:04:05.920 align:start position:0% customers, and right now those are the 00:04:05.920 --> 00:04:07.270 align:start position:0% customers, and right now those are the AI<00:04:06.319> companies. 00:04:07.270 --> 00:04:07.280 align:start position:0% AI companies. 00:04:07.280 --> 00:04:09.589 align:start position:0% AI companies. >> That<00:04:07.519> means<00:04:07.760> less<00:04:08.080> capacity<00:04:08.640> to<00:04:08.959> produce<00:04:09.360> the 00:04:09.589 --> 00:04:09.599 align:start position:0% >> That means less capacity to produce the 00:04:09.599 --> 00:04:11.990 align:start position:0% >> That means less capacity to produce the other<00:04:09.840> kinds<00:04:10.159> of<00:04:10.319> chips.<00:04:11.120> This<00:04:11.360> shift<00:04:11.599> is<00:04:11.760> no 00:04:11.990 --> 00:04:12.000 align:start position:0% other kinds of chips. This shift is no 00:04:12.000 --> 00:04:14.229 align:start position:0% other kinds of chips. This shift is no surprise<00:04:12.400> when<00:04:12.640> you<00:04:12.879> realize<00:04:13.200> how<00:04:13.439> central<00:04:13.840> AI 00:04:14.229 --> 00:04:14.239 align:start position:0% surprise when you realize how central AI 00:04:14.239 --> 00:04:16.310 align:start position:0% surprise when you realize how central AI has<00:04:14.400> become<00:04:14.640> to<00:04:14.799> the<00:04:14.959> US<00:04:15.280> economy. 00:04:16.310 --> 00:04:16.320 align:start position:0% has become to the US economy. 00:04:16.320 --> 00:04:18.390 align:start position:0% has become to the US economy. >> Largest<00:04:16.880> capital<00:04:17.280> spending<00:04:17.680> booms<00:04:18.079> we've 00:04:18.390 --> 00:04:18.400 align:start position:0% >> Largest capital spending booms we've 00:04:18.400 --> 00:04:19.189 align:start position:0% >> Largest capital spending booms we've ever<00:04:18.639> seen. 00:04:19.189 --> 00:04:19.199 align:start position:0% ever seen. 00:04:19.199 --> 00:04:20.949 align:start position:0% ever seen. >> Artificial<00:04:19.680> intelligence<00:04:20.160> is<00:04:20.400> transforming 00:04:20.949 --> 00:04:20.959 align:start position:0% >> Artificial intelligence is transforming 00:04:20.959 --> 00:04:23.909 align:start position:0% >> Artificial intelligence is transforming the<00:04:21.199> economy<00:04:21.600> right<00:04:21.840> before<00:04:22.160> our<00:04:22.400> eyes.<00:04:22.960> 80% 00:04:23.909 --> 00:04:23.919 align:start position:0% the economy right before our eyes. 80% 00:04:23.919 --> 00:04:28.390 align:start position:0% the economy right before our eyes. 80% of<00:04:24.320> stock<00:04:24.720> gains<00:04:25.280> this<00:04:25.600> year<00:04:26.400> came<00:04:26.880> from<00:04:27.440> AI 00:04:28.390 --> 00:04:28.400 align:start position:0% of stock gains this year came from AI 00:04:28.400 --> 00:04:30.230 align:start position:0% of stock gains this year came from AI companies. 00:04:30.230 --> 00:04:30.240 align:start position:0% companies. 00:04:30.240 --> 00:04:32.150 align:start position:0% companies. >> Altogether,<00:04:30.880> tech<00:04:31.199> giants<00:04:31.600> Google, 00:04:32.150 --> 00:04:32.160 align:start position:0% >> Altogether, tech giants Google, 00:04:32.160 --> 00:04:34.469 align:start position:0% >> Altogether, tech giants Google, Microsoft,<00:04:32.960> Meta,<00:04:33.360> and<00:04:33.520> Amazon<00:04:33.793> [music]<00:04:34.240> have 00:04:34.469 --> 00:04:34.479 align:start position:0% Microsoft, Meta, and Amazon [music] have 00:04:34.479 --> 00:04:37.030 align:start position:0% Microsoft, Meta, and Amazon [music] have spent<00:04:34.720> more<00:04:34.960> than<00:04:35.120> $1<00:04:35.360> trillion<00:04:36.240> on<00:04:36.560> expanding 00:04:37.030 --> 00:04:37.040 align:start position:0% spent more than $1 trillion on expanding 00:04:37.040 --> 00:04:39.990 align:start position:0% spent more than $1 trillion on expanding AI<00:04:37.520> since<00:04:37.840> 2023. 00:04:39.990 --> 00:04:40.000 align:start position:0% AI since 2023. 00:04:40.000 --> 00:04:41.670 align:start position:0% AI since 2023. As<00:04:40.240> of<00:04:40.400> August<00:04:40.720> 2026,<00:04:40.998> [music] 00:04:41.670 --> 00:04:41.680 align:start position:0% As of August 2026, [music] 00:04:41.680 --> 00:04:43.909 align:start position:0% As of August 2026, [music] there<00:04:41.919> are<00:04:42.160> 2,228 00:04:43.909 --> 00:04:43.919 align:start position:0% there are 2,228 00:04:43.919 --> 00:04:45.749 align:start position:0% there are 2,228 new<00:04:44.240> data<00:04:44.479> centers<00:04:44.800> in<00:04:45.040> planning<00:04:45.440> or 00:04:45.749 --> 00:04:45.759 align:start position:0% new data centers in planning or 00:04:45.759 --> 00:04:48.550 align:start position:0% new data centers in planning or construction<00:04:46.240> stages<00:04:46.880> across<00:04:47.280> the<00:04:47.520> US.<00:04:48.320> With 00:04:48.550 --> 00:04:48.560 align:start position:0% construction stages across the US. With 00:04:48.560 --> 00:04:51.270 align:start position:0% construction stages across the US. With less<00:04:48.880> DRAM<00:04:49.360> and<00:04:49.520> NAND<00:04:49.919> available,<00:04:50.639> prices<00:04:51.040> are 00:04:51.270 --> 00:04:51.280 align:start position:0% less DRAM and NAND available, prices are 00:04:51.280 --> 00:04:55.350 align:start position:0% less DRAM and NAND available, prices are soaring.<00:04:52.000> Those 00:04:55.350 --> 00:04:55.360 align:start position:0% 00:04:55.360 --> 00:04:57.430 align:start position:0% higher<00:04:55.759> component<00:04:56.240> costs<00:04:56.800> land<00:04:57.120> on 00:04:57.430 --> 00:04:57.440 align:start position:0% higher component costs land on 00:04:57.440 --> 00:04:59.590 align:start position:0% higher component costs land on electronics<00:04:58.080> companies,<00:04:58.880> but<00:04:59.120> instead<00:04:59.440> of 00:04:59.590 --> 00:04:59.600 align:start position:0% electronics companies, but instead of 00:04:59.600 --> 00:05:01.670 align:start position:0% electronics companies, but instead of completely<00:05:00.080> absorbing<00:05:00.560> the<00:05:00.800> extra<00:05:01.120> expense, 00:05:01.670 --> 00:05:01.680 align:start position:0% completely absorbing the extra expense, 00:05:01.680 --> 00:05:04.230 align:start position:0% completely absorbing the extra expense, they're<00:05:01.919> passing<00:05:02.240> the<00:05:02.400> bill<00:05:02.639> onto<00:05:03.040> customers. 00:05:04.230 --> 00:05:04.240 align:start position:0% they're passing the bill onto customers. 00:05:04.240 --> 00:05:06.070 align:start position:0% they're passing the bill onto customers. For<00:05:04.479> instance,<00:05:04.960> in<00:05:05.233> [music]<00:05:05.280> June,<00:05:05.600> Xbox 00:05:06.070 --> 00:05:06.080 align:start position:0% For instance, in [music] June, Xbox 00:05:06.080 --> 00:05:07.670 align:start position:0% For instance, in [music] June, Xbox announced<00:05:06.479> it<00:05:06.639> would<00:05:06.800> raise<00:05:07.120> the<00:05:07.360> price<00:05:07.520> of 00:05:07.670 --> 00:05:07.680 align:start position:0% announced it would raise the price of 00:05:07.680 --> 00:05:11.830 align:start position:0% announced it would raise the price of its<00:05:08.160> $512<00:05:09.039> GB<00:05:09.600> Series<00:05:10.080> S<00:05:10.320> gaming<00:05:10.720> console<00:05:11.440> from 00:05:11.830 --> 00:05:11.840 align:start position:0% its $512 GB Series S gaming console from 00:05:11.840 --> 00:05:15.270 align:start position:0% its $512 GB Series S gaming console from $400<00:05:12.720> to<00:05:13.093> [music]<00:05:13.120> $500<00:05:14.080> and<00:05:14.320> the<00:05:14.560> 1<00:05:14.720> TBTE 00:05:15.270 --> 00:05:15.280 align:start position:0% $400 to [music] $500 and the 1 TBTE 00:05:15.280 --> 00:05:18.870 align:start position:0% $400 to [music] $500 and the 1 TBTE version<00:05:15.680> from<00:05:16.000> $450<00:05:16.800> to<00:05:17.199> $600.<00:05:18.400> It<00:05:18.639> also 00:05:18.870 --> 00:05:18.880 align:start position:0% version from $450 to $600. It also 00:05:18.880 --> 00:05:20.790 align:start position:0% version from $450 to $600. It also announced<00:05:19.199> it<00:05:19.440> would<00:05:19.600> be<00:05:19.759> discontinuing<00:05:20.479> its 00:05:20.790 --> 00:05:20.800 align:start position:0% announced it would be discontinuing its 00:05:20.800 --> 00:05:23.749 align:start position:0% announced it would be discontinuing its two<00:05:20.960> TBTE<00:05:21.600> console.<00:05:22.560> We<00:05:22.800> went<00:05:22.960> to<00:05:23.120> a<00:05:23.440> gaming 00:05:23.749 --> 00:05:23.759 align:start position:0% two TBTE console. We went to a gaming 00:05:23.759 --> 00:05:26.790 align:start position:0% two TBTE console. We went to a gaming tournament<00:05:24.160> at<00:05:24.479> OSNYC<00:05:25.680> to<00:05:25.919> see<00:05:26.080> how<00:05:26.320> gamers 00:05:26.790 --> 00:05:26.800 align:start position:0% tournament at OSNYC to see how gamers 00:05:26.800 --> 00:05:32.629 align:start position:0% tournament at OSNYC to see how gamers are<00:05:27.120> taking<00:05:27.360> the<00:05:27.520> news. 00:05:32.629 --> 00:05:32.639 align:start position:0% 00:05:32.639 --> 00:05:33.510 align:start position:0% >> All<00:05:32.720> right.<00:05:33.120> All<00:05:33.120> right. 00:05:33.510 --> 00:05:33.520 align:start position:0% >> All right. All right. 00:05:33.520 --> 00:05:35.590 align:start position:0% >> All right. All right. >> You<00:05:33.680> know,<00:05:33.840> I<00:05:34.000> was<00:05:34.080> thinking<00:05:34.320> about<00:05:34.560> buying<00:05:34.880> a 00:05:35.590 --> 00:05:35.600 align:start position:0% >> You know, I was thinking about buying a 00:05:35.600 --> 00:05:38.150 align:start position:0% >> You know, I was thinking about buying a Xbox<00:05:36.080> Series<00:05:36.400> S<00:05:36.960> and<00:05:37.199> back<00:05:37.360> then<00:05:37.600> it<00:05:37.840> was<00:05:37.919> it 00:05:38.150 --> 00:05:38.160 align:start position:0% Xbox Series S and back then it was it 00:05:38.160 --> 00:05:39.749 align:start position:0% Xbox Series S and back then it was it was<00:05:38.320> nice<00:05:38.560> and<00:05:38.800> affordable.<00:05:39.280> It<00:05:39.360> was<00:05:39.520> around 00:05:39.749 --> 00:05:39.759 align:start position:0% was nice and affordable. It was around 00:05:39.759 --> 00:05:41.909 align:start position:0% was nice and affordable. It was around like<00:05:40.000> $300<00:05:40.960> because<00:05:41.280> of<00:05:41.360> what's<00:05:41.520> going<00:05:41.680> on. 00:05:41.909 --> 00:05:41.919 align:start position:0% like $300 because of what's going on. 00:05:41.919 --> 00:05:45.990 align:start position:0% like $300 because of what's going on. It's<00:05:42.080> up<00:05:42.240> to<00:05:42.479> $600.<00:05:43.840> It's<00:05:44.240> just<00:05:45.120> out<00:05:45.520> out<00:05:45.680> of<00:05:45.840> my 00:05:45.990 --> 00:05:46.000 align:start position:0% It's up to $600. It's just out out of my 00:05:46.000 --> 00:05:48.790 align:start position:0% It's up to $600. It's just out out of my budget.<00:05:46.560> The<00:05:46.720> vast<00:05:47.039> history<00:05:47.280> of<00:05:47.440> gaming<00:05:48.400> is<00:05:48.639> a 00:05:48.790 --> 00:05:48.800 align:start position:0% budget. The vast history of gaming is a 00:05:48.800 --> 00:05:51.670 align:start position:0% budget. The vast history of gaming is a great<00:05:49.039> story.<00:05:49.440> I<00:05:49.680> just<00:05:49.919> hope<00:05:50.160> that<00:05:50.400> that<00:05:50.800> story 00:05:51.670 --> 00:05:51.680 align:start position:0% great story. I just hope that that story 00:05:51.680 --> 00:05:53.350 align:start position:0% great story. I just hope that that story doesn't<00:05:52.000> have<00:05:52.080> a<00:05:52.240> bad<00:05:52.479> ending<00:05:52.800> coming<00:05:53.039> soon 00:05:53.350 --> 00:05:53.360 align:start position:0% doesn't have a bad ending coming soon 00:05:53.360 --> 00:05:56.070 align:start position:0% doesn't have a bad ending coming soon with<00:05:53.919> uh<00:05:54.320> with<00:05:54.479> all<00:05:54.639> the<00:05:54.800> AI<00:05:55.120> muck<00:05:55.280> and<00:05:55.440> penza. 