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Gavin S.

2026-06-28 · 11:05 UTC ·@jukan05 ·1 min read

Brief

Jukan (@jukan05) cites Gavin S. Baker’s All‑In comment at 1:04:06 that "DRAM is the most important bottleneck" and that Elon is focusing the Terafab on memory, not lasers, capacitors, power semis, NAND or HDDs. Jukan says this validates DRAM’s strategic value, rejects the idea it’s easily replaced by Chinese products, and argues Micron (MU) could exceed Nvidia in importance because inference ROI depends on memory, not GPUs.

Why it matters

Gavin S. Baker said on All‑In at 1:04:06: "DRAM is the most important bottleneck," and Elon is focusing the Terafab on memory (DRAM), not lasers, capacitors, power semis, NAND, or HDDs.

Key details

  • Jukan (@jukan05) says this validates DRAM’s strategic importance and challenges the view that DRAM is a commodity easily replaceable by Chinese products (tweet published 2026-06-28).
  • Jukan argues Micron (MU) could become more important than Nvidia because inference ROI is driven more by adding memory—GPUs are often underutilized in inference due to DRAM bottlenecks—so 'inference is memory.'
Source evidence

Listen to what @GavinSBaker said on All-In at 1:04:06:

“DRAM is the most important bottleneck, and Elon is focusing the Terafab on memory because he believes memory is the most important bottleneck. Not lasers, not capacitors, not power semis, not NAND, not HDDs. DRAM.”

Even Elon is prioritizing memory, specifically DRAM, as the key focus for the Terafab.

And yet, do you still think DRAM is just a commodity that can be replaced by Chinese products at any time?

This is Elon validating the strategic importance of DRAM.

Jukan @ICML (@jukan05)

Yes, MU is not Nvidia.

But going forward, it may become even more important than Nvidia.

Think about it. Inference is now directly tied to money. But inference does not get better simply by adding more Nvidia GPUs. In fact, GPUs are often underutilized in inference, sitting idle due to memory bottlenecks.

For inference, adding more memory is far more valuable.

Ultimately, the ROI of inference depends less on GPUs and more on memory. So why are people still looking at Micron through Nvidia’s framework?

Think bigger.

Inference is memory.

— https://nitter.net/jukan05/status/2071139712082022855#m