Key events, in time order
Analyst Dan Ives bullish on memory sector as demand outpaces supply, reinforcing positive case for DRAM ETF
SK Hynix's large buyback and cancellation boosts shareholder returns, positive for memory sector sentiment
Multiple sources confirm tight supply; Kioxia fill-rate and TSMC warning reinforce trend
Geopolitical limits on Chinese supply favor non-Chinese memory makers and DRAM ETF
BofA sees DRAM ASP +25% QoQ in Q3, HBM ramp, supercycle through 2027
New ETF targets AI cloud, active first day, may compete with DRAM
Volume surge indicates mania, but recent price pressure
Multiple sources confirm sharp drawdown in memory ETF amid sector volatility
TrendForce sees DRAM shortage through 2027; NVIDIA weighs HBM config change for Rubin Ultra, extending prior supply-cut narrative.
Despite near-term miss, bank stays bullish on Kioxia long-term
DRAM ETF fell 19.41% last week, among worst performers; CXMT inclusion fails to stem losses
UBS sees undersupply through 2028, AI demand broadening beyond HBM
First -2x ETF targeting Roundhill Memory ETF, offering bearish tool for memory stocks
After July 28 bullish leveraged ETFs, inverse 2x product follows, highlighting market divergence
Intel Q2 call mentions memory; AMD CEO sees data center CPU TAM $220B by 2030, each CPU needs more memory, reinforcing demand thesis
DRAM ETF up 4% intraday, closed +0.6%; Korea market -4.5% weighs on semis
Sharp correction in AI chips, but strong earnings and demand prompt dip-buying calls
Morgan Stanley estimates MU Q1 2027 operating income at $54.1B, suggesting strong fundamentals
Steady inflows amid pullback indicate dip-buying
Options active, Morgan Stanley constructive on AI spend, Micron profit expectations high
Related — this ticker is not the subject
Recent calls from Goldman Sachs, JPMorgan and Chinese media point to a tight HBM supply backdrop as AI capex keeps reshaping the memory market.
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The memory market, particularly HBM, is experiencing explosive growth driven by hyperscaler demand. Supply tightness and elevated prices are expected to persist until 2029-2030, supported by increased capital expenditures from major players.
Main discussion
Different voices
Edgewater: Feedback suggests Nvidia likely signed a multi-year supply agreement for DRAM/HBM with SK Hynix and Micron. CY27 HBM pricing is not expected to be settled until late 2H26. $NVDA $MU $DRAM $EWY
HSBC: Memory Market Growth & Valuation > Explosive Market Expansion: The HBM market is projected to surge rapidly, scaling from USD 1 billion in 2022 to an estimated USD 196 billion by 2028. > Aggressive CAGR: The market is expected to grow at an exceptional 70% CAGR between 2025
Deloitte: Memory > The current memory supply tightness and elevated prices may persist until 2029 or even 2030, assuming continued demand among hyperscalers for memory chips. > Three largest memory players may increase their combined capex nearly 340% between 2024 and 2027. > Mem
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