The AI investment ideas are moving beyond GPUs as surging demand for high-bandwidth memory (HBM) turns memory into a critical part of the data-center buildout. That shift is creating a growing ETF opportunity, with Yorkville America Equities launching the Yorkville America Next Generation Memory Index ETF (NYSE:NRAM) on Thursday.
NRAM tracks the YA MarketVector Next Generation Memory Index, which targets 20 companies involved in the design, development, manufacturing and supply of physical memory technologies. Its key holdings include Micron Technology Inc (NASDAQ:MU) with 16.44% weightage, SK Hynix Inc (NASDAQ:SKHY) with 15.10% weightage, and SanDisk Corp (NASDAQ:SNDK) with 14.82% weightage. Seagate Technology Holdings (NASDAQ:STX) and Western Digital Corp (NASDAQ:WDC) also have meaningful weightings.
The launch comes as the memory market enters another potentially powerful cycle.
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HBM Demand Is Broadening
The growth opportunity is increasingly tied to AI accelerators.
Mirae Asset Securities, in a recent note, said that it expects HBM demand to remain strong as chipmakers move toward HBM4 and increase memory capacity per accelerator. AMD’s MI455X is expected to feature 12 HBM4 stacks and 432GB of memory, while Nvidia’s Rubin platform features 288GB.
More importantly, demand is spreading beyond Nvidia Corp (NASDAQ:NVDA). Meta Platforms Inc (NASDAQ:META) and Microsoft Corp (NASDAQ:MSFT) are increasing HBM capacity in their custom AI accelerators, potentially broadening the customer base for memory makers.
That matters for SK Hynix, Samsung Electronics and Micron, which dominate the HBM market. SK Hynix held a 50% revenue share in the second quarter, compared with 33% for Samsung and 18% for Micron, according to Counterpoint Research.
The HBM supply squeeze is also spilling into China’s AI-chip market, with Huawei raising prices for its Ascend 950DT by as much as 50% and Cambricon increasing prices for its next-generation chip by 20%–30%, Reuters reported.
DRAM Offers a More Concentrated Bet
NRAM is entering a market that already has a dedicated memory ETF.
The Roundhill Memory ETF (BATS:DRAM) offers a targeted play on memory and storage companies. Samsung Electronics, SK Hynix and Micron are its largest holdings, while the fund also owns storage companies such as SanDisk, Seagate and Western Digital.
That makes DRAM a more concentrated expression of the memory cycle, while NRAM spreads exposure across the broader ecosystem.
Broader Semiconductor Exposure
Investors looking for less concentrated exposure can turn to the VanEck Semiconductor ETF (NASDAQ:SMH) and iShares Semiconductor ETF (NASDAQ:SOXX), which hold memory companies alongside Nvidia, Advanced Micro Devices Inc (NASDAQ:AMD), Broadcom, Inc (NASDAQ:AVGO) and other semiconductor names.
The iShares MSCI South Korea ETF (NYSE:EWY) offers another route, with SK Hynix and Samsung among its largest holdings.
For investors, the distinction is increasingly important. AI accelerators are becoming more memory-intensive at the same time that HBM supply remains tight. With memory prices rising and chipmakers racing to expand capacity, the next phase of the AI trade could increasingly depend on the companies supplying the memory that keeps those processors running.
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