Deutsche Bank says a persistent 'memory wall' and tight memory supply are reshaping next‑generation AI chip roadmaps. Investors are discussing some new processors cutting HBM configurations as elevated DRAM prices are being built into AI capex calculations. Supply constraints are accelerating alternative approaches, including more SRAM‑dependent inference chips, custom HBM base dies, HBF and other HBM variants. Engineering plans remain fluid with limited supply‑chain visibility; most management

Deutsche Bank says a persistent 'memory wall' and tight memory supply are reshaping next‑generation AI chip roadmaps. Investors are discussing some new processors cutting HBM configurations as elevated DRAM prices are being built into AI capex calculations. Supply constraints are accelerating alternative approaches, including more SRAM‑dependent inference chips, custom HBM base dies, HBF and other HBM variants. Engineering plans remain fluid with limited supply‑chain visibility; most management teams view the problem as primarily economic—cost and affordability—while overall DRAM demand may remain high. Key market signals to watch: HBM capacity and pricing, per‑chip HBM allocations on next‑gen GPUs and ASICs, and whether SRAM, HBF and other substitutes achieve scalable deployment.