00:05:56.070 --> 00:05:56.080 align:start position:0% with uh with all the AI muck and penza. 00:05:56.080 --> 00:05:59.029 align:start position:0% with uh with all the AI muck and penza. >> And<00:05:56.320> it's<00:05:56.560> not<00:05:56.639> just<00:05:56.960> Xbox<00:05:57.680> PC<00:05:58.080> gaming<00:05:58.479> gear<00:05:58.800> is 00:05:59.029 --> 00:05:59.039 align:start position:0% >> And it's not just Xbox PC gaming gear is 00:05:59.039 --> 00:06:00.230 align:start position:0% >> And it's not just Xbox PC gaming gear is getting<00:05:59.280> hit,<00:05:59.520> too. 00:06:00.230 --> 00:06:00.240 align:start position:0% getting hit, too. 00:06:00.240 --> 00:06:03.189 align:start position:0% getting hit, too. >> I<00:06:00.479> was<00:06:00.880> expecting<00:06:01.280> to<00:06:01.520> go<00:06:01.680> buy<00:06:01.919> a<00:06:02.479> Steam<00:06:02.800> Deck, 00:06:03.189 --> 00:06:03.199 align:start position:0% >> I was expecting to go buy a Steam Deck, 00:06:03.199 --> 00:06:05.350 align:start position:0% >> I was expecting to go buy a Steam Deck, but<00:06:03.440> because<00:06:03.759> of<00:06:03.919> the<00:06:04.240> AI<00:06:04.720> bubble<00:06:05.039> and<00:06:05.199> what 00:06:05.350 --> 00:06:05.360 align:start position:0% but because of the AI bubble and what 00:06:05.360 --> 00:06:07.270 align:start position:0% but because of the AI bubble and what the<00:06:05.600> storage<00:06:05.680> is,<00:06:06.240> it's<00:06:06.560> completely<00:06:06.960> sold 00:06:07.270 --> 00:06:07.280 align:start position:0% the storage is, it's completely sold 00:06:07.280 --> 00:06:09.189 align:start position:0% the storage is, it's completely sold out.<00:06:07.680> They<00:06:08.000> finally<00:06:08.400> stock,<00:06:08.639> but<00:06:08.880> they 00:06:09.189 --> 00:06:09.199 align:start position:0% out. They finally stock, but they 00:06:09.199 --> 00:06:11.189 align:start position:0% out. They finally stock, but they increased<00:06:09.520> the<00:06:09.759> prices<00:06:10.160> just<00:06:10.400> to<00:06:10.560> match<00:06:10.880> the 00:06:11.189 --> 00:06:11.199 align:start position:0% increased the prices just to match the 00:06:11.199 --> 00:06:14.629 align:start position:0% increased the prices just to match the the<00:06:11.360> the<00:06:11.919> current<00:06:12.240> market.<00:06:13.199> Xbox<00:06:13.680> CEO<00:06:14.240> Asha 00:06:14.629 --> 00:06:14.639 align:start position:0% the the current market. Xbox CEO Asha 00:06:14.639 --> 00:06:16.469 align:start position:0% the the current market. Xbox CEO Asha Chararma<00:06:15.120> has<00:06:15.360> already<00:06:15.759> said<00:06:16.000> that<00:06:16.240> the 00:06:16.469 --> 00:06:16.479 align:start position:0% Chararma has already said that the 00:06:16.479 --> 00:06:18.629 align:start position:0% Chararma has already said that the gaming<00:06:16.800> industry<00:06:17.360> is<00:06:17.680> pricing<00:06:18.080> out<00:06:18.400> some 00:06:18.629 --> 00:06:18.639 align:start position:0% gaming industry is pricing out some 00:06:18.639 --> 00:06:21.110 align:start position:0% gaming industry is pricing out some consumers.<00:06:19.680> Price<00:06:20.000> hikes<00:06:20.319> like<00:06:20.479> this<00:06:20.800> are 00:06:21.110 --> 00:06:21.120 align:start position:0% consumers. Price hikes like this are 00:06:21.120 --> 00:06:22.390 align:start position:0% consumers. Price hikes like this are exacerbating<00:06:21.759> it. 00:06:22.390 --> 00:06:22.400 align:start position:0% exacerbating it. 00:06:22.400 --> 00:06:23.990 align:start position:0% exacerbating it. >> I<00:06:22.639> may<00:06:22.800> have<00:06:22.960> to<00:06:23.039> play<00:06:23.280> gaming<00:06:23.600> and<00:06:23.759> start 00:06:23.990 --> 00:06:24.000 align:start position:0% >> I may have to play gaming and start 00:06:24.000 --> 00:06:25.670 align:start position:0% >> I may have to play gaming and start watching<00:06:24.400> sports. 00:06:25.670 --> 00:06:25.680 align:start position:0% watching sports. 00:06:25.680 --> 00:06:27.830 align:start position:0% watching sports. >> Frustration<00:06:26.160> over<00:06:26.400> Xbox's<00:06:27.199> plans<00:06:27.520> to 00:06:27.830 --> 00:06:27.840 align:start position:0% >> Frustration over Xbox's plans to 00:06:27.840 --> 00:06:30.550 align:start position:0% >> Frustration over Xbox's plans to continue<00:06:28.240> raising<00:06:28.639> prices<00:06:29.039> into<00:06:29.360> 2027<00:06:30.319> is 00:06:30.550 --> 00:06:30.560 align:start position:0% continue raising prices into 2027 is 00:06:30.560 --> 00:06:32.790 align:start position:0% continue raising prices into 2027 is something<00:06:30.880> gaming<00:06:31.199> YouTuber<00:06:31.840> Luke<00:06:32.160> Stevens 00:06:32.790 --> 00:06:32.800 align:start position:0% something gaming YouTuber Luke Stevens 00:06:32.800 --> 00:06:34.550 align:start position:0% something gaming YouTuber Luke Stevens has<00:06:33.039> seen<00:06:33.199> firsthand. 00:06:34.550 --> 00:06:34.560 align:start position:0% has seen firsthand. 00:06:34.560 --> 00:06:37.590 align:start position:0% has seen firsthand. >> Who<00:06:34.880> among<00:06:35.199> you<00:06:36.319> is<00:06:36.639> buying<00:06:37.039> that<00:06:37.589> [music] 00:06:37.590 --> 00:06:37.600 align:start position:0% >> Who among you is buying that [music] 00:06:37.600 --> 00:06:40.469 align:start position:0% >> Who among you is buying that [music] for,<00:06:38.319> let's<00:06:38.560> say,<00:06:39.199> $9.99?<00:06:40.160> We're<00:06:40.319> going<00:06:40.400> to 00:06:40.469 --> 00:06:40.479 align:start position:0% for, let's say, $9.99? We're going to 00:06:40.479 --> 00:06:42.550 align:start position:0% for, let's say, $9.99? We're going to let<00:06:40.639> this<00:06:40.880> scroll<00:06:41.120> and<00:06:41.360> see<00:06:41.440> where<00:06:41.600> you're<00:06:41.759> at. 00:06:42.550 --> 00:06:42.560 align:start position:0% let this scroll and see where you're at. 00:06:42.560 --> 00:06:46.749 align:start position:0% let this scroll and see where you're at. Jesus,<00:06:43.199> I<00:06:43.520> see<00:06:43.680> a<00:06:44.000> good<00:06:44.479> number<00:06:44.720> of<00:06:44.960> notes. 00:06:46.749 --> 00:06:46.759 align:start position:0% Jesus, I see a good number of notes. 00:06:46.759 --> 00:06:47.430 align:start position:0% Jesus, I see a good number of notes. [laughter] 00:06:47.430 --> 00:06:47.440 align:start position:0% [laughter] 00:06:47.440 --> 00:06:49.270 align:start position:0% [laughter] >> While<00:06:47.759> Xbox<00:06:48.069> [music]<00:06:48.240> has<00:06:48.479> not<00:06:48.720> announced<00:06:49.039> the 00:06:49.270 --> 00:06:49.280 align:start position:0% >> While Xbox [music] has not announced the 00:06:49.280 --> 00:06:51.430 align:start position:0% >> While Xbox [music] has not announced the price<00:06:49.520> of<00:06:49.680> its<00:06:49.919> next<00:06:50.160> generation<00:06:50.720> console, 00:06:51.430 --> 00:06:51.440 align:start position:0% price of its next generation console, 00:06:51.440 --> 00:06:53.510 align:start position:0% price of its next generation console, the<00:06:51.680> company<00:06:52.000> warned<00:06:52.479> that<00:06:52.720> console<00:06:53.199> memory 00:06:53.510 --> 00:06:53.520 align:start position:0% the company warned that console memory 00:06:53.520 --> 00:06:55.990 align:start position:0% the company warned that console memory and<00:06:53.759> storage<00:06:54.160> costs<00:06:54.720> are<00:06:55.039> expected<00:06:55.440> to<00:06:55.600> double 00:06:55.990 --> 00:06:56.000 align:start position:0% and storage costs are expected to double 00:06:56.000 --> 00:06:58.870 align:start position:0% and storage costs are expected to double again<00:06:56.639> by<00:06:56.880> the<00:06:57.039> fall<00:06:57.280> of<00:06:57.600> 2027.<00:06:58.720> The 00:06:58.870 --> 00:06:58.880 align:start position:0% again by the fall of 2027. The 00:06:58.880 --> 00:07:01.749 align:start position:0% again by the fall of 2027. The announcement<00:06:59.360> isn't<00:06:59.680> surprising,<00:07:00.720> but<00:07:00.960> it<00:07:01.280> it 00:07:01.749 --> 00:07:01.759 align:start position:0% announcement isn't surprising, but it it 00:07:01.759 --> 00:07:04.070 align:start position:0% announcement isn't surprising, but it it sure<00:07:02.000> is<00:07:02.319> disappointing.<00:07:03.199> You<00:07:03.360> know,<00:07:03.759> we<00:07:04.000> have 00:07:04.070 --> 00:07:04.080 align:start position:0% sure is disappointing. You know, we have 00:07:04.080 --> 00:07:06.710 align:start position:0% sure is disappointing. You know, we have a<00:07:04.319> 6-year-old<00:07:04.880> console<00:07:05.360> that<00:07:05.680> is<00:07:06.160> for<00:07:06.400> the<00:07:06.479> top 00:07:06.710 --> 00:07:06.720 align:start position:0% a 6-year-old console that is for the top 00:07:06.720 --> 00:07:08.469 align:start position:0% a 6-year-old console that is for the top tier<00:07:07.039> variant,<00:07:07.599> you<00:07:07.759> know,<00:07:07.919> approaching 00:07:08.469 --> 00:07:08.479 align:start position:0% tier variant, you know, approaching 00:07:08.479 --> 00:07:09.990 align:start position:0% tier variant, you know, approaching $1,000. 00:07:09.990 --> 00:07:10.000 align:start position:0% $1,000. 00:07:10.000 --> 00:07:11.830 align:start position:0% $1,000. So,<00:07:10.400> can<00:07:10.560> you<00:07:10.720> only<00:07:10.960> imagine<00:07:11.280> what<00:07:11.520> the<00:07:11.680> new 00:07:11.830 --> 00:07:11.840 align:start position:0% So, can you only imagine what the new 00:07:11.840 --> 00:07:13.350 align:start position:0% So, can you only imagine what the new one<00:07:12.000> is<00:07:12.240> going<00:07:12.319> to<00:07:12.400> cost?<00:07:12.959> [laughter]<00:07:13.199> You 00:07:13.350 --> 00:07:13.360 align:start position:0% one is going to cost? [laughter] You 00:07:13.360 --> 00:07:16.070 align:start position:0% one is going to cost? [laughter] You know,<00:07:13.680> like<00:07:14.400> that's<00:07:14.880> it's<00:07:15.199> created<00:07:15.520> a<00:07:15.759> feeling 00:07:16.070 --> 00:07:16.080 align:start position:0% know, like that's it's created a feeling 00:07:16.080 --> 00:07:18.189 align:start position:0% know, like that's it's created a feeling of<00:07:16.319> dread<00:07:17.199> among<00:07:17.520> a<00:07:17.680> lot<00:07:17.759> of<00:07:17.919> the<00:07:18.080> gaming 00:07:18.189 --> 00:07:18.199 align:start position:0% of dread among a lot of the gaming 00:07:18.199 --> 00:07:20.070 align:start position:0% of dread among a lot of the gaming [music]<00:07:18.400> community<00:07:18.960> where<00:07:19.440> normally<00:07:19.840> there's 00:07:20.070 --> 00:07:20.080 align:start position:0% [music] community where normally there's 00:07:20.080 --> 00:07:21.589 align:start position:0% [music] community where normally there's excitement<00:07:20.560> right<00:07:20.800> around<00:07:21.039> this<00:07:21.199> time. 00:07:21.589 --> 00:07:21.599 align:start position:0% excitement right around this time. 00:07:21.599 --> 00:07:23.589 align:start position:0% excitement right around this time. >> Luke<00:07:22.000> says<00:07:22.160> these<00:07:22.400> pricing<00:07:22.800> trends<00:07:23.199> are 00:07:23.589 --> 00:07:23.599 align:start position:0% >> Luke says these pricing trends are 00:07:23.599 --> 00:07:26.230 align:start position:0% >> Luke says these pricing trends are slowly<00:07:24.160> changing<00:07:24.560> the<00:07:24.880> landscape<00:07:25.360> of<00:07:25.599> gaming. 00:07:26.230 --> 00:07:26.240 align:start position:0% slowly changing the landscape of gaming. 