If you guessed the regulators or the foundry, you missed the real bottleneck. **The answer is SK Hynix.** SK Hynix has confirmed they are "sold out" of HBM chips for the entirety of 2026. Not backordered. Gone. Even if Nvidia manufactures the GPU cores, they cannot ship them without this specific memory attached. This isn't a waiting list. It is a hardware lockout.