July 2026 | 
1 min read | Download PDF
The Cobweb Theory is a classical economic framework that explains how industries with long investment lead times can experience recurring cycles of shortages, oversupply and price volatility as producers respond to yesterday's demand signals.
In this latest paper, Intermede Investment Partners explores how the theory has historically shaped the semiconductor and DRAM memory markets and considers what it may mean for investors today, as the AI boom drives unprecedented capital spending across the sector and raises the question of whether another period of supply-demand imbalance could emerge.
