The price hike of HBM might actually backfire on AI Capex. What will Nvidia do? Nvidia is almost certainly not going to lower prices, because the entire US stock market AI narrative relies on Nvidia's revenue expectations to hold up. There's no way it would sacrifice its gross margin. So Nvidia will almost only work on packaging the cost curve. In other words, Nvidia might eventually impact the LTAs of MU, Samsung, and SK Hynix. ————— The most vulnerable ones are really the cloud providers.