Memory is the new bottleneck

The bottleneck for AI is shifting from compute to memory. Coatue Sector Head Nick Gagnet on what that means — for agents, for hardware, and for the next five years of AI infrastructure spend. 00:00 The shift from compute to memory 00:15 Chatbots are stateless. Agents aren't. 00:32 From the training era to the agentic era 00:50 HBM, DRAM, NAND — the memory hierarchy 01:25 Why agents break the per-capita ceiling on compute 01:36 We expect agentic AI to drive a step-change in memory demand 01:40 DRAM allocation per GPU is increasingly massive C:\Takes is a series featuring Coatue sector heads and partners on the frameworks shaping the next decade of technology investing. More from Coatue: Public Markets Update: coatue.com/blog/perspective/public-markets-update-2026-05-06 C:\Takes: coatue.com/c/takes Subscribe: www.youtube.com/@CoatueManagement LinkedIn: linkedin.com/company/coatue/ X: x.com/coatuemgmt