Themes series: we take a trend global analysts are talking about, retell it with the source credited, then extend it with our Thai-market + RS lens. This round's source: Business with Brian — [watch the original](https://www.youtube.com/watch?v=CyVOwEx3i5k)
In a gold rush, the steady money goes to whoever sells the picks and shovels — not the ones swinging for gold. Brian's example: Vertiv (data-center cooling) rose ~17× in three years without ever building a chip. Right now that same pattern is playing out in memory.
What he covers (key points)
- AI eats memory faster than the world can make it — especially HBM (High-Bandwidth Memory), the chips stacked next to every AI processor. Prices roughly doubled in a single quarter; makers are sold out into next year — which is why Micron crossed $1 trillion. - But the obvious name isn't where the steady money is — the "picks and shovels" underneath the makers get paid no matter which maker wins. - A 5-layer "Memory Stack" framework — every layer is a choke point. Example (the equipment layer): Lam Research is the purest memory bet — every time an HBM stack gets taller you need more of Lam's etching/deposition tools to carve and fill the deep vertical channels. Its revenue fell in the last memory downturn, then snapped to an all-time record the moment spending returned.
Note: the names above are US stocks the source discusses. We cite them to explain the trend, not as buy calls.
Our view: how the Memory Stack connects to Thai stocks
(This is MOEasymmetry's own extension — the clip is about the US; we connect it to Thailand.)
Thailand doesn't make HBM — but as more memory chips get built, assembled and tested, the downstream chain benefits — assembly, test, and PCB. Thai electronics sits right there:
| Memory-Stack layer (global) | Where Thailand sits | Related Thai stock (current RS) |
|---|---|---|
| Chip fab / test / assembly | Semiconductor assembly & test | HANA (RS 92) · CCET (RS 91) |
| Boards carrying the chips | PCB | KCE (RS 95) |
| Power in the AI system | Power management | DELTA (RS 93) |
| End electronics build | EMS | SMT (RS 98) |
Like the Edge-AI theme we covered earlier — Thai electronics is the "picks & shovels" chain for several megatrends at once (AI, memory, EV) — and this group is already leading on RS, not names just talked into a move.
How we use it as RS investors
1. Screen with RS — within electronics, strong-RS names building clean bases are where institutions are actually accumulating. 2. Wait, don't chase — enter on a base breakout holding above the 50-EMA, not at peak HBM hype. 3. We're the supplier, not the IP owner — Thailand gains on volume, and strong RS means good news is partly priced → stops must be clear.
In short: Memory/AI = why Thai electronics is interesting · RS = which ones are real · the stop = the discipline that keeps you alive.
Source: a summary of 99% of You Will Miss the Memory Stack — the Business with Brian channel — [watch the original](https://www.youtube.com/watch?v=CyVOwEx3i5k) · we summarize and extend it with our own Thai-market + RS view, not a word-for-word translation; figures/US tickers reflect the time the clip was recorded.
This article is for education and research, not investment advice · RS is current and changes · manage your own risk.