Anchor Capital flags high-bandwidth memory as AI supply chain bottleneck amid hyperscaler capex surge

SMH•2026-07-20

AI infrastructure demand outpacing compute supply

Anchor Capital flagged AI infrastructure as the next phase of the boom, with compute supply lagging demand across chips, memory, data centers, networking, cooling and power.

Hyperscalers spent about USD 250 billion in capex in 2024; forecasts point to above USD 700 billion in 2026, and over USD 1 trillion in 2027.

The bottleneck has shifted from 2023 GPU shortages to high-bandwidth memory shortages. AI data centers are seen consuming about 70% of premium DRAM output in 2026.

Advanced packaging capacity is booked through 2026, and networks are moving from electrical to optical as clusters upgrade from 400 Gbit/s to 800 Gbit/s.

A McKinsey estimate cited 124 GW of incremental AI data-center capacity in 2025-2030, requiring USD 5.2 trillion of investment, with grids seen as a binding constraint.

Sources

Anchor Capital flags high-bandwidth memory as AI supply chain bottleneck amid hyperscaler capex surge

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Anchor Capital flags high-bandwidth memory as AI supply chain bottleneck amid hyperscaler capex surge

AI infrastructure demand outpacing compute supply

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