00:07:26.240 --> 00:07:27.350 align:start position:0% slowly changing the landscape of gaming. >> I<00:07:26.479> think<00:07:26.560> they're<00:07:26.800> going<00:07:26.880> to<00:07:26.960> start<00:07:27.120> to 00:07:27.350 --> 00:07:27.360 align:start position:0% >> I think they're going to start to 00:07:27.360 --> 00:07:29.029 align:start position:0% >> I think they're going to start to basically<00:07:27.680> sell<00:07:28.000> consoles<00:07:28.400> like<00:07:28.560> they<00:07:28.800> sell 00:07:29.029 --> 00:07:29.039 align:start position:0% basically sell consoles like they sell 00:07:29.039 --> 00:07:31.029 align:start position:0% basically sell consoles like they sell cell<00:07:29.280> phones<00:07:30.000> where<00:07:30.240> it's<00:07:30.479> just<00:07:30.720> yeah,<00:07:30.960> you 00:07:31.029 --> 00:07:31.039 align:start position:0% cell phones where it's just yeah, you 00:07:31.039 --> 00:07:32.710 align:start position:0% cell phones where it's just yeah, you get<00:07:31.199> on<00:07:31.280> a<00:07:31.440> 2-year,<00:07:31.840> threeyear<00:07:32.240> plan<00:07:32.479> or 00:07:32.710 --> 00:07:32.720 align:start position:0% get on a 2-year, threeyear plan or 00:07:32.720 --> 00:07:33.909 align:start position:0% get on a 2-year, threeyear plan or whatever<00:07:32.880> and<00:07:33.120> that's<00:07:33.280> just<00:07:33.440> how<00:07:33.520> it<00:07:33.680> is 00:07:33.909 --> 00:07:33.919 align:start position:0% whatever and that's just how it is 00:07:33.919 --> 00:07:35.350 align:start position:0% whatever and that's just how it is because<00:07:34.240> it<00:07:34.400> is<00:07:34.560> just<00:07:34.800> getting<00:07:34.960> to<00:07:35.039> a<00:07:35.199> point 00:07:35.350 --> 00:07:35.360 align:start position:0% because it is just getting to a point 00:07:35.360 --> 00:07:36.629 align:start position:0% because it is just getting to a point where<00:07:35.520> it's<00:07:35.680> just<00:07:35.840> not<00:07:36.000> affordable<00:07:36.400> for 00:07:36.629 --> 00:07:36.639 align:start position:0% where it's just not affordable for 00:07:36.639 --> 00:07:38.309 align:start position:0% where it's just not affordable for people<00:07:36.720> to<00:07:36.880> own<00:07:37.039> it<00:07:37.199> outright.<00:07:37.840> There's<00:07:38.160> just 00:07:38.309 --> 00:07:38.319 align:start position:0% people to own it outright. There's just 00:07:38.319 --> 00:07:40.070 align:start position:0% people to own it outright. There's just not<00:07:38.479> that<00:07:38.720> many<00:07:38.880> people<00:07:39.039> that<00:07:39.280> can<00:07:39.440> afford, 00:07:40.070 --> 00:07:40.080 align:start position:0% not that many people that can afford, 00:07:40.080 --> 00:07:43.350 align:start position:0% not that many people that can afford, especially<00:07:40.479> right<00:07:40.720> now,<00:07:41.120> a<00:07:41.599> 12<00:07:41.919> to<00:07:42.160> $1,500 00:07:43.350 --> 00:07:43.360 align:start position:0% especially right now, a 12 to $1,500 00:07:43.360 --> 00:07:45.029 align:start position:0% especially right now, a 12 to $1,500 console.<00:07:43.759> When<00:07:43.919> all<00:07:44.080> is<00:07:44.240> said<00:07:44.400> and<00:07:44.560> done,<00:07:44.880> it 00:07:45.029 --> 00:07:45.039 align:start position:0% console. When all is said and done, it 00:07:45.039 --> 00:07:46.870 align:start position:0% console. When all is said and done, it just<00:07:45.199> doesn't<00:07:45.520> work.<00:07:45.840> Like,<00:07:46.080> the<00:07:46.319> math<00:07:46.560> isn't 00:07:46.870 --> 00:07:46.880 align:start position:0% just doesn't work. Like, the math isn't 00:07:46.880 --> 00:07:49.749 align:start position:0% just doesn't work. Like, the math isn't there.<00:07:47.360> The<00:07:47.599> thing<00:07:47.759> is,<00:07:48.240> Microsoft,<00:07:49.199> Xbox's 00:07:49.749 --> 00:07:49.759 align:start position:0% there. The thing is, Microsoft, Xbox's 00:07:49.759 --> 00:07:51.510 align:start position:0% there. The thing is, Microsoft, Xbox's parent<00:07:50.080> company,<00:07:50.479> is<00:07:50.720> one<00:07:50.880> of<00:07:50.960> the<00:07:51.120> companies 00:07:51.510 --> 00:07:51.520 align:start position:0% parent company, is one of the companies 00:07:51.520 --> 00:07:53.350 align:start position:0% parent company, is one of the companies investing<00:07:52.080> heavily<00:07:52.560> in<00:07:52.800> data<00:07:53.120> center 00:07:53.350 --> 00:07:53.360 align:start position:0% investing heavily in data center 00:07:53.360 --> 00:07:55.909 align:start position:0% investing heavily in data center expansion.<00:07:54.319> Business<00:07:54.720> Insider<00:07:55.280> mapped<00:07:55.599> out 00:07:55.909 --> 00:07:55.919 align:start position:0% expansion. Business Insider mapped out 00:07:55.919 --> 00:07:57.830 align:start position:0% expansion. Business Insider mapped out 1,416 00:07:57.830 --> 00:07:57.840 align:start position:0% 1,416 00:07:57.840 --> 00:07:59.909 align:start position:0% 1,416 built<00:07:58.160> or<00:07:58.400> approved<00:07:58.800> data<00:07:59.120> centers<00:07:59.520> as<00:07:59.759> of 00:07:59.909 --> 00:07:59.919 align:start position:0% built or approved data centers as of 00:07:59.919 --> 00:08:02.950 align:start position:0% built or approved data centers as of June<00:08:00.240> 2026.<00:08:01.520> 53<00:08:02.000> of<00:08:02.160> those<00:08:02.400> were<00:08:02.560> built<00:08:02.800> by 00:08:02.950 --> 00:08:02.960 align:start position:0% June 2026. 53 of those were built by 00:08:02.960 --> 00:08:06.150 align:start position:0% June 2026. 53 of those were built by Microsoft,<00:08:03.840> and<00:08:04.080> many<00:08:04.319> of<00:08:04.479> them<00:08:04.720> are<00:08:04.960> massive. 00:08:06.150 --> 00:08:06.160 align:start position:0% Microsoft, and many of them are massive. 00:08:06.160 --> 00:08:08.390 align:start position:0% Microsoft, and many of them are massive. Of<00:08:06.479> the<00:08:06.720> companies<00:08:06.960> we<00:08:07.199> tracked,<00:08:07.599> only<00:08:07.919> Amazon 00:08:08.390 --> 00:08:08.400 align:start position:0% Of the companies we tracked, only Amazon 00:08:08.400 --> 00:08:10.950 align:start position:0% Of the companies we tracked, only Amazon surpassed<00:08:09.039> Microsoft<00:08:09.759> in<00:08:10.080> large-scale<00:08:10.639> data 00:08:10.950 --> 00:08:10.960 align:start position:0% surpassed Microsoft in large-scale data 00:08:10.960 --> 00:08:13.589 align:start position:0% surpassed Microsoft in large-scale data center<00:08:11.199> construction.<00:08:12.639> Microsoft<00:08:13.199> expects 00:08:13.589 --> 00:08:13.599 align:start position:0% center construction. Microsoft expects 00:08:13.599 --> 00:08:17.589 align:start position:0% center construction. Microsoft expects to<00:08:13.840> spend<00:08:14.400> roughly<00:08:14.960> $175<00:08:16.000> billion<00:08:16.720> on<00:08:16.960> AI<00:08:17.360> in 00:08:17.589 --> 00:08:17.599 align:start position:0% to spend roughly $175 billion on AI in 00:08:17.599 --> 00:08:20.790 align:start position:0% to spend roughly $175 billion on AI in 2026<00:08:18.240> alone.<00:08:19.199> So,<00:08:19.360> if<00:08:19.599> Microsoft<00:08:20.160> is<00:08:20.479> buying 00:08:20.790 --> 00:08:20.800 align:start position:0% 2026 alone. So, if Microsoft is buying 00:08:20.800 --> 00:08:22.950 align:start position:0% 2026 alone. So, if Microsoft is buying enough<00:08:21.199> HBM<00:08:21.759> chips<00:08:22.080> to<00:08:22.240> run<00:08:22.400> its<00:08:22.720> data 00:08:22.950 --> 00:08:22.960 align:start position:0% enough HBM chips to run its data 00:08:22.960 --> 00:08:24.790 align:start position:0% enough HBM chips to run its data centers,<00:08:23.599> why<00:08:23.759> won't<00:08:24.000> it<00:08:24.160> do<00:08:24.240> the<00:08:24.400> same<00:08:24.560> for 00:08:24.790 --> 00:08:24.800 align:start position:0% centers, why won't it do the same for 00:08:24.800 --> 00:08:27.350 align:start position:0% centers, why won't it do the same for its<00:08:25.039> gaming<00:08:25.360> division?<00:08:26.160> The<00:08:26.400> issue<00:08:26.639> is<00:08:27.039> there 00:08:27.350 --> 00:08:27.360 align:start position:0% its gaming division? The issue is there 00:08:27.360 --> 00:08:29.510 align:start position:0% its gaming division? The issue is there simply<00:08:27.680> aren't<00:08:28.000> enough<00:08:28.240> chips<00:08:28.560> to<00:08:28.720> go<00:08:28.879> around. 00:08:29.510 --> 00:08:29.520 align:start position:0% simply aren't enough chips to go around. 00:08:29.520 --> 00:08:31.189 align:start position:0% simply aren't enough chips to go around. Even<00:08:29.759> the<00:08:30.000> most<00:08:30.160> powerful<00:08:30.560> companies<00:08:30.960> are 00:08:31.189 --> 00:08:31.199 align:start position:0% Even the most powerful companies are 00:08:31.199 --> 00:08:32.630 align:start position:0% Even the most powerful companies are struggling<00:08:31.520> to<00:08:31.680> get<00:08:31.840> their<00:08:32.080> hands<00:08:32.320> on<00:08:32.479> the 00:08:32.630 --> 00:08:32.640 align:start position:0% struggling to get their hands on the 00:08:32.640 --> 00:08:36.149 align:start position:0% struggling to get their hands on the shrinking<00:08:33.120> supply.<00:08:33.839> Apple<00:08:34.399> is<00:08:35.360> one<00:08:35.599> of<00:08:35.760> if<00:08:36.000> not 00:08:36.149 --> 00:08:36.159 align:start position:0% shrinking supply. Apple is one of if not 00:08:36.159 --> 00:08:39.110 align:start position:0% shrinking supply. Apple is one of if not the<00:08:36.640> largest<00:08:37.200> purchaser<00:08:37.760> of<00:08:38.000> a<00:08:38.240> lot<00:08:38.320> of<00:08:38.399> these 00:08:39.110 --> 00:08:39.120 align:start position:0% the largest purchaser of a lot of these 00:08:39.120 --> 00:08:41.110 align:start position:0% the largest purchaser of a lot of these like<00:08:39.440> memory<00:08:39.919> modules<00:08:40.399> and<00:08:40.640> stuff<00:08:40.880> at<00:08:40.880> least 00:08:41.110 --> 00:08:41.120 align:start position:0% like memory modules and stuff at least 00:08:41.120 --> 00:08:43.340 align:start position:0% like memory modules and stuff at least for<00:08:41.360> consumerf<00:08:41.839> facing<00:08:42.240> hardware<00:08:43.200> uh<00:08:43.279> in 00:08:43.340 --> 00:08:43.350 align:start position:0% for consumerf facing hardware uh in 00:08:43.350 --> 00:08:45.430 align:start position:0% for consumerf facing hardware uh in [music]<00:08:43.440> the<00:08:43.599> world<00:08:44.480> and<00:08:44.640> so<00:08:44.800> for<00:08:45.040> them<00:08:45.120> to<00:08:45.279> be 00:08:45.430 --> 00:08:45.440 align:start position:0% [music] the world and so for them to be 00:08:45.440 --> 00:08:47.750 align:start position:0% [music] the world and so for them to be facing<00:08:45.760> the<00:08:45.920> same<00:08:46.399> difficulties<00:08:47.120> with 00:08:47.750 --> 00:08:47.760 align:start position:0% facing the same difficulties with 00:08:47.760 --> 00:08:50.389 align:start position:0% facing the same difficulties with acquiring<00:08:48.800> the<00:08:49.120> pieces<00:08:49.600> that<00:08:49.839> they<00:08:50.080> need<00:08:50.240> to 00:08:50.389 --> 00:08:50.399 align:start position:0% acquiring the pieces that they need to 00:08:50.399 --> 00:08:53.110 align:start position:0% acquiring the pieces that they need to to<00:08:50.720> build<00:08:50.959> the<00:08:51.200> their<00:08:51.440> electronics<00:08:52.399> is<00:08:52.720> pretty 00:08:53.110 --> 00:08:53.120 align:start position:0% to build the their electronics is pretty 00:08:53.120 --> 00:08:55.590 align:start position:0% to build the their electronics is pretty remarkable.<00:08:53.920> Apple<00:08:54.240> has<00:08:54.560> kind<00:08:54.720> of<00:08:55.200> lost 00:08:55.590 --> 00:08:55.600 align:start position:0% remarkable. Apple has kind of lost 00:08:55.600 --> 00:08:58.630 align:start position:0% remarkable. Apple has kind of lost control<00:08:55.920> of<00:08:56.240> the<00:08:57.360> computer<00:08:57.760> supply<00:08:58.080> chain<00:08:58.399> a 00:08:58.630 --> 00:08:58.640 align:start position:0% control of the computer supply chain a 00:08:58.640 --> 00:09:00.470 align:start position:0% control of the computer supply chain a little<00:08:58.720> bit<00:08:58.880> lately<00:08:59.279> because<00:08:59.920> it<00:09:00.240> doesn't 00:09:00.470 --> 00:09:00.480 align:start position:0% little bit lately because it doesn't 00:09:00.480 --> 00:09:03.110 align:start position:0% little bit lately because it doesn't have<00:09:01.040> a<00:09:01.279> lot<00:09:01.360> of<00:09:01.519> AI<00:09:01.920> data<00:09:02.160> centers.