Memory stocks have ridden the AI wave alongside Nvidia Corp. (NVDA), but GraniteShares CEO Will Rhind thinks Wall Street is still underestimating how long the high-bandwidth memory (HBM) shortage could last.

"What's priced in is the last twelve months," Rhind told MarketDash in an exclusive email interview. "What's hard to price is a shortage that may not clear until 2028."

HBM has become a critical component in AI servers, enabling Nvidia's latest GPUs to handle massive AI workloads. Demand has surged as hyperscalers including Microsoft Corp. (MSFT), Alphabet Inc. (GOOGL), Amazon.com Inc. (AMZN), and Meta Platforms Inc. (META) continue pouring billions into AI infrastructure.

Unlike traditional memory, HBM capacity can't be expanded overnight. Production requires advanced manufacturing, packaging, and years of investment, creating supply constraints that Rhind believes could persist well beyond current market expectations.

"Capacity takes years to build, and the AI buildout isn't slowing," he said.

The comments reinforce the bullish outlook for leading HBM suppliers such as SK Hynix Inc. (SKHY), Samsung Electronics Co., Ltd. (SSNLF), and Micron Technology, Inc. (MU), even after their strong AI-driven gains.

For investors, the key takeaway is that while memory stocks have already rallied sharply, the industry's supply-demand imbalance may prove more durable than the market currently anticipates if AI infrastructure spending continues at its current pace.