“when you get into the racks and chips themselves, clearly, do we have enough um in that supply chain? Memory spike is is on at the moment.”
Fryer flags memory as the binding constraint in the AI rack supply chain with prices spiking right now. The most liquid US-listed pure-play on rising DRAM and HBM pricing is Micron, so a memory cost spike reads directly as long MU.
“compute is a very scarce resource at the moment. I mean what we see in our business, we're going up that kind of vertical wall of demand right now, and…”
OpenAI's CFO says she is on a vertical wall of demand and cannot find enough compute through 2026-2027, and names Nvidia as the frontier-chip priority partner running her next training run. The buyer who screams she cannot get enough chips is the most direct bullish tell for the supplier she is begging to buy from.
“that will be, you know, sticking shovels in the ground on a one gigawatt data center, which is part of our Oracle complex”
OpenAI's 1GW Michigan build sits inside its Oracle complex; Oracle is a top off-take CSP for the buildout
“Thermo Fisher wants to be able to get, um, patient screening done faster so they get FDA approval faster”
Thermo Fisher tapped as a marquee OpenAI enterprise customer deploying AI across screening and sales
“today we sit on top of every CSP, Oracle, um, Coreweave, um, Microsoft, GCP, AWS, and a bunch of small neo scalers”
Compute scarcity through 2027 with OpenAI naming CoreWeave among its CSPs feeds neocloud demand
“there's our own chip that we're working on with Broadcom”
OpenAI's own custom silicon is being built with Broadcom, locking in a multi-year ASIC partner
“we also now have chips in the pipeline from AMD. Um Cerebrus is already online... And there's our own chip that we're working on with Broadcom... we sit on…”
OpenAI's CFO confirming AMD chips are live in the pipeline is a concrete demand signal for AMD's data-center accelerators from the single largest AI compute buyer. Among the publicly tradeable names she lists, AMD is the cleanest single long.
“We announced a data center we're building with Softbank Energy and down in Texas. That's the beginning of something that's beyond a CSP”
OpenAI's built-to-suit Texas data center with SoftBank deepens SoftBank's Stargate exposure