<00:09:02.720> Rising 00:09:03.110 --> 00:09:03.120 align:start position:0% have a lot of AI data centers. Rising 00:09:03.120 --> 00:09:05.030 align:start position:0% have a lot of AI data centers. Rising memory<00:09:03.519> prices<00:09:03.920> are<00:09:04.160> hitting<00:09:04.399> the<00:09:04.640> people<00:09:04.800> who 00:09:05.030 --> 00:09:05.040 align:start position:0% memory prices are hitting the people who 00:09:05.040 --> 00:09:07.910 align:start position:0% memory prices are hitting the people who rely<00:09:05.360> on<00:09:05.519> storage<00:09:05.920> to<00:09:06.160> make<00:09:06.240> a<00:09:06.480> living. 00:09:07.910 --> 00:09:07.920 align:start position:0% rely on storage to make a living. 00:09:07.920 --> 00:09:09.670 align:start position:0% rely on storage to make a living. Atlanta<00:09:08.399> commercial<00:09:08.800> photographer<00:09:09.360> Alan 00:09:09.670 --> 00:09:09.680 align:start position:0% Atlanta commercial photographer Alan 00:09:09.680 --> 00:09:11.829 align:start position:0% Atlanta commercial photographer Alan Kulie<00:09:10.160> says<00:09:10.480> he<00:09:10.720> typically<00:09:11.120> spends<00:09:11.440> anywhere 00:09:11.829 --> 00:09:11.839 align:start position:0% Kulie says he typically spends anywhere 00:09:11.839 --> 00:09:15.350 align:start position:0% Kulie says he typically spends anywhere from<00:09:12.240> $15,000<00:09:13.519> to<00:09:13.839> $20,000<00:09:14.720> on<00:09:14.959> storage 00:09:15.350 --> 00:09:15.360 align:start position:0% from $15,000 to $20,000 on storage 00:09:15.360 --> 00:09:17.670 align:start position:0% from $15,000 to $20,000 on storage devices<00:09:15.839> each<00:09:16.240> year.<00:09:16.959> The<00:09:17.200> biggest<00:09:17.440> price 00:09:17.670 --> 00:09:17.680 align:start position:0% devices each year. The biggest price 00:09:17.680 --> 00:09:19.750 align:start position:0% devices each year. The biggest price hikes<00:09:18.000> he's<00:09:18.240> noticed<00:09:18.560> are<00:09:18.800> for<00:09:19.040> solidstate 00:09:19.750 --> 00:09:19.760 align:start position:0% hikes he's noticed are for solidstate 00:09:19.760 --> 00:09:23.829 align:start position:0% hikes he's noticed are for solidstate drives.<00:09:21.200> These<00:09:21.680> are<00:09:22.399> more<00:09:22.640> traditional<00:09:23.200> SSDs 00:09:23.829 --> 00:09:23.839 align:start position:0% drives. These are more traditional SSDs 00:09:23.839 --> 00:09:25.430 align:start position:0% drives. These are more traditional SSDs or<00:09:24.000> solid<00:09:24.320> state<00:09:24.560> drives<00:09:24.800> that<00:09:24.959> I<00:09:25.120> use.<00:09:25.279> This 00:09:25.430 --> 00:09:25.440 align:start position:0% or solid state drives that I use. This 00:09:25.440 --> 00:09:27.990 align:start position:0% or solid state drives that I use. This is<00:09:25.519> a<00:09:25.680> 4<00:09:25.920> TB<00:09:26.399> SanDisk.<00:09:27.236> [music]<00:09:27.360> This<00:09:27.519> is<00:09:27.600> a<00:09:27.839> two 00:09:27.990 --> 00:09:28.000 align:start position:0% is a 4 TB SanDisk. [music] This is a two 00:09:28.000 --> 00:09:31.829 align:start position:0% is a 4 TB SanDisk. [music] This is a two TB<00:09:28.480> SAM<00:09:28.800> disc.<00:09:30.080> These<00:09:30.560> are<00:09:31.120> Samsung's. 00:09:31.829 --> 00:09:31.839 align:start position:0% TB SAM disc. These are Samsung's. 00:09:31.839 --> 00:09:33.910 align:start position:0% TB SAM disc. These are Samsung's. They're<00:09:32.000> T7s.<00:09:32.720> These<00:09:32.880> T5<00:09:33.279> drives,<00:09:33.600> these<00:09:33.760> are 00:09:33.910 --> 00:09:33.920 align:start position:0% They're T7s. These T5 drives, these are 00:09:33.920 --> 00:09:36.389 align:start position:0% They're T7s. These T5 drives, these are like<00:09:34.080> 1<00:09:34.240> TBTE.<00:09:35.279> Just<00:09:35.519> these<00:09:35.839> seven<00:09:36.080> drives 00:09:36.389 --> 00:09:36.399 align:start position:0% like 1 TBTE. Just these seven drives 00:09:36.399 --> 00:09:38.470 align:start position:0% like 1 TBTE. Just these seven drives alone<00:09:36.640> is<00:09:36.800> over<00:09:37.040> $600<00:09:37.200> or<00:09:37.440> $7,000.<00:09:38.160> When<00:09:38.320> I 00:09:38.470 --> 00:09:38.480 align:start position:0% alone is over $600 or $7,000. When I 00:09:38.480 --> 00:09:40.389 align:start position:0% alone is over $600 or $7,000. When I bought<00:09:38.720> them,<00:09:39.279> they<00:09:39.519> were<00:09:39.680> probably<00:09:40.000> about 00:09:40.389 --> 00:09:40.399 align:start position:0% bought them, they were probably about 00:09:40.399 --> 00:09:44.389 align:start position:0% bought them, they were probably about $1,500<00:09:41.279> all<00:09:41.519> in.<00:09:42.399> This<00:09:42.640> is<00:09:42.800> a<00:09:43.120> 500<00:09:43.519> gig<00:09:43.920> CFast 00:09:44.389 --> 00:09:44.399 align:start position:0% $1,500 all in. This is a 500 gig CFast 00:09:44.399 --> 00:09:47.509 align:start position:0% $1,500 all in. This is a 500 gig CFast card.<00:09:44.959> I<00:09:45.200> use<00:09:45.360> this<00:09:45.600> when<00:09:45.839> I'm<00:09:46.080> doing<00:09:47.120> um<00:09:47.279> stuff 00:09:47.509 --> 00:09:47.519 align:start position:0% card. I use this when I'm doing um stuff 00:09:47.519 --> 00:09:49.990 align:start position:0% card. I use this when I'm doing um stuff with<00:09:47.760> my<00:09:48.240> cinema<00:09:48.640> cameras.<00:09:49.120> My<00:09:49.360> photo<00:09:49.600> cameras 00:09:49.990 --> 00:09:50.000 align:start position:0% with my cinema cameras. My photo cameras 00:09:50.000 --> 00:09:53.426 align:start position:0% with my cinema cameras. My photo cameras will<00:09:50.240> use<00:09:50.959> CFast<00:09:51.839> or<00:09:52.160> CF<00:09:52.560> Express<00:09:52.959> cards, 00:09:53.426 --> 00:09:53.436 align:start position:0% will use CFast or CF Express cards, 00:09:53.436 --> 00:09:55.269 align:start position:0% will use CFast or CF Express cards, [music]<00:09:53.440> and<00:09:53.680> they'll<00:09:54.000> also<00:09:54.160> use<00:09:54.399> SD<00:09:54.720> cards. 00:09:55.269 --> 00:09:55.279 align:start position:0% [music] and they'll also use SD cards. 00:09:55.279 --> 00:09:56.949 align:start position:0% [music] and they'll also use SD cards. All<00:09:55.519> in,<00:09:55.839> everything<00:09:56.000> you<00:09:56.240> see<00:09:56.320> here<00:09:56.480> is<00:09:56.720> about 00:09:56.949 --> 00:09:56.959 align:start position:0% All in, everything you see here is about 00:09:56.959 --> 00:09:59.590 align:start position:0% All in, everything you see here is about $7,500.<00:09:57.920> If<00:09:58.080> we<00:09:58.240> were<00:09:58.320> to<00:09:58.399> go<00:09:58.560> up<00:09:58.640> to<00:09:58.880> 200%, 00:09:59.590 --> 00:09:59.600 align:start position:0% $7,500. If we were to go up to 200%, 00:09:59.600 --> 00:10:02.230 align:start position:0% $7,500. If we were to go up to 200%, which<00:09:59.839> is<00:10:00.160> something<00:10:00.480> I've<00:10:00.800> definitely<00:10:01.440> seen, 00:10:02.230 --> 00:10:02.240 align:start position:0% which is something I've definitely seen, 00:10:02.240 --> 00:10:06.070 align:start position:0% which is something I've definitely seen, we're<00:10:02.480> talking<00:10:02.720> about<00:10:03.120> what<00:10:03.279> is<00:10:03.440> that<00:10:04.000> 21,000 00:10:06.070 --> 00:10:06.080 align:start position:0% we're talking about what is that 21,000 00:10:06.080 --> 00:10:08.310 align:start position:0% we're talking about what is that 21,000 $22,000<00:10:07.120> for<00:10:07.279> the<00:10:07.440> same<00:10:07.600> stuff<00:10:07.760> that<00:10:08.000> was<00:10:08.080> just 00:10:08.310 --> 00:10:08.320 align:start position:0% $22,000 for the same stuff that was just 00:10:08.320 --> 00:10:09.750 align:start position:0% $22,000 for the same stuff that was just $7,000.<00:10:08.501> [music] 00:10:09.750 --> 00:10:09.760 align:start position:0% $7,000. [music] 00:10:09.760 --> 00:10:12.230 align:start position:0% $7,000. [music] That's<00:10:10.800> I<00:10:11.120> could<00:10:11.279> not<00:10:11.440> have<00:10:11.680> bought<00:10:11.920> half<00:10:12.080> of 00:10:12.230 --> 00:10:12.240 align:start position:0% That's I could not have bought half of 00:10:12.240 --> 00:10:14.069 align:start position:0% That's I could not have bought half of this<00:10:12.480> stuff<00:10:12.959> if<00:10:13.279> the<00:10:13.440> numbers<00:10:13.680> were<00:10:13.839> that 00:10:14.069 --> 00:10:14.079 align:start position:0% this stuff if the numbers were that 00:10:14.079 --> 00:10:14.470 align:start position:0% this stuff if the numbers were that high. 00:10:14.470 --> 00:10:14.480 align:start position:0% high. 00:10:14.480 --> 00:10:16.550 align:start position:0% high. >> We<00:10:14.640> had<00:10:14.800> Allan<00:10:15.200> compare<00:10:15.600> the<00:10:15.839> prices<00:10:16.160> he<00:10:16.320> paid 00:10:16.550 --> 00:10:16.560 align:start position:0% >> We had Allan compare the prices he paid 00:10:16.560 --> 00:10:18.230 align:start position:0% >> We had Allan compare the prices he paid for<00:10:16.720> storage<00:10:17.017> [music]<00:10:17.040> in<00:10:17.279> the<00:10:17.440> past<00:10:18.000> with 00:10:18.230 --> 00:10:18.240 align:start position:0% for storage [music] in the past with 00:10:18.240 --> 00:10:20.230 align:start position:0% for storage [music] in the past with what<00:10:18.480> they'd<00:10:18.800> cost<00:10:19.040> him<00:10:19.279> today. 00:10:20.230 --> 00:10:20.240 align:start position:0% what they'd cost him today. 00:10:20.240 --> 00:10:25.190 align:start position:0% what they'd cost him today. >> So,<00:10:20.560> I'm<00:10:20.880> looking<00:10:21.120> at<00:10:22.079> the<00:10:22.480> blue<00:10:23.519> 4<00:10:23.920> terbte 00:10:25.190 --> 00:10:25.200 align:start position:0% >> So, I'm looking at the blue 4 terbte 00:10:25.200 --> 00:10:27.430 align:start position:0% >> So, I'm looking at the blue 4 terbte Samsung<00:10:25.760> T7. 00:10:27.430 --> 00:10:27.440 align:start position:0% Samsung T7. 00:10:27.440 --> 00:10:30.630 align:start position:0% Samsung T7. It<00:10:27.680> is<00:10:27.920> currently<00:10:28.560> $889. 00:10:30.630 --> 00:10:30.640 align:start position:0% It is currently $889. 00:10:30.640 --> 00:10:33.269 align:start position:0% It is currently $889. Um,<00:10:30.880> and<00:10:31.120> that's<00:10:31.279> a<00:10:31.519> sale,<00:10:32.240> but<00:10:32.640> because<00:10:32.959> it's 00:10:33.269 --> 00:10:33.279 align:start position:0% Um, and that's a sale, but because it's 00:10:33.279 --> 00:10:37.190 align:start position:0% Um, and that's a sale, but because it's actually<00:10:33.680> $1,144.99. 00:10:37.190 --> 00:10:37.200 align:start position:0% 00:10:37.200 --> 00:10:39.269 align:start position:0% When<00:10:37.360> I<00:10:37.519> go<00:10:37.600> to<00:10:37.839> my<00:10:38.000> receipt<00:10:38.480> for<00:10:38.880> these 00:10:39.269 --> 00:10:39.279 align:start position:0% When I go to my receipt for these 00:10:39.279 --> 00:10:42.150 align:start position:0% When I go to my receipt for these drives,<00:10:40.160> I<00:10:40.399> bought<00:10:40.640> it<00:10:40.959> at<00:10:41.200> the<00:10:41.360> time<00:10:41.760> for 00:10:42.150 --> 00:10:42.160 align:start position:0% drives, I bought it at the time for 00:10:42.160 --> 00:10:44.150 align:start position:0% drives, I bought it at the time for $285. 00:10:44.150 --> 00:10:44.160 align:start position:0% $285. 