Copyright: Sanjay Basu HBM3e, CXL, and the Multi-Tier Memory Hierarchies Shaping AI Infrastructure Every year, NVIDIA announces another doubling of tensor core FLOPS and the industry collectively loses its mind. We obsess over peak compute throughput like medieval monks counting angels on pinheads, marveling at the petaflops while ignoring the elephant in the server room. The dirty secret of modern AI infrastructure is that all those magnificent floating point operations spend most of their time waiting for data to show up. This is not a new problem. In 1977, John Backus stood before the ACM to accept his Turing Award and delivered what should have been a prophetic warning. He described the von Neumann bottleneck as a "literal bottleneck for the data traffic of a problem" and, more provocatively, as "an intellectual bottleneck that has kept us tied to word-at-a-time thinking." Nearly fifty years later, we are still fundamentally constrained by how fast we can sho...