Switching costsweight 15Memory is a commodity; customers qualify multiple suppliers by design.
2
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Network effectsweight 15None to speak of.
1
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Scale & cost advantageweight 12Oligopoly economics and fab scale, but pricing is set by the cycle, not the company.
6
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Brand & pricing powerweight 12Real pricing power in a three-player oligopoly during shortages; it evaporates in the down-cycle and customers dual-source by design.
6
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Cornered resourceweight 12Process technology, fab capacity, and HBM qualification with the leading AI accelerators.
6
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Distribution controlweight 12Sells into OEMs and hyperscalers who hold the negotiating power.
3
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Disruption resilienceweight 12Memory is always needed, but Chinese entrants are rising and the cycle is unforgiving.
5
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Independenceweight 10Export controls and China revenue exposure sit outside its control.