00:10:44.160 --> 00:10:49.350 align:start position:0% $285. That<00:10:44.480> $285<00:10:45.519> drive<00:10:46.320> is<00:10:46.720> now<00:10:48.000> well<00:10:48.240> over<00:10:48.560> $1,000. 00:10:49.350 --> 00:10:49.360 align:start position:0% That $285 drive is now well over $1,000. 00:10:49.360 --> 00:10:51.509 align:start position:0% That $285 drive is now well over $1,000. I<00:10:49.600> purchased<00:10:49.839> this<00:10:50.079> drive<00:10:50.320> in<00:10:50.480> April<00:10:50.880> on<00:10:51.120> April 00:10:51.509 --> 00:10:51.519 align:start position:0% I purchased this drive in April on April 00:10:51.519 --> 00:10:53.990 align:start position:0% I purchased this drive in April on April 19th<00:10:52.000> of<00:10:52.320> 2025. 00:10:53.990 --> 00:10:54.000 align:start position:0% 19th of 2025. 00:10:54.000 --> 00:10:59.750 align:start position:0% 19th of 2025. April<00:10:54.480> 19th<00:10:54.959> of<00:10:55.279> 2025<00:10:56.640> till<00:10:57.440> July<00:10:58.160> of<00:10:58.480> 2026, 00:10:59.750 --> 00:10:59.760 align:start position:0% April 19th of 2025 till July of 2026, 00:10:59.760 --> 00:11:01.350 align:start position:0% April 19th of 2025 till July of 2026, we're<00:11:00.000> talking<00:11:00.160> about<00:11:00.399> it<00:11:00.560> has<00:11:00.720> gone<00:11:00.880> up<00:11:01.040> over 00:11:01.350 --> 00:11:01.360 align:start position:0% we're talking about it has gone up over 00:11:01.360 --> 00:11:03.670 align:start position:0% we're talking about it has gone up over 200%. 00:11:03.670 --> 00:11:03.680 align:start position:0% 200%. 00:11:03.680 --> 00:11:05.829 align:start position:0% 200%. Crazy.<00:11:04.640> But<00:11:04.800> when<00:11:04.959> I<00:11:05.120> scroll<00:11:05.440> through<00:11:05.600> here 00:11:05.829 --> 00:11:05.839 align:start position:0% Crazy. But when I scroll through here 00:11:05.839 --> 00:11:08.710 align:start position:0% Crazy. But when I scroll through here and<00:11:06.079> I<00:11:06.320> see<00:11:06.399> the<00:11:06.640> prices<00:11:06.880> of<00:11:07.120> SSDs<00:11:07.760> today,<00:11:08.480> and 00:11:08.710 --> 00:11:08.720 align:start position:0% and I see the prices of SSDs today, and 00:11:08.720 --> 00:11:10.790 align:start position:0% and I see the prices of SSDs today, and the<00:11:08.880> idea<00:11:09.120> that<00:11:09.360> they<00:11:09.600> expect<00:11:09.920> me<00:11:10.160> to<00:11:10.320> use<00:11:10.560> my 00:11:10.790 --> 00:11:10.800 align:start position:0% the idea that they expect me to use my 00:11:10.800 --> 00:11:13.430 align:start position:0% the idea that they expect me to use my hard-earned<00:11:11.360> money<00:11:11.839> to<00:11:12.079> pay<00:11:12.480> this<00:11:12.800> much<00:11:13.120> for 00:11:13.430 --> 00:11:13.440 align:start position:0% hard-earned money to pay this much for 00:11:13.440 --> 00:11:16.710 align:start position:0% hard-earned money to pay this much for something<00:11:14.079> that<00:11:14.399> was<00:11:14.560> whatever<00:11:15.040> 200%<00:11:15.839> cheaper 00:11:16.710 --> 00:11:16.720 align:start position:0% something that was whatever 200% cheaper 00:11:16.720 --> 00:11:20.150 align:start position:0% something that was whatever 200% cheaper just<00:11:16.959> last<00:11:17.200> year<00:11:17.519> alone,<00:11:18.240> they<00:11:18.480> are<00:11:18.800> bugging. 00:11:20.150 --> 00:11:20.160 align:start position:0% just last year alone, they are bugging. 00:11:20.160 --> 00:11:22.790 align:start position:0% just last year alone, they are bugging. like<00:11:20.480> Apple<00:11:20.880> and<00:11:21.200> Xbox,<00:11:21.920> photographers<00:11:22.560> could 00:11:22.790 --> 00:11:22.800 align:start position:0% like Apple and Xbox, photographers could 00:11:22.800 --> 00:11:24.790 align:start position:0% like Apple and Xbox, photographers could soon<00:11:23.120> feel<00:11:23.360> forced<00:11:23.680> to<00:11:23.827> [music]<00:11:23.920> pass<00:11:24.320> rising 00:11:24.790 --> 00:11:24.800 align:start position:0% soon feel forced to [music] pass rising 00:11:24.800 --> 00:11:27.430 align:start position:0% soon feel forced to [music] pass rising storage<00:11:25.200> costs<00:11:25.760> on<00:11:26.000> to<00:11:26.160> their<00:11:26.399> clients. 00:11:27.430 --> 00:11:27.440 align:start position:0% storage costs on to their clients. 00:11:27.440 --> 00:11:31.509 align:start position:0% storage costs on to their clients. >> I<00:11:27.680> am<00:11:28.160> in<00:11:28.399> this<00:11:28.800> actual<00:11:29.200> moment<00:11:29.600> blown<00:11:29.920> away. 00:11:31.509 --> 00:11:31.519 align:start position:0% >> I am in this actual moment blown away. 00:11:31.519 --> 00:11:33.430 align:start position:0% >> I am in this actual moment blown away. These<00:11:31.839> prices<00:11:32.320> aren't<00:11:32.640> tethered<00:11:33.040> to<00:11:33.200> new 00:11:33.430 --> 00:11:33.440 align:start position:0% These prices aren't tethered to new 00:11:33.440 --> 00:11:35.430 align:start position:0% These prices aren't tethered to new technology.<00:11:34.160> It's<00:11:34.399> not<00:11:34.640> that<00:11:34.800> they<00:11:35.040> went<00:11:35.200> up 00:11:35.430 --> 00:11:35.440 align:start position:0% technology. It's not that they went up 00:11:35.440 --> 00:11:37.269 align:start position:0% technology. It's not that they went up because<00:11:35.680> they<00:11:35.920> become<00:11:36.240> so<00:11:36.560> exponentially 00:11:37.269 --> 00:11:37.279 align:start position:0% because they become so exponentially 00:11:37.279 --> 00:11:40.389 align:start position:0% because they become so exponentially better<00:11:37.519> than<00:11:37.760> they<00:11:38.000> were. 00:11:40.389 --> 00:11:40.399 align:start position:0% better than they were. 00:11:40.399 --> 00:11:42.630 align:start position:0% better than they were. >> Allen's<00:11:40.880> story<00:11:41.200> is<00:11:41.680> identical<00:11:42.079> to<00:11:42.240> the<00:11:42.399> ones 00:11:42.630 --> 00:11:42.640 align:start position:0% >> Allen's story is identical to the ones 00:11:42.640 --> 00:11:44.710 align:start position:0% >> Allen's story is identical to the ones Jeff<00:11:42.959> Hirs<00:11:43.440> has<00:11:43.760> been<00:11:43.920> hearing<00:11:44.160> from<00:11:44.399> his 00:11:44.710 --> 00:11:44.720 align:start position:0% Jeff Hirs has been hearing from his 00:11:44.720 --> 00:11:46.069 align:start position:0% Jeff Hirs has been hearing from his customers,<00:11:45.279> too. 00:11:46.069 --> 00:11:46.079 align:start position:0% customers, too. 00:11:46.079 --> 00:11:47.509 align:start position:0% customers, too. >> They<00:11:46.320> say,<00:11:46.640> "Well,<00:11:46.753> [music]<00:11:47.120> I<00:11:47.360> don't 00:11:47.509 --> 00:11:47.519 align:start position:0% >> They say, "Well, [music] I don't 00:11:47.519 --> 00:11:50.790 align:start position:0% >> They say, "Well, [music] I don't understand<00:11:47.920> this.<00:11:48.560> Last<00:11:48.959> year<00:11:49.440> this<00:11:49.680> was<00:11:50.079> only 00:11:50.790 --> 00:11:50.800 align:start position:0% understand this. Last year this was only 00:11:50.800 --> 00:11:54.870 align:start position:0% understand this. Last year this was only a<00:11:51.200> $50<00:11:52.000> memory<00:11:52.399> card.<00:11:53.440> It<00:11:53.760> now<00:11:54.000> it's<00:11:54.480> over 00:11:54.870 --> 00:11:54.880 align:start position:0% a $50 memory card. It now it's over 00:11:54.880 --> 00:11:56.470 align:start position:0% a $50 memory card. It now it's over $100. 00:11:56.470 --> 00:11:56.480 align:start position:0% $100. 00:11:56.480 --> 00:11:57.269 align:start position:0% $100. Why? 00:11:57.269 --> 00:11:57.279 align:start position:0% Why? 00:11:57.279 --> 00:11:59.269 align:start position:0% Why? >> Jeff<00:11:57.519> is<00:11:57.760> the<00:11:57.920> president<00:11:58.160> of<00:11:58.399> Photo<00:11:58.720> Care,<00:11:59.120> a 00:11:59.269 --> 00:11:59.279 align:start position:0% >> Jeff is the president of Photo Care, a 00:11:59.279 --> 00:12:01.110 align:start position:0% >> Jeff is the president of Photo Care, a camera<00:11:59.600> store<00:11:59.760> in<00:12:00.000> New<00:12:00.160> York<00:12:00.399> established<00:12:00.880> in 00:12:01.110 --> 00:12:01.120 align:start position:0% camera store in New York established in 00:12:01.120 --> 00:12:03.750 align:start position:0% camera store in New York established in 1968.<00:12:01.818> [music]<00:12:02.160> He<00:12:02.320> says<00:12:02.640> prices<00:12:03.040> for<00:12:03.360> memory 00:12:03.750 --> 00:12:03.760 align:start position:0% 1968. [music] He says prices for memory 00:12:03.760 --> 00:12:05.829 align:start position:0% 1968. [music] He says prices for memory cards<00:12:04.079> and<00:12:04.399> solid<00:12:04.720> state<00:12:05.040> drives<00:12:05.600> have 00:12:05.829 --> 00:12:05.839 align:start position:0% cards and solid state drives have 00:12:05.839 --> 00:12:08.470 align:start position:0% cards and solid state drives have doubled<00:12:06.320> since<00:12:06.560> the<00:12:06.800> beginning<00:12:06.959> of<00:12:07.200> 2026. 00:12:08.470 --> 00:12:08.480 align:start position:0% doubled since the beginning of 2026. 00:12:08.480 --> 00:12:11.269 align:start position:0% doubled since the beginning of 2026. >> Solid<00:12:08.880> state<00:12:09.120> drive<00:12:09.760> became<00:12:10.320> a<00:12:10.639> standard<00:12:11.040> and 00:12:11.269 --> 00:12:11.279 align:start position:0% >> Solid state drive became a standard and 00:12:11.279 --> 00:12:14.230 align:start position:0% >> Solid state drive became a standard and it's<00:12:11.600> actually<00:12:11.643> [music]<00:12:12.160> small<00:12:12.480> now,<00:12:12.800> 1<00:12:13.040> TBTE. 00:12:14.230 --> 00:12:14.240 align:start position:0% it's actually [music] small now, 1 TBTE. 00:12:14.240 --> 00:12:20.310 align:start position:0% it's actually [music] small now, 1 TBTE. So<00:12:15.200> this<00:12:15.519> right<00:12:15.760> now<00:12:16.000> is<00:12:16.959> over<00:12:17.600> $300<00:12:18.880> and<00:12:20.000> 8 00:12:20.310 --> 00:12:20.320 align:start position:0% So this right now is over $300 and 8 00:12:20.320 --> 00:12:22.790 align:start position:0% So this right now is over $300 and 8 months<00:12:20.560> ago<00:12:21.120> before<00:12:21.440> the<00:12:21.680> turn<00:12:21.839> of<00:12:22.000> the<00:12:22.160> year 00:12:22.790 --> 00:12:22.800 align:start position:0% months ago before the turn of the year 00:12:22.800 --> 00:12:25.670 align:start position:0% months ago before the turn of the year it<00:12:23.040> was<00:12:23.200> maybe<00:12:23.433> [music]<00:12:23.600> $170.<00:12:24.959> One<00:12:25.200> customer 00:12:25.670 --> 00:12:25.680 align:start position:0% it was maybe [music] $170. One customer 00:12:25.680 --> 00:12:29.509 align:start position:0% it was maybe [music] $170. One customer that<00:12:26.480> was<00:12:26.720> shooting<00:12:27.040> a<00:12:27.279> movie<00:12:28.079> bought<00:12:28.720> cards 00:12:29.509 --> 00:12:29.519 align:start position:0% that was shooting a movie bought cards 00:12:29.519 --> 00:12:33.190 align:start position:0% that was shooting a movie bought cards that<00:12:29.920> were<00:12:30.399> effectively<00:12:31.040> say<00:12:31.360> $500<00:12:32.000> a<00:12:32.240> card 00:12:33.190 --> 00:12:33.200 align:start position:0% that were effectively say $500 a card 00:12:33.200 --> 00:12:35.030 align:start position:0% that were effectively say $500 a card last<00:12:33.440> year<00:12:33.760> or<00:12:33.920> the<00:12:34.160> last<00:12:34.320> time<00:12:34.568> [music]<00:12:34.800> that 00:12:35.030 --> 00:12:35.040 align:start position:0% last year or the last time [music] that 00:12:35.040 --> 00:12:37.910 align:start position:0% last year or the last time [music] that person<00:12:35.360> bought<00:12:35.600> more<00:12:35.920> cards<00:12:37.040> uh<00:12:37.360> they<00:12:37.600> were 00:12:37.910 --> 00:12:37.920 align:start position:0% person bought more cards uh they were 00:12:37.920 --> 00:12:40.870 align:start position:0% person bought more cards uh they were $1,300<00:12:38.880> a<00:12:39.120> card.