The Memory Battle Intensifying Alongside GPUs — How Memory Evolved from Commodity to the Lifeline of AI Infrastructure

An analysis of how the entire memory hierarchy — HBM, DRAM, and NAND — is becoming a core asset of AI infrastructure, examined through six lenses: financial performance of major memory companies, the shift to long-term contracts, the technical reality of TurboQuant and CXL, supply-demand tightness, and supply capacity constraints.