Investments and Portfolios

Micron 512GB DDR5 RDIMM Micron has just demonstrated the world’s first 512GB DDR5 RDIMM, aimed squarely at next-generation AI/data-centre servers. It is a significant step up in memory density: one module holds 512GB, with speeds of up to 9,200 MT/s. Micron expects volume production in H2 2027. AMD and Intel are already validating it on future server platforms. The power saving is particularly striking. One 512GB module consumes approximately 16W, versus 44.2W for four 128GB modules providing the same capacity — a reduction of more than 60%. The key fact to add is that Micron's memory opportunity isn't solely an AI/HBM story. The new 512GB DDR5 module targets the much broader non-AI data-centre/server market, while HBM4/HBM4E captures the AI accelerator market. That gives MU two separate demand drivers. Even at $15k per module, you're looking at $360k of DRAM per server. Validation of durability!

@Ducati996R said in Performance: Anyone watch those film with Arnie in Yes, perhaps in future they will look back on those as documentaries ...Musk already has production capacity for a million robots per year and expanding to 10 million at his plant in Texas ...and each one need hundreds of GB of memory. I dont think global memory supply is going to be fulfilled for many years yet....

Double or die....always a favoured motto!

The facts are that Nvidia is increasing its market share across the entire AI infrastructure. So despite 'news' of various competitors and partners developing new XPU/Asics etc, Nvidia is becoming more embedded within the stack. Jensen commented on OpenAi's Jalapeno, saying 'he's pleased for his partners and wishes then every success-we didn't wake up losers'. If you look at their latest results, their revenue is 10X the size of AMD and almost 30X the net income! Nvidia generate AMDs annual profit in 21 days(and falling). And the bit that most have forgotten, AMD has given away 20% of the entire company to its customers(for zero $) just to get them to buy their product. Long live the King

Hi O, I think if they are spending to deal with unmet need, and that is being sold at considerable profit (30% margins) then you look at overall growth and this segments contribution to EPS. Cashflow matters in the long term but to dismiss capex spending when the spend is building a capital intensive business(profitable) makes no sense to me. Google is gigantic so one wouldn't ordinarily buy the entire business just because of one blockbuster, rather you'd weigh the contribution. Fundamentally, and a rather simplistic view, they are growing their entire business at a similar clip to their multiples. And not only that, they are increasingly becoming much more than search/advertising-if you go back a few years we discussed this very point. Referencing 'value', margin of safety and attractiveness, you only need to look at Cloudfare/Palo Alto et al to see growth rates of 15% and sky high multiples(100/150+) vs a company like GOOG with 20%+ growth rates and multiples sub 25. Investing is about relativity. Where is my capital best deployed given a certain risk profile which I am willing to accept.

The comments from Google DeepMind executives suggest the company believes a significant AI capability leap is approaching. The current wave of AI investment is not simply about expanding existing applications; it is aimed at reaching the next stage where AI systems increasingly help create better AI systems through recursive self-improvement (RSI). RSI means AI models assisting with research, software development, optimisation, training methods and data generation, creating a feedback loop where improved AI accelerates the development of even better AI. Google’s view is that the foundations of this process are already emerging, and betting against the current AI buildout would be unwise. The scale of spending reinforces this confidence. The major technology companies are committing hundreds of billions of dollars to AI infrastructure. Industry AI capital expenditure is expected to exceed $700bn in 2026 after more than $400bn in 2025, with Google alone forecasting around $195bn-$205bn of 2026 capex. This investment covers GPUs, advanced memory, networking, data centres and power infrastructure required for the next generation of AI. While revenues currently lag behind investment, this reflects a transition phase where infrastructure is being built ahead of widespread adoption. The comparison with previous industrial revolutions suggests the largest economic benefits may appear after the technology platform is established. The next 12-36 months are likely to see major improvements in AI agents, coding ability, research assistance and automation. If AI systems begin materially accelerating AI development itself, progress could become much faster later this decade, potentially marking one of the biggest technological shifts in history.

@Slow-Horses As Adam says on the dashboard, scroll down to transfers and add new transfer and follow the process If you need any help drop me a message, nik.burrows@cobensdirect.co.uk Cheers

ok thanks M

@Adam-Kay said in KLA: It does and we paid $33 +821.1% RTQ

@Adam-Kay ouch! That is a hefty price ramp for those of us who are into the Apple ecosystem Luckily we refreshed some kit a year ago….I was toying with replacing my aging iPad, but perhaps I will bludgeon on for another 10 years Or maybe cash in some of the ISA to “use the profits”

@Nik-Burrows said in New Portfolio Switching Changes?: @xera Unless otherwise instructed and agreed the switch will be processed on the next switch date i.e. the 1st or the 14th of the month Cheers Thanks that answers it for me.

It’s performed well, Pete. Its valuation is too extreme for me, though. Corning, Marvell, AVGO are also in the mix re photonics, optical/laser transceivers.

yes of course. The Target Date only maps the portfolio. Thereafter it's up to 'you'. Add, withdraw subject to wrapper of course(SIPP), switch to something else. To be clear you are not locked-in in anyway

The Amazon<>Anthropic deal looks interesting ! Happy to see Anthropic forking nicely from openai....

Oracle has expanded its partnership with Bloom Energy to secure up to 2.8 gigawatts (GW) of Bloom’s fuel cell systems to support the growth of its AI data centre infrastructure. For perspective, 2.8GW is enough to power 7 million UK homes! A staggering amount of energy.

In a blog post today Meta Platforms (META) has increased the investment for its data centre campus in El Paso, Texas, to $10B from $1.5B. They aren't playing.

It's a great business albeit not that exciting-safe and durable. Their scale and reach opens them up to finding something to complain about-at the end of the day they are a business, they have millions of customers. Some won't be happy customers. Apple gets a lot of flack from some too. Ive always found them a pleasure to deal with. In saying that ive never had a piece of expensive hardware fail prematurely and tried to get some goodwill but I have dealt with their support relating to products many years outside warranty(without Apple Care) and always found them helpful.

Vertex have a good track record. We can't ever expect anything more that 'could, might, maybe'. It's still a drug trial. Nothing is certain until it's approved and commercialised. Vertex specialise in what is called Transformative therapies. Drugs which transform the pathway of a disease from mere managing symptoms to a long term cure/outcome. It's nice to know we invest in something that improves peoples quality of like. More specifically Vertex focus on genetic diseases (gene editing) In terms of success from drug trials. At phase 1 statistically, the odds of success sit at 10-15%. At the conclusion of a successful phase 3 trial-and the results were not just positive, they were extremely positive, the odds increase to 85-90% so I am confident they are onto something. There are many more drugs in their pipeline-Diabetes is the next potential break-through

Anyone who holds a portfolio and has questions can contact either myself and or Nik. Many have. Discussions around suitability are very individual specific due to goals, age, risk appetite and time to retirement/time to draw down.

Hi Ollie, I don't follow 'Defence' stocks generally as they rely on wars being waged. My area is growth/tech which has outperformed defence over any meaningful time frame. If you want to seek out defence funds there are a couple of global ETFs you can google.