<00:12:39.839> He<00:12:40.000> says<00:12:40.160> the<00:12:40.320> high<00:12:40.560> prices 00:12:40.870 --> 00:12:40.880 align:start position:0% $1,300 a card. He says the high prices 00:12:40.880 --> 00:12:42.870 align:start position:0% $1,300 a card. He says the high prices for<00:12:41.120> memory<00:12:41.600> have<00:12:41.839> put<00:12:42.079> financial<00:12:42.560> pressure 00:12:42.870 --> 00:12:42.880 align:start position:0% for memory have put financial pressure 00:12:42.880 --> 00:12:44.949 align:start position:0% for memory have put financial pressure on<00:12:43.120> his<00:12:43.360> clients<00:12:43.760> who<00:12:44.079> depend<00:12:44.399> on<00:12:44.560> them<00:12:44.720> for 00:12:44.949 --> 00:12:44.959 align:start position:0% on his clients who depend on them for 00:12:44.959 --> 00:12:45.509 align:start position:0% on his clients who depend on them for work. 00:12:45.509 --> 00:12:45.519 align:start position:0% work. 00:12:45.519 --> 00:12:48.968 align:start position:0% work. >> It's<00:12:46.000> just<00:12:46.320> a<00:12:46.639> tough<00:12:47.279> spot<00:12:48.000> right<00:12:48.320> now<00:12:48.560> for 00:12:48.968 --> 00:12:48.978 align:start position:0% >> It's just a tough spot right now for 00:12:48.978 --> 00:12:51.750 align:start position:0% >> It's just a tough spot right now for [music]<00:12:49.440> people<00:12:49.680> that<00:12:50.240> are<00:12:50.639> using<00:12:51.200> electronic 00:12:51.750 --> 00:12:51.760 align:start position:0% [music] people that are using electronic 00:12:51.760 --> 00:12:54.949 align:start position:0% [music] people that are using electronic cameras<00:12:52.480> in<00:12:53.200> making<00:12:53.760> their<00:12:54.160> their<00:12:54.639> living. 00:12:54.949 --> 00:12:54.959 align:start position:0% cameras in making their their living. 00:12:54.959 --> 00:12:56.069 align:start position:0% cameras in making their their living. We've<00:12:55.279> seen<00:12:55.528> [music] 00:12:56.069 --> 00:12:56.079 align:start position:0% We've seen [music] 00:12:56.079 --> 00:12:59.910 align:start position:0% We've seen [music] our<00:12:57.200> media<00:12:57.839> sales<00:12:58.320> numbers<00:12:59.360> as<00:12:59.600> far<00:12:59.680> as 00:12:59.910 --> 00:12:59.920 align:start position:0% our media sales numbers as far as 00:12:59.920 --> 00:13:03.430 align:start position:0% our media sales numbers as far as quantity<00:13:00.800> decrease<00:13:01.760> by 00:13:03.430 --> 00:13:03.440 align:start position:0% quantity decrease by 00:13:03.440 --> 00:13:04.389 align:start position:0% quantity decrease by 30%. 00:13:04.389 --> 00:13:04.399 align:start position:0% 30%. 00:13:04.399 --> 00:13:06.470 align:start position:0% 30%. >> Jeff<00:13:04.720> worries<00:13:05.200> recent<00:13:05.440> price<00:13:05.680> hikes<00:13:06.160> could 00:13:06.470 --> 00:13:06.480 align:start position:0% >> Jeff worries recent price hikes could 00:13:06.480 --> 00:13:07.990 align:start position:0% >> Jeff worries recent price hikes could have<00:13:06.720> broader<00:13:07.120> implications<00:13:07.600> for<00:13:07.839> the 00:13:07.990 --> 00:13:08.000 align:start position:0% have broader implications for the 00:13:08.000 --> 00:13:09.350 align:start position:0% have broader implications for the industry.<00:13:08.639> I<00:13:08.880> don't<00:13:09.040> want<00:13:09.120> to<00:13:09.279> say<00:13:09.300> [music] 00:13:09.350 --> 00:13:09.360 align:start position:0% industry. I don't want to say [music] 00:13:09.360 --> 00:13:11.910 align:start position:0% industry. I don't want to say [music] it's<00:13:09.680> putting<00:13:10.480> electronic<00:13:11.040> media<00:13:11.440> out<00:13:11.680> of 00:13:11.910 --> 00:13:11.920 align:start position:0% it's putting electronic media out of 00:13:11.920 --> 00:13:16.230 align:start position:0% it's putting electronic media out of reach<00:13:12.560> of<00:13:12.800> some<00:13:13.120> people,<00:13:13.600> but<00:13:14.720> it<00:13:14.959> is<00:13:15.839> coming 00:13:16.230 --> 00:13:16.240 align:start position:0% reach of some people, but it is coming 00:13:16.240 --> 00:13:19.829 align:start position:0% reach of some people, but it is coming close<00:13:16.480> to<00:13:16.639> that. 00:13:19.829 --> 00:13:19.839 align:start position:0% 00:13:19.839 --> 00:13:22.230 align:start position:0% So,<00:13:20.240> is<00:13:20.399> there<00:13:20.639> any<00:13:20.880> relief<00:13:21.200> in<00:13:21.519> sight? 00:13:22.230 --> 00:13:22.240 align:start position:0% So, is there any relief in sight? 00:13:22.240 --> 00:13:24.470 align:start position:0% So, is there any relief in sight? Possibly.<00:13:22.959> One<00:13:23.279> solution<00:13:23.600> is<00:13:23.760> to<00:13:24.000> open<00:13:24.240> more 00:13:24.470 --> 00:13:24.480 align:start position:0% Possibly. One solution is to open more 00:13:24.480 --> 00:13:26.790 align:start position:0% Possibly. One solution is to open more chip<00:13:24.720> factories<00:13:25.279> known<00:13:25.519> as<00:13:25.680> fabs<00:13:26.160> to<00:13:26.480> increase 00:13:26.790 --> 00:13:26.800 align:start position:0% chip factories known as fabs to increase 00:13:26.800 --> 00:13:29.750 align:start position:0% chip factories known as fabs to increase supply.<00:13:27.680> But<00:13:27.839> opening<00:13:28.160> a<00:13:28.399> fab<00:13:28.800> is<00:13:28.959> not<00:13:29.120> cheap. 00:13:29.750 --> 00:13:29.760 align:start position:0% supply. But opening a fab is not cheap. 00:13:29.760 --> 00:13:31.910 align:start position:0% supply. But opening a fab is not cheap. The<00:13:30.000> cost<00:13:30.240> of<00:13:30.399> building<00:13:30.800> one<00:13:31.120> is<00:13:31.360> estimated 00:13:31.910 --> 00:13:31.920 align:start position:0% The cost of building one is estimated 00:13:31.920 --> 00:13:35.350 align:start position:0% The cost of building one is estimated between<00:13:32.320> $15<00:13:32.800> billion<00:13:33.519> and$20<00:13:34.079> billion.<00:13:35.120> The 00:13:35.350 --> 00:13:35.360 align:start position:0% between $15 billion and$20 billion. The 00:13:35.360 --> 00:13:37.030 align:start position:0% between $15 billion and$20 billion. The majority<00:13:35.680> of<00:13:35.760> that<00:13:36.000> cost<00:13:36.399> comes<00:13:36.639> from<00:13:36.800> the 00:13:37.030 --> 00:13:37.040 align:start position:0% majority of that cost comes from the 00:13:37.040 --> 00:13:39.269 align:start position:0% majority of that cost comes from the expensive<00:13:37.600> machines<00:13:38.320> needed<00:13:38.639> to<00:13:38.800> make<00:13:38.959> these 00:13:39.269 --> 00:13:39.279 align:start position:0% expensive machines needed to make these 00:13:39.279 --> 00:13:43.190 align:start position:0% expensive machines needed to make these chips.<00:13:40.560> Just<00:13:40.800> one<00:13:41.120> cost<00:13:41.519> up<00:13:41.680> to<00:13:41.920> $400<00:13:42.320> million, 00:13:43.190 --> 00:13:43.200 align:start position:0% chips. Just one cost up to $400 million, 00:13:43.200 --> 00:13:45.430 align:start position:0% chips. Just one cost up to $400 million, and<00:13:43.360> a<00:13:43.600> single<00:13:43.839> facility<00:13:44.320> needs<00:13:44.880> rows<00:13:45.040> and 00:13:45.430 --> 00:13:45.440 align:start position:0% and a single facility needs rows and 00:13:45.440 --> 00:13:48.389 align:start position:0% and a single facility needs rows and rows<00:13:45.600> of<00:13:45.839> them.<00:13:46.639> Keeping<00:13:47.040> FABs<00:13:47.440> clean<00:13:47.680> is<00:13:48.000> also 00:13:48.389 --> 00:13:48.399 align:start position:0% rows of them. Keeping FABs clean is also 00:13:48.399 --> 00:13:50.629 align:start position:0% rows of them. Keeping FABs clean is also very<00:13:48.800> expensive.<00:13:49.839> Many<00:13:50.160> require 00:13:50.629 --> 00:13:50.639 align:start position:0% very expensive. Many require 00:13:50.639 --> 00:13:52.710 align:start position:0% very expensive. Many require specifically<00:13:51.200> designed<00:13:51.600> clean<00:13:51.920> rooms<00:13:52.399> to 00:13:52.710 --> 00:13:52.720 align:start position:0% specifically designed clean rooms to 00:13:52.720 --> 00:13:54.550 align:start position:0% specifically designed clean rooms to protect<00:13:53.040> sensitive<00:13:53.519> silicon<00:13:53.920> wafers<00:13:54.320> from 00:13:54.550 --> 00:13:54.560 align:start position:0% protect sensitive silicon wafers from 00:13:54.560 --> 00:13:57.110 align:start position:0% protect sensitive silicon wafers from dust<00:13:55.120> and<00:13:55.360> other<00:13:55.680> airborne<00:13:56.240> particles<00:13:56.800> that 00:13:57.110 --> 00:13:57.120 align:start position:0% dust and other airborne particles that 00:13:57.120 --> 00:13:59.990 align:start position:0% dust and other airborne particles that could<00:13:57.360> cause<00:13:57.760> microscopic<00:13:58.560> defects.<00:13:59.680> And 00:13:59.990 --> 00:14:00.000 align:start position:0% could cause microscopic defects. And 00:14:00.000 --> 00:14:01.990 align:start position:0% could cause microscopic defects. And even<00:14:00.160> if<00:14:00.399> the<00:14:00.639> cost<00:14:00.800> of<00:14:01.040> construction<00:14:01.680> weren't 00:14:01.990 --> 00:14:02.000 align:start position:0% even if the cost of construction weren't 00:14:02.000 --> 00:14:04.790 align:start position:0% even if the cost of construction weren't an<00:14:02.240> issue,<00:14:02.880> it<00:14:03.120> would<00:14:03.360> still<00:14:03.680> take<00:14:04.079> 3<00:14:04.320> to<00:14:04.560> 5 00:14:04.790 --> 00:14:04.800 align:start position:0% an issue, it would still take 3 to 5 00:14:04.800 --> 00:14:06.790 align:start position:0% an issue, it would still take 3 to 5 years<00:14:05.120> to<00:14:05.279> build<00:14:05.519> a<00:14:05.760> single<00:14:06.000> fab. 00:14:06.790 --> 00:14:06.800 align:start position:0% years to build a single fab. 00:14:06.800 --> 00:14:08.870 align:start position:0% years to build a single fab. >> You<00:14:07.040> can't<00:14:07.279> just<00:14:07.440> flick<00:14:07.760> a<00:14:07.920> switch<00:14:08.160> and<00:14:08.399> say<00:14:08.720> we 00:14:08.870 --> 00:14:08.880 align:start position:0% >> You can't just flick a switch and say we 00:14:08.880 --> 00:14:10.310 align:start position:0% >> You can't just flick a switch and say we we're<00:14:09.199> going<00:14:09.279> to<00:14:09.360> double<00:14:09.680> the<00:14:09.839> amount<00:14:10.079> of 00:14:10.310 --> 00:14:10.320 align:start position:0% we're going to double the amount of 00:14:10.320 --> 00:14:12.870 align:start position:0% we're going to double the amount of memory<00:14:10.720> chip<00:14:11.040> production<00:14:12.164> [music]<00:14:12.320> in<00:14:12.720> 6 00:14:12.870 --> 00:14:12.880 align:start position:0% memory chip production [music] in 6 00:14:12.880 --> 00:14:13.750 align:start position:0% memory chip production [music] in 6 months. 00:14:13.750 --> 00:14:13.760 align:start position:0% months. 00:14:13.760 --> 00:14:16.230 align:start position:0% months. >> SK<00:14:14.240> Heinix<00:14:14.720> told<00:14:14.959> Business<00:14:15.360> Insider<00:14:16.000> that 00:14:16.230 --> 00:14:16.240 align:start position:0% >> SK Heinix told Business Insider that 00:14:16.240 --> 00:14:18.069 align:start position:0% >> SK Heinix told Business Insider that it's<00:14:16.560> fasttracking<00:14:17.199> the<00:14:17.440> construction<00:14:17.760> of 00:14:18.069 --> 00:14:18.079 align:start position:0% it's fasttracking the construction of 00:14:18.079 --> 00:14:20.230 align:start position:0% it's fasttracking the construction of FABS<00:14:18.560> with<00:14:18.720> the<00:14:18.880> Yongen<00:14:19.519> semiconductor 00:14:20.230 --> 00:14:20.240 align:start position:0% FABS with the Yongen semiconductor 00:14:20.240 --> 00:14:21.670 align:start position:0% FABS with the Yongen semiconductor cluster,<00:14:20.800> which<00:14:21.040> was<00:14:21.199> scheduled<00:14:21.519> for 00:14:21.670 --> 00:14:21.680 align:start position:0% cluster, which was scheduled for 00:14:21.680 --> 00:14:24.230 align:start position:0% cluster, which was scheduled for completion<00:14:22.079> in<00:14:22.399> 2045,<00:14:23.360> but<00:14:23.600> has<00:14:23.760> been<00:14:23.920> moved 00:14:24.230 --> 00:14:24.240 align:start position:0% completion in 2045, but has been moved 00:14:24.240 --> 00:14:27.269 align:start position:0% completion in 2045, but has been moved up<00:14:24.399> to<00:14:24.639> 2023.