AI memory upcycle HBM pricing-power → equipment orders → foundry + CoWoS, closing into a capacity feedback loop
AI memory upcycle: HBM pricing, wafer-fab equipment orders, foundry and CoWoS packaging, and the capacity feedback loop that can break the supercycle into oversupply DRAM fabs memory capacity AI-server memory demand HBM stacks CoWoS interposer package substrate fab equipment Hyperscaler AI-server capex raises HBM demand Pricing power Micron · HBM/DRAM Equipment orders Lam Research · AMAT follows memory capex Foundry CoWoS · TSMC binding constraint reinforces HBM scarcity supply discipline holds pricing power breaks Memory capex funded by margins Capacity expands fabs & CoWoS output Oversupply supercycle breaks margins fund capex oversupply feeds back