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Anthony Stevens
Bloomberg (markets reporter; surname per whisper, verify spelling)
First call on the ledger
No calls filed yet. Quotes in curly quotation marks are verbatim; everything
else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
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On Moonshot's Kimi K3, trained memory-efficient under chip constraints ('proprietary innovations in there to also help with the usage of HBM and GPUs where China is obviously constrained' @0:40); he frames the live debate: does cheap Chinese AI grow the whole market 'or does the Chinese models resource optimization reduce the size of the GPU market?' @2:57. 'showers' = whisper garble of 'shovels'. Duplicate airing exists in the Jul 20 Asia Trade tape; claims filed once, under this clip.
“China has found a software workaround to its hardware constraints and that is what the market is pricing in here on the AI picks and showers trade and that is what will continue to play out.”
He hedges the near term: 'they are very large models which require a lot of HBM upfront. So for the moment, the HBM market looks very stable' @3:15, but warns Chinese innovation is pushing demand 'towards the DDR5 or the DRAM market where China is more competitive and China can bring on more capacity to bear' @3:25, calling that capacity 'the new touch point for markets on the memory trade in the days to come'.
“On memory, the efficiency of memory is a clear negative to the kind of ongoing kind of bull market in memory”
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