<00:14:26.000> Some<00:14:26.320> critics<00:14:26.720> believe<00:14:27.040> the 00:14:27.269 --> 00:14:27.279 align:start position:0% up to 2023. Some critics believe the 00:14:27.279 --> 00:14:29.750 align:start position:0% up to 2023. Some critics believe the memory<00:14:27.600> shortage<00:14:28.079> may<00:14:28.320> be<00:14:28.480> manufactured.<00:14:29.519> In 00:14:29.750 --> 00:14:29.760 align:start position:0% memory shortage may be manufactured. In 00:14:29.760 --> 00:14:33.110 align:start position:0% memory shortage may be manufactured. In June<00:14:30.079> 2026,<00:14:31.120> 17<00:14:31.600> plaintiffs<00:14:32.079> filed<00:14:32.480> a<00:14:32.720> class 00:14:33.110 --> 00:14:33.120 align:start position:0% June 2026, 17 plaintiffs filed a class 00:14:33.120 --> 00:14:35.189 align:start position:0% June 2026, 17 plaintiffs filed a class action<00:14:33.440> antirust<00:14:33.779> [music]<00:14:34.160> lawsuit<00:14:34.800> alleging 00:14:35.189 --> 00:14:35.199 align:start position:0% action antirust [music] lawsuit alleging 00:14:35.199 --> 00:14:38.230 align:start position:0% action antirust [music] lawsuit alleging that<00:14:35.440> Micron,<00:14:36.240> Samsung,<00:14:36.880> and<00:14:37.199> SKH<00:14:37.600> Highix 00:14:38.230 --> 00:14:38.240 align:start position:0% that Micron, Samsung, and SKH Highix 00:14:38.240 --> 00:14:40.790 align:start position:0% that Micron, Samsung, and SKH Highix worked<00:14:38.560> together<00:14:39.199> to<00:14:39.519> limit<00:14:39.839> memory<00:14:40.320> supply 00:14:40.790 --> 00:14:40.800 align:start position:0% worked together to limit memory supply 00:14:40.800 --> 00:14:43.110 align:start position:0% worked together to limit memory supply and<00:14:41.120> drive<00:14:41.279> up<00:14:41.519> prices.<00:14:42.399> This<00:14:42.560> is<00:14:42.720> not<00:14:42.880> the 00:14:43.110 --> 00:14:43.120 align:start position:0% and drive up prices. This is not the 00:14:43.120 --> 00:14:44.629 align:start position:0% and drive up prices. This is not the first<00:14:43.279> time<00:14:43.440> these<00:14:43.760> companies<00:14:44.079> have<00:14:44.320> been<00:14:44.480> in 00:14:44.629 --> 00:14:44.639 align:start position:0% first time these companies have been in 00:14:44.639 --> 00:14:47.509 align:start position:0% first time these companies have been in hot<00:14:44.880> water.<00:14:45.519> In<00:14:45.760> the<00:14:45.920> early<00:14:46.240> 2000s,<00:14:47.040> Samsung 00:14:47.509 --> 00:14:47.519 align:start position:0% hot water. In the early 2000s, Samsung 00:14:47.519 --> 00:14:49.490 align:start position:0% hot water. In the early 2000s, Samsung and<00:14:47.839> Heinix<00:14:48.399> pleaded<00:14:48.720> guilty<00:14:49.120> to<00:14:49.360> conspiring 00:14:49.490 --> 00:14:49.500 align:start position:0% and Heinix pleaded guilty to conspiring 00:14:49.500 --> 00:14:51.990 align:start position:0% and Heinix pleaded guilty to conspiring [music]<00:14:49.920> to<00:14:50.079> fix<00:14:50.399> jam<00:14:50.720> prices.<00:14:51.519> Micron 00:14:51.990 --> 00:14:52.000 align:start position:0% [music] to fix jam prices. Micron 00:14:52.000 --> 00:14:53.750 align:start position:0% [music] to fix jam prices. Micron admitted<00:14:52.399> to<00:14:52.639> participating<00:14:53.120> in<00:14:53.360> the<00:14:53.519> same 00:14:53.750 --> 00:14:53.760 align:start position:0% admitted to participating in the same 00:14:53.760 --> 00:14:56.150 align:start position:0% admitted to participating in the same conspiracy,<00:14:54.480> but<00:14:54.720> escaped<00:14:55.199> prosecution<00:14:55.839> by 00:14:56.150 --> 00:14:56.160 align:start position:0% conspiracy, but escaped prosecution by 00:14:56.160 --> 00:14:58.150 align:start position:0% conspiracy, but escaped prosecution by cooperating<00:14:56.639> with<00:14:56.880> federal<00:14:57.199> investigators. 00:14:58.150 --> 00:14:58.160 align:start position:0% cooperating with federal investigators. 00:14:58.160 --> 00:15:01.430 align:start position:0% cooperating with federal investigators. >> When<00:14:58.399> that<00:14:58.720> type<00:14:58.959> of<00:15:00.000> demand<00:15:00.880> hits<00:15:01.199> an 00:15:01.430 --> 00:15:01.440 align:start position:0% >> When that type of demand hits an 00:15:01.440 --> 00:15:03.750 align:start position:0% >> When that type of demand hits an industry<00:15:01.760> like<00:15:02.000> this,<00:15:02.720> there's<00:15:02.959> a<00:15:03.199> lot<00:15:03.360> less 00:15:03.750 --> 00:15:03.760 align:start position:0% industry like this, there's a lot less 00:15:03.760 --> 00:15:05.750 align:start position:0% industry like this, there's a lot less leeway<00:15:04.320> and<00:15:04.560> there's<00:15:04.800> really<00:15:05.040> a<00:15:05.279> lot<00:15:05.440> more 00:15:05.750 --> 00:15:05.760 align:start position:0% leeway and there's really a lot more 00:15:05.760 --> 00:15:07.430 align:start position:0% leeway and there's really a lot more control<00:15:06.320> that<00:15:06.560> these<00:15:06.880> three<00:15:07.040> or<00:15:07.199> four 00:15:07.430 --> 00:15:07.440 align:start position:0% control that these three or four 00:15:07.440 --> 00:15:09.590 align:start position:0% control that these three or four companies<00:15:07.920> exert<00:15:08.399> over<00:15:08.639> the<00:15:08.880> industry. 00:15:09.590 --> 00:15:09.600 align:start position:0% companies exert over the industry. 00:15:09.600 --> 00:15:11.269 align:start position:0% companies exert over the industry. Sometimes<00:15:10.079> that's<00:15:10.320> okay,<00:15:10.639> but<00:15:10.880> sometimes 00:15:11.269 --> 00:15:11.279 align:start position:0% Sometimes that's okay, but sometimes 00:15:11.279 --> 00:15:13.070 align:start position:0% Sometimes that's okay, but sometimes it's<00:15:11.519> really<00:15:11.760> really<00:15:12.000> damaging<00:15:12.480> and<00:15:12.639> it'll<00:15:12.959> be 00:15:13.070 --> 00:15:13.080 align:start position:0% it's really really damaging and it'll be 00:15:13.080 --> 00:15:15.110 align:start position:0% it's really really damaging and it'll be [music]<00:15:13.120> up<00:15:13.279> to<00:15:14.079> the<00:15:14.399> people<00:15:14.639> involved<00:15:14.959> in 00:15:15.110 --> 00:15:15.120 align:start position:0% [music] up to the people involved in 00:15:15.120 --> 00:15:17.430 align:start position:0% [music] up to the people involved in this<00:15:15.360> lawsuit<00:15:15.839> to<00:15:15.920> to<00:15:16.320> prove<00:15:16.560> those<00:15:16.880> damages 00:15:17.430 --> 00:15:17.440 align:start position:0% this lawsuit to to prove those damages 00:15:17.440 --> 00:15:19.030 align:start position:0% this lawsuit to to prove those damages beyond<00:15:17.839> beyond<00:15:18.160> a<00:15:18.320> reasonable<00:15:18.639> doubt. 00:15:19.030 --> 00:15:19.040 align:start position:0% beyond beyond a reasonable doubt. 00:15:19.040 --> 00:15:20.949 align:start position:0% beyond beyond a reasonable doubt. Another<00:15:19.440> solution<00:15:19.839> would<00:15:20.160> be<00:15:20.320> slowing<00:15:20.720> the 00:15:20.949 --> 00:15:20.959 align:start position:0% Another solution would be slowing the 00:15:20.959 --> 00:15:23.430 align:start position:0% Another solution would be slowing the expansion<00:15:21.360> of<00:15:21.600> AI<00:15:21.920> data<00:15:22.240> centers<00:15:22.800> to<00:15:23.040> help 00:15:23.430 --> 00:15:23.440 align:start position:0% expansion of AI data centers to help 00:15:23.440 --> 00:15:25.990 align:start position:0% expansion of AI data centers to help chip<00:15:23.760> production<00:15:24.160> catch<00:15:24.480> up.<00:15:25.279> And<00:15:25.440> that<00:15:25.680> push 00:15:25.990 --> 00:15:26.000 align:start position:0% chip production catch up. And that push 00:15:26.000 --> 00:15:28.629 align:start position:0% chip production catch up. And that push is<00:15:26.320> growing.<00:15:27.199> Data<00:15:27.600> centers<00:15:27.920> have<00:15:28.160> faced 00:15:28.629 --> 00:15:28.639 align:start position:0% is growing. Data centers have faced 00:15:28.639 --> 00:15:30.710 align:start position:0% is growing. Data centers have faced growing<00:15:29.040> backlash<00:15:29.600> from<00:15:29.839> communities<00:15:30.320> across 00:15:30.710 --> 00:15:30.720 align:start position:0% growing backlash from communities across 00:15:30.720 --> 00:15:32.949 align:start position:0% growing backlash from communities across the<00:15:30.959> US<00:15:31.360> for<00:15:31.600> their<00:15:31.839> long-term<00:15:32.320> effects<00:15:32.639> on 00:15:32.949 --> 00:15:32.959 align:start position:0% the US for their long-term effects on 00:15:32.959 --> 00:15:35.590 align:start position:0% the US for their long-term effects on both<00:15:33.120> the<00:15:33.440> environment<00:15:34.079> and<00:15:34.399> the<00:15:34.560> economy.<00:15:35.199> If 00:15:35.590 --> 00:15:35.600 align:start position:0% both the environment and the economy. If 00:15:35.600 --> 00:15:38.069 align:start position:0% both the environment and the economy. If AI<00:15:36.000> data<00:15:36.240> center<00:15:36.560> construction<00:15:37.440> slows<00:15:37.839> by 00:15:38.069 --> 00:15:38.079 align:start position:0% AI data center construction slows by 00:15:38.079 --> 00:15:40.629 align:start position:0% AI data center construction slows by half<00:15:38.399> or<00:15:38.560> it<00:15:38.720> takes<00:15:38.959> twice<00:15:39.199> as<00:15:39.440> long<00:15:40.320> to 00:15:40.629 --> 00:15:40.639 align:start position:0% half or it takes twice as long to 00:15:40.639 --> 00:15:43.110 align:start position:0% half or it takes twice as long to develop<00:15:41.040> these<00:15:41.360> things<00:15:41.680> or<00:15:41.920> or<00:15:42.320> if<00:15:42.639> fewer<00:15:42.959> of 00:15:43.110 --> 00:15:43.120 align:start position:0% develop these things or or if fewer of 00:15:43.120 --> 00:15:44.389 align:start position:0% develop these things or or if fewer of them<00:15:43.210> [music]<00:15:43.440> actually<00:15:43.760> get<00:15:44.000> done<00:15:44.160> or 00:15:44.389 --> 00:15:44.399 align:start position:0% them [music] actually get done or 00:15:44.399 --> 00:15:46.389 align:start position:0% them [music] actually get done or actually<00:15:44.720> get<00:15:44.880> approved,<00:15:45.680> then<00:15:46.000> you<00:15:46.240> could 00:15:46.389 --> 00:15:46.399 align:start position:0% actually get approved, then you could 00:15:46.399 --> 00:15:49.509 align:start position:0% actually get approved, then you could you<00:15:46.720> could<00:15:46.800> really<00:15:47.040> have<00:15:47.199> a<00:15:47.440> change<00:15:47.680> in<00:15:47.839> in<00:15:48.240> AI 00:15:49.509 --> 00:15:49.519 align:start position:0% you could really have a change in in AI 00:15:49.519 --> 00:15:51.670 align:start position:0% you could really have a change in in AI demand<00:15:49.920> for<00:15:50.320> memory<00:15:50.639> chips<00:15:50.959> for<00:15:51.199> sure. 00:15:51.670 --> 00:15:51.680 align:start position:0% demand for memory chips for sure. 00:15:51.680 --> 00:15:54.389 align:start position:0% demand for memory chips for sure. >> On<00:15:51.920> July<00:15:52.240> 18th,<00:15:52.880> 2026, 00:15:54.389 --> 00:15:54.399 align:start position:0% >> On July 18th, 2026, 00:15:54.399 --> 00:15:56.710 align:start position:0% >> On July 18th, 2026, 142<00:15:54.959> protests<00:15:55.600> opposing<00:15:56.079> data<00:15:56.480> center 00:15:56.710 --> 00:15:56.720 align:start position:0% 142 protests opposing data center 00:15:56.720 --> 00:16:00.230 align:start position:0% 142 protests opposing data center buildouts<00:15:57.440> took<00:15:57.759> place<00:15:58.000> across<00:15:58.560> 42<00:15:59.199> states. 