I think that a lot of people miss key aspects of the AI boom. Even discounting the skeptics, and the bubblers, crashers, etc.

There are a bunch of things that happen in parallel to the AI boom:

a) everyone and their mother is building out capacity. For each GB of VRAM installed, you generally want at least 1 GB of RAM, if not more. So just take nvda's numbers and go from there. And that's just for the GPU servers. But you also need ancillary services around GPU farms. You need some compute for filtering, preprocessing, you need data storage, and so on. And they're all RAM hungry processes.

b) RL is giving lots of capabilities improvements for AI, but it needs lots and lots of parallel runners for scenarios. Those runners need RAM. So every bit of non-GPU capacity is also being used, and more installed.

c) With increasing capabilities comes increasing usage. Everyone is deploying "agents" and those need to run somewhere, and they take RAM (especially the badly coded ones). There've also been reports of labs / big players hoovering up every mac available, for "agentic computer control" / training / whatever. That's on top of people buying them to run "24/7" stuff a la claw/hermes/etc.

In all of this, RAM is the bottleneck. And for the skeptics, you don't have to take hynix's word for it. Just look at the sales for CPUs / Mobos. They're down, because building a computer now is bottlenecked at RAM.