Richard Windsor 1.8 2 ideas

Nvidia beat earnings, but the stock reaction was flat. Windsor notes that memory chips (HBM) are sold out until 2027 (citing Micron and SK Hynix). The market interprets the lack of massive upside guidance as a demand issue, but it is actually a supply constraint. The infrastructure spend is "safe" through 2026. If supply is the bottleneck, the "AI bubble" hasn't popped; it's just physically constrained. LONG. NVDA becomes more defensive as multiples compress while growth remains locked in by supply constraints. Memory providers (MU, SK Hynix) have pricing power. A sudden cut in Hyperscaler Capex for 2027.