00:16:00.230 --> 00:16:00.240 align:start position:0% buildouts took place across 42 states. 00:16:00.240 --> 00:16:02.310 align:start position:0% buildouts took place across 42 states. So<00:16:00.480> far,<00:16:00.880> dozens<00:16:01.279> of<00:16:01.519> local<00:16:01.839> governments 00:16:02.310 --> 00:16:02.320 align:start position:0% So far, dozens of local governments 00:16:02.320 --> 00:16:04.150 align:start position:0% So far, dozens of local governments across<00:16:02.720> the<00:16:02.959> US<00:16:03.440> have<00:16:03.516> [music]<00:16:03.680> moved<00:16:04.000> to 00:16:04.150 --> 00:16:04.160 align:start position:0% across the US have [music] moved to 00:16:04.160 --> 00:16:06.949 align:start position:0% across the US have [music] moved to pause<00:16:04.480> data<00:16:04.800> center<00:16:05.120> construction.<00:16:06.240> In<00:16:06.480> July 00:16:06.949 --> 00:16:06.959 align:start position:0% pause data center construction. In July 00:16:06.959 --> 00:16:09.110 align:start position:0% pause data center construction. In July 2026,<00:16:07.920> New<00:16:08.160> York<00:16:08.399> became<00:16:08.720> the<00:16:08.756> [music]<00:16:08.880> first 00:16:09.110 --> 00:16:09.120 align:start position:0% 2026, New York became the [music] first 00:16:09.120 --> 00:16:12.310 align:start position:0% 2026, New York became the [music] first state<00:16:09.360> to<00:16:09.519> enact<00:16:09.920> a<00:16:10.240> one-year<00:16:10.720> moratorum. 00:16:12.310 --> 00:16:12.320 align:start position:0% state to enact a one-year moratorum. 00:16:12.320 --> 00:16:14.470 align:start position:0% state to enact a one-year moratorum. >> This<00:16:12.639> pause<00:16:13.040> will<00:16:13.279> remain<00:16:13.600> in<00:16:13.839> place<00:16:14.079> for<00:16:14.320> up 00:16:14.470 --> 00:16:14.480 align:start position:0% >> This pause will remain in place for up 00:16:14.480 --> 00:16:17.590 align:start position:0% >> This pause will remain in place for up to<00:16:14.639> one<00:16:14.880> year,<00:16:15.839> while<00:16:16.079> New<00:16:16.320> York<00:16:16.639> establishes 00:16:17.590 --> 00:16:17.600 align:start position:0% to one year, while New York establishes 00:16:17.600 --> 00:16:20.710 align:start position:0% to one year, while New York establishes the<00:16:18.000> strongest<00:16:19.040> possible<00:16:19.839> framework<00:16:20.399> to 00:16:20.710 --> 00:16:20.720 align:start position:0% the strongest possible framework to 00:16:20.720 --> 00:16:23.590 align:start position:0% the strongest possible framework to protect<00:16:21.040> our<00:16:21.360> communities.<00:16:22.000> If<00:16:22.720> politics<00:16:23.279> and 00:16:23.590 --> 00:16:23.600 align:start position:0% protect our communities. If politics and 00:16:23.600 --> 00:16:25.269 align:start position:0% protect our communities. If politics and things<00:16:23.839> like<00:16:24.079> permitting<00:16:24.720> and<00:16:24.959> things<00:16:25.120> like 00:16:25.269 --> 00:16:25.279 align:start position:0% things like permitting and things like 00:16:25.279 --> 00:16:28.230 align:start position:0% things like permitting and things like that,<00:16:25.920> if<00:16:26.240> those<00:16:26.480> types<00:16:26.720> of<00:16:26.959> issues<00:16:27.600> slow<00:16:27.920> down 00:16:28.230 --> 00:16:28.240 align:start position:0% that, if those types of issues slow down 00:16:28.240 --> 00:16:30.310 align:start position:0% that, if those types of issues slow down AI<00:16:28.639> development,<00:16:29.440> you<00:16:29.680> could<00:16:29.839> certainly<00:16:30.240> see 00:16:30.310 --> 00:16:30.320 align:start position:0% AI development, you could certainly see 00:16:30.320 --> 00:16:33.509 align:start position:0% AI development, you could certainly see a<00:16:30.480> knock-on<00:16:30.959> effect<00:16:31.360> on<00:16:32.160> demand<00:16:32.560> for<00:16:33.120> memory 00:16:33.509 --> 00:16:33.519 align:start position:0% a knock-on effect on demand for memory 00:16:33.519 --> 00:16:35.670 align:start position:0% a knock-on effect on demand for memory chips<00:16:33.839> and<00:16:34.079> storage.<00:16:34.880> The<00:16:35.120> only<00:16:35.360> question 00:16:35.670 --> 00:16:35.680 align:start position:0% chips and storage. The only question 00:16:35.680 --> 00:16:38.221 align:start position:0% chips and storage. The only question left<00:16:36.000> is<00:16:36.240> whether<00:16:36.720> in<00:16:36.880> the<00:16:37.040> age<00:16:37.199> of<00:16:37.360> AI,<00:16:38.000> memory 00:16:38.221 --> 00:16:38.231 align:start position:0% left is whether in the age of AI, memory 00:16:38.231 --> 00:16:40.629 align:start position:0% left is whether in the age of AI, memory [music]<00:16:38.320> prices<00:16:38.720> will<00:16:38.959> ever<00:16:39.279> go<00:16:39.519> down.<00:16:40.399> If 00:16:40.629 --> 00:16:40.639 align:start position:0% [music] prices will ever go down. If 00:16:40.639 --> 00:16:43.430 align:start position:0% [music] prices will ever go down. If what's<00:16:41.040> past<00:16:41.440> is<00:16:41.759> prologue,<00:16:42.560> Alistair<00:16:43.120> says 00:16:43.430 --> 00:16:43.440 align:start position:0% what's past is prologue, Alistair says 00:16:43.440 --> 00:16:45.670 align:start position:0% what's past is prologue, Alistair says history<00:16:44.000> might<00:16:44.240> give<00:16:44.399> us<00:16:44.560> a<00:16:44.720> clue. 00:16:45.670 --> 00:16:45.680 align:start position:0% history might give us a clue. 00:16:45.680 --> 00:16:48.790 align:start position:0% history might give us a clue. >> Go<00:16:45.920> back<00:16:46.720> two<00:16:46.959> or<00:16:47.199> three<00:16:47.360> decades,<00:16:48.160> the<00:16:48.399> memory 00:16:48.790 --> 00:16:48.800 align:start position:0% >> Go back two or three decades, the memory 00:16:48.800 --> 00:16:51.749 align:start position:0% >> Go back two or three decades, the memory chip<00:16:49.199> industry<00:16:49.680> was<00:16:50.000> hugely<00:16:50.560> cyclical.<00:16:51.519> So 00:16:51.749 --> 00:16:51.759 align:start position:0% chip industry was hugely cyclical. So 00:16:51.759 --> 00:16:54.230 align:start position:0% chip industry was hugely cyclical. So there'd<00:16:52.000> be<00:16:52.160> these<00:16:52.480> huge<00:16:53.040> boom<00:16:53.440> periods<00:16:53.920> where 00:16:54.230 --> 00:16:54.240 align:start position:0% there'd be these huge boom periods where 00:16:54.240 --> 00:16:56.069 align:start position:0% there'd be these huge boom periods where demand<00:16:54.720> would<00:16:54.880> go<00:16:55.040> up<00:16:55.279> and<00:16:55.519> there<00:16:55.759> wasn't 00:16:56.069 --> 00:16:56.079 align:start position:0% demand would go up and there wasn't 00:16:56.079 --> 00:16:58.150 align:start position:0% demand would go up and there wasn't enough<00:16:56.480> supply<00:16:56.959> and<00:16:57.279> prices<00:16:57.680> would<00:16:57.920> really 00:16:58.150 --> 00:16:58.160 align:start position:0% enough supply and prices would really 00:16:58.160 --> 00:16:59.670 align:start position:0% enough supply and prices would really rise<00:16:58.480> and<00:16:58.536> [music]<00:16:58.800> memory<00:16:59.120> chip<00:16:59.360> makers 00:16:59.670 --> 00:16:59.680 align:start position:0% rise and [music] memory chip makers 00:16:59.680 --> 00:17:01.749 align:start position:0% rise and [music] memory chip makers would<00:16:59.839> make<00:17:00.000> massive<00:17:00.399> amounts<00:17:00.639> of<00:17:00.800> money<00:17:01.519> and 00:17:01.749 --> 00:17:01.759 align:start position:0% would make massive amounts of money and 00:17:01.759 --> 00:17:05.110 align:start position:0% would make massive amounts of money and then<00:17:02.639> demand<00:17:03.120> would<00:17:03.600> slow<00:17:03.920> down<00:17:04.079> a<00:17:04.319> bit. 00:17:05.110 --> 00:17:05.120 align:start position:0% then demand would slow down a bit. 00:17:05.120 --> 00:17:07.029 align:start position:0% then demand would slow down a bit. Production<00:17:05.600> would<00:17:05.919> increase<00:17:06.319> and<00:17:06.480> there'd<00:17:06.799> be 00:17:07.029 --> 00:17:07.039 align:start position:0% Production would increase and there'd be 00:17:07.039 --> 00:17:09.270 align:start position:0% Production would increase and there'd be over<00:17:07.360> supply<00:17:07.839> and<00:17:08.000> then<00:17:08.240> prices<00:17:08.640> would<00:17:08.880> crash 00:17:09.270 --> 00:17:09.280 align:start position:0% over supply and then prices would crash 00:17:09.280 --> 00:17:11.429 align:start position:0% over supply and then prices would crash back<00:17:09.520> down.<00:17:10.000> That<00:17:10.319> type<00:17:10.480> of<00:17:10.880> long-term 00:17:11.429 --> 00:17:11.439 align:start position:0% back down. That type of long-term 00:17:11.439 --> 00:17:13.829 align:start position:0% back down. That type of long-term history<00:17:11.679> of<00:17:11.839> boom<00:17:12.079> and<00:17:12.240> bust<00:17:12.559> cycles<00:17:13.360> is<00:17:13.600> very 00:17:13.829 --> 00:17:13.839 align:start position:0% history of boom and bust cycles is very 00:17:13.839 --> 00:17:15.990 align:start position:0% history of boom and bust cycles is very very<00:17:14.079> hard<00:17:14.240> to<00:17:14.480> break.<00:17:14.880> We<00:17:15.039> might<00:17:15.280> just<00:17:15.760> make 00:17:15.990 --> 00:17:16.000 align:start position:0% very hard to break. We might just make 00:17:16.000 --> 00:17:18.150 align:start position:0% very hard to break. We might just make way<00:17:16.240> too<00:17:16.480> many<00:17:16.720> memory<00:17:17.120> chips<00:17:17.439> in<00:17:17.679> two<00:17:17.919> years 00:17:18.150 --> 00:17:18.160 align:start position:0% way too many memory chips in two years 00:17:18.160 --> 00:17:19.829 align:start position:0% way too many memory chips in two years time<00:17:18.319> and<00:17:18.480> then<00:17:18.720> prices<00:17:19.039> will<00:17:19.280> come<00:17:19.439> crashing 00:17:19.829 --> 00:17:19.839 align:start position:0% time and then prices will come crashing 00:17:19.839 --> 00:17:22.309 align:start position:0% time and then prices will come crashing down<00:17:20.079> again.<00:17:20.400> I've<00:17:20.640> been<00:17:20.799> doing<00:17:20.959> this<00:17:21.600> for<00:17:22.079> 20 00:17:22.309 --> 00:17:22.319 align:start position:0% down again. I've been doing this for 20 00:17:22.319 --> 00:17:24.789 align:start position:0% down again. I've been doing this for 20 or<00:17:22.559> 30<00:17:22.880> years<00:17:23.120> now<00:17:23.439> and<00:17:23.600> and<00:17:24.160> a<00:17:24.400> lot<00:17:24.480> of<00:17:24.640> things 00:17:24.789 --> 00:17:24.799 align:start position:0% or 30 years now and and a lot of things 00:17:24.799 --> 00:17:27.270 align:start position:0% or 30 years now and and a lot of things that<00:17:25.039> people<00:17:25.280> thought<00:17:25.520> would<00:17:25.760> last<00:17:26.000> forever 00:17:27.270 --> 00:17:27.280 align:start position:0% that people thought would last forever 00:17:27.280 --> 00:17:29.110 align:start position:0% that people thought would last forever haven't<00:17:27.600> lasted<00:17:27.919> forever.<00:17:28.319> So,<00:17:28.480> I<00:17:28.640> think<00:17:28.880> I 00:17:29.110 --> 00:17:29.120 align:start position:0% haven't lasted forever. So, I think I 00:17:29.120 --> 00:17:30.310 align:start position:0% haven't lasted forever. So, I think I think<00:17:29.200> that's<00:17:29.440> certainly<00:17:29.760> going<00:17:29.840> to<00:17:29.919> be<00:17:30.080> true 00:17:30.310 --> 00:17:30.320 align:start position:0% think that's certainly going to be true 00:17:30.320 --> 00:17:33.320 align:start position:0% think that's certainly going to be true again.