The Memory AI Trade

The Memory AI Trade

From Trillions by Bloomberg

April 23, 2026 · 21 min

About this episode

The episode discusses the emerging importance of memory in the AI trade and the debut of the Roundhill Memory ETF.

For a while, the artificial intelligence trade was almost comically simple: just buy Nvidia. But as the buildout of massive data centers accelerates, and the AI models running on them get more complex, some long-overlooked parts of the semiconductor world are suddenly back in view. One of the most important: memory. Dominated by a small group of global giants—SK Hynix, Samsung and Micron among them—it’s a corner of the market that’s been hard for investors to access in a targeted way. Until now. On this episode of  Trillions , Eric Balchunas and Joel Weber speak with Bloomberg Intelligence semiconductor analyst Jake Silverman to unpack the explosive debut of the Roundhill Memory ETF (DRAM), which pulled in $1 billion in just 10 days. They break down why this fund could become one of the most successful thematic exchange-traded funds ever, what actually makes memory different from other chips, and why—despite its critical role in AI—it still trades a lot like a commodity. See omnystudio.com/listener for privacy information.

People in this episode

Hosts: Eric Balchunas, Joel Weber

Guest: Jake Silverman

Topics covered

  • artificial intelligence
  • semiconductors
  • memory chips
  • investing
  • exchange-traded funds
  • thematic investing

Keywords

  • AI
  • memory
  • semiconductors
  • investing
  • Roundhill Memory ETF
  • Nvidia
  • SK Hynix
  • Samsung
  • Micron

Mentioned in this episode

Organizations: Nvidia, SK Hynix, Samsung, Micron, Roundhill Memory ETF, Bloomberg Intelligence

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