Roundhill Memory ETF

DRAM

市值 US$218億

The chips that powered the artificial-intelligence rally are now leading its retreat.

The AI trade is having a rough week.

Some of the market's biggest memory stocks are taking a hit amid worries they could face growing competition.

The Roundhill Memory ETF (DRAM) has remained in a consolidation phase in the past two months. It was trading at $57 on Friday, down 30% from its highest point this year.

Roundhill Memory ETF offers diversified exposure to the global memory chip sector, dominated by Samsung, Micron, and SK hynix, key beneficiaries of the AI-driven memory demand surge. Despite record-breaking profits, recent results from Samsung and sector peers were below market expectations, yet long-term supply-demand dynamics remain highly favorable. Multi-year take-or-pay contracts and delayed supply expansions support sustained profitability and earnings stability, structurally transforming memory companies' risk profiles.

One of the year's hottest AI trades is taking a hit Thursday.

While AI investing initially centered on hyperscalers and chips, the opportunity has been broadening as infrastructure grows. Opportunities are moving further down and across the supply chain — into memory, data center power, components, and robotics.

The Roundhill Memory ETF is rated hold, with a base-case fair value of $70, or 17.6% upside from $59.52. DRAM's portfolio is highly concentrated, with 74% exposure to Micron, Samsung, and SK Hynix, amplifying cyclical industry risks. AI-driven memory demand supports strong near-term earnings, but slowing price increases and potential 2028 normalization pose downside risk.

Scott Bauer of @ProsperTradingAcademy tells investors to expect "a lot of volatility" in October as he sees it as the most volatile month of the year. That said, he highlights trading opportunities in stocks and ETFs he expects to weather the storm.

The Roundhill Memory ETF, or DRAM, has soared since it made its debut in April. Micron is a big reason why.