Micron, SK Hynix and Samsung Power ‘Memi’ Boom as $700 Billion AI Buildout Tightens Memory Supply
Updated
Updated · Fortune · Jul 21
Micron, SK Hynix and Samsung Power ‘Memi’ Boom as $700 Billion AI Buildout Tightens Memory Supply
3 articles · Updated · Fortune · Jul 21
Summary
$700 billion in AI infrastructure spending has turned memory chips into a market bottleneck, pushing Micron, SK Hynix and Samsung into a newly dubbed “memi” trade that portfolio managers say is driving equity gains.
Harbor Capital said DRAM pricing remains firm and meaningful new supply is unlikely before 2028, extending pricing power for the three manufacturers as hyperscalers race to build data centers.
Micron is up 240% this year and reported $41.5 billion in quarterly revenue, up 346% year over year; Samsung has gained 116%, while SK Hynix recently raised $26.5 billion in a Nasdaq listing.
That surge is spilling across funds that appear diversified: emerging-market stocks returned 43.51% over one year, developed ex-U.S. markets 20.8%, and small caps 30.2%, with much of the performance tied to memory and related chip names.
The concentration also raises risk because memory remains cyclical, and a pullback in Big Tech AI spending could trigger a sharper reversal after this year’s scarcity-driven rally.