AI 메모리 수요가 급증하면서 Micron과 SK Hynix가 새로운 NRAM ETF의 최상위 보유 기업으로 포지셔닝되고 있다.

AI investment has expanded beyond GPUs as surging demand for high-bandwidth memory (HBM) positions memory as critical infrastructure in the data-center buildout. This shift is driving a new ETF opportunity: Yorkville America Equities launched 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 designing, developing, manufacturing, and supplying physical memory technologies. Key holdings include Micron Technology (NASDAQ: MU) at 16.44% weightage, SK Hynix (NASDAQ: SKHY) at 15.10%, and SanDisk (NASDAQ: SNDK) at 14.82%, with meaningful positions in Seagate Technology Holdings (NASDAQ: STX) and Western Digital (NASDAQ: WDC).

The launch arrives as the memory market enters a potentially powerful cycle. HBM demand is increasingly tied to AI accelerators. Mirae Asset Securities expects HBM demand to remain strong as chipmakers advance toward HBM4 and expand 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.

Crucially, demand is spreading beyond Nvidia. Meta Platforms and Microsoft are increasing HBM capacity in their custom AI accelerators, broadening the customer base for memory makers. SK Hynix, Samsung Electronics, and Micron dominate the HBM market. In the second quarter, SK Hynix held a 50% revenue share, compared with 33% for Samsung and 18% for Micron, according to Counterpoint Research.

The HBM supply squeeze is also affecting China's AI-chip market. Huawei raised prices for its Ascend 950DT by as much as 50%, while Cambricon increased prices for its next-generation chip by 20–30%, Reuters reported.

The Roundhill Memory ETF (BATS: DRAM) already offers targeted exposure to memory and storage companies, with Samsung Electronics, SK Hynix, and Micron as largest holdings alongside SanDisk, Seagate, and Western Digital. DRAM provides more concentrated exposure to the memory cycle, while NRAM spreads across the broader ecosystem.

For broader semiconductor exposure, investors can turn to the VanEck Semiconductor ETF (NASDAQ: SMH) and iShares Semiconductor ETF (NASDAQ: SOXX), which hold memory companies alongside Nvidia, Advanced Micro Devices (NASDAQ: AMD), Broadcom (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.

AI accelerators are becoming increasingly memory-intensive while HBM supply remains constrained. With memory prices rising and chipmakers racing to expand capacity, the next phase of the AI cycle will depend increasingly on the companies supplying memory to power these processors.