Memory, not compute, is the main bottleneck on AI compute, as Epoch points out here. They don't take it the next step, however, and draw out the implciation: Nvidia's moat is less meaningful than ever in a memory-bound world.

https://epochai.substack.com/p/advanced-packaging-and-hbm-not-logic?utm_source=post-email-title&publication_id=3755861&post_id=190772921&utm_campaign=email-post-title&isFreemail=true&r=5s9uw0&triedRedirect=true&utm_medium=email