Benzinga复盘称Roundhill内存ETF(DRAM)创最大单日资金流出，存储板块自高点大幅回撤、AI泡沫担忧升温

The Roundhill Memory ETF (CBOE: DRAM) continued its downward trend, reaching its lowest level since July 29 as companies in the memory industry slumped. It dropped to $46.45, down by 43% from its all-time high. This retreat has coincided with the ongoing outflows as investors exit their positions.
DRAM ETF Outflows Have Surged
The Roundhill Memory ETF suffered its biggest daily outflows on Wednesday last week as challenges in the industry continued. Outflows jumped by over $481 million, much higher than $281 million a day earlier.
In the past 30 days, the fund has lost more than $2.24 billion in assets, bringing its assets under management down to $20.2 billion. At its peak, the fund held over $26 billion, a level that coincided with rising demand and higher stock prices.
The ongoing outflows has coincided with the retreat in memory stock prices. Samsung Electronics, the biggest South Korean company, has slumped to 215,500 won, down by 42% from its all-time high. This retreat has brought its market capitalization from $1.9 trillion to $1.05 trillion today.
SK Hynix, another top company in the high-bandwidth memory (HBM) industry, has dropped from 2.987 million in June to 1.24 million today. The same trend is happening with other top constituent companies like Micron, SanDisk, and Western Digital.
Concentration Risk and AI Bubble Concerns
The ongoing slump in the DRAM ETF has been more severe than in other funds because of its concentration in the memory industry. Every company in the fund operates in some part of the memory sector. Its three largest holdings, Samsung, Micron, and SK Hynix, account for over 75% of the fund, which adds a significant concentration risk.
The fund’s outflows have also continued as artificial intelligence bubble fears have continued. Data shows that the AI Bubble Index has jumped to 74. As a result, some top analysts, including Michael Burry and Ray Dalio, have warned that the bubble may burst soon. Dalio has cited rising interest rates and bond yields.
Most recently, Gartner (NYSE:IT) warned that top investors in the AI industry will need to announce substantial markdowns by the end of 2030. Such a move will affect demand for memory and other items.
There have been concerns about competition from Chinese companies like CXMT, which analysts warn will gain market share over time.
On the positive side, memory companies are reporting some of the best revenues in the industry. Micron’s fourth-quarter revenue jumped by 379% to $54 billion, while Samsung reported a $80 billion profit. China’s CXMT saw its revenue jump sevenfold as demand for its memory solutions rose.
The companies are also highly undervalued, with Micron having a forward price-to-earnings ratio of 4.98%. SanDisk has a forward PE ratio of 6, while Western Digital has a multiple of 16.
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