A discussion on X about potential shifts in HBM (High Bandwidth Memory) demand for AI systems. The analysis suggests that rather than continuously increasing HBM capacity per GPU, future designs may use smaller HBM stacks combined with interconnect technologies like NVLink to distribute memory across larger clusters. This could pressure HBM wafer consumption by 2028 as new production capacity from SK Hynix, Micron, and Samsung comes online, though long-term contracts and pricing may protect memory manufacturers' margins.