Flash Forward: Bernstein, Goldman Say "High-Bandwidth Flash" Could Crumble AI's Memory Wall... If Nvidia Ever Shows Up

On Friday the memory trade got a nasty reminder that what goes up 70% a quarter eventually goes up "mid-20%." 

Kioxia guided its December-quarter operating profit to roughly... flat, after NAND price gains slowed from 70% to the mid-20s in the September quarter, and as we reported in real time, its fab partner Sandisk (SNDK) promptly puked more than 11%, blowout beat and 8-for-1 split notwithstanding. In memory, the only number that matters is the second derivative, and on Friday it turned.