Memory Is the Market’s Favourite Trade—But Fred Thiel Sees a Bust Ahead

Bitcoin miner CEO Fred Thiel expects the current memory boom to reverse within 18–24 months as rapidly expanding Chinese capacity eventually overshoots demand.
His view echoes earlier PC-memory cycles: producers enjoy exceptional pricing and profits, new supply floods the market, and commodity DRAM eventually mean-reverts.
AI infrastructure may remain stronger for longer because power constraints could limit capacity for another four to five years . For $MU investors, the key is separating durable HBM and AI demand from the more cyclical commodity-memory business.