New 'Memi' Sector of Memory Chip Stocks Surges to $3 Trillion on AI Demand
A new informal sector dubbed 'memi' (memory + semiconductors) is reshaping global equity markets, driven by insatiable AI demand for memory chips. The three dominant players—Micron Technology, SK Hynix, and Samsung—have each reached market capitalizations of $1 trillion or more in 2024. Micron's stock is up 240% year-to-date, and SK Hynix completed the largest U.S. listing by a foreign company. The sector's pricing power is expected to last until at least 2028 due to limited supply. The 'memi' nickname originated from asset manager Harbor Capital, which noted that memory chips are now the standout beneficiaries of the $700 billion AI buildout, outperforming even the Magnificent 7 tech stocks. The sector's influence extends across U.S. small-cap, emerging market, and developed market indices, linking previously unrelated market segments. Roundhill Investments launched the first memory ETF (DRAM) in April, which has returned 162%.
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