India, June 30 -- Artificial intelligence has transformed nearly every segment of the semiconductor industry. Nvidia's GPUs have become the engines powering AI training and inference, hyperscalers are investing hundreds of billions of dollars in new infrastructure, and semiconductor manufacturers are expanding capacity at a pace not seen since the early days of the Internet. Most investors naturally assume that Nvidia's greatest impact has been on processors.

They would be only partially correct!

Nvidia's greatest influence may ultimately prove to be on an industry in which it manufactures nothing at all: memory.

For decades, the memory industry followed a familiar pattern. Demand would surge, manufacturers would increase capital spend...