Anchor Capital flags high-bandwidth memory as AI supply chain bottleneck amid hyperscaler capex surge

  • Anchor Capital flagged AI infrastructure as the next phase of the boom, with compute supply lagging demand across chips, memory, data centers, networking, cooling, power.
  • Hyperscalers spent about USD 250 billion in capex in 2024; forecasts point to above USD 700 billion in 2026, over USD 1 trillion in 2027.
  • Bottleneck shifted from 2023 GPU shortages to high-bandwidth memory shortages; AI data centers seen consuming about 70% of premium DRAM output in 2026.
  • Advanced packaging capacity booked through 2026; networks moving from electrical to optical as clusters upgrade from 400 Gbit/s to 800 Gbit/s.
  • McKinsey estimate cited: 124 GW of incremental AI data-center capacity in 2025-2030, requiring USD 5.2 trillion investment; grids seen as a binding constraint.


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