What it holds
Memory and Storage follows the money through the AI bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Video Memory (VRAM) | HBM memory, GDDR memory, DRAM |
| Storage Devices | enterprise SSD, NAND flash, storage controllers, HDD nearline |
How it breaks down
- United States54%
- South Korea18%
- Taiwan12%
- Japan9%
- China7%
- Mega cap (over $200bn)36%
- Large cap ($10bn to $200bn)55%
- Mid cap ($2bn to $10bn)9%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Penguin Solutions | PENG.XNAS | $4 billion |
| Western Digital | WDC.XNAS | $148 billion |
| NetApp | NTAP.XNAS | $44 billion |
| Seagate Technology Holdings | STX.XNAS | $158 billion |
| Sandisk | SNDK.XNAS | $206 billion |
| SK Hynix | 000660.KO | $786 billion |
| Samsung Electronics | 005930.KO | $1.1 trillion |
| Nanya Technology | 2408.TW | $45 billion |
| Kioxia Holdings | 285A.T | $50 billion |
| Micron Technology | MU.XNAS | $1.1 trillion |
| Shenzhen Longsys Electronics Co. Ltd. A | 301308.SHE | $15 billion |
| Phison Electronics | 8299.TWO | $14 billion |
The market
Whole memory market (DRAM, HBM and NAND), excluding HDDs and controllers
TrendForce, 2026Memory segment, Spring 2026 forecast
WSTS (trade body), 2026Memory segment growth forecast (year over year)
WSTS (trade body), 2027DRAM revenue, forecast from September 2025
Gartner, 2025The estimates differ mainly by scope and timing: all-memory and WSTS/TrendForce 2026 figures sit near $800–890B after a sharp price-driven upward revision, while report-vendor figures for HBM, GDDR, enterprise SSD and controllers vary by up to several times and may predate the price surge. No single figure covers the whole segment, and no trade-body dollar figure exists for nearline HDD or controllers.
All 18 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Memory segment growth forecast (year over year) | +32% | 2027 | WSTS (trade body) |
| Memory segment growth, Spring 2026 forecast (year over year) | +250% | 2026 | WSTS (trade body) |
| Memory segment, Spring 2026 forecast | $800bn | 2026 | WSTS (trade body) |
| Whole memory market (DRAM, HBM and NAND), excluding HDDs and controllers | $889bn | 2026 | TrendForce |
| Whole memory market annual growth (a year) | +44% | 2027 | TrendForce |
| DRAM market, all types | $166bn | 2025 | TrendForce |
| DRAM revenue, forecast from September 2025 | $122bn | 2025 | Gartner |
| Enterprise SSD market | $18bn | 2025 | Verified Market Reports |
| Enterprise SSD market, 265 exabytes of shipment capacity | $32bn | 2025 | HDIN Research |
| GDDR memory market (growth, a year) | +9.1% | 2025–2034 | Intel Market Research |
| GDDR memory market | $4.8bn | 2025 | Intel Market Research |
| GDDR SDRAM market | $8.9bn | 2024 | Semiconductor Insight |
| HBM market (growth, a year) | +25% | 2026–2034 | Straits Research |
| High-bandwidth memory (HBM) | $7.0bn | 2025 | Straits Research |
| NAND flash revenue | $70bn | 2025 | TrendForce |
| Nearline and cold-data HDD applications (growth, a year) | +9.9% | 2027–2032 | Mordor Intelligence |
| SSD controller chips | $1.5bn | 2025 | GM Insights |
| SSD controller market (growth, a year) | +13% | 2026–2035 | GM Insights |
Questions
- What is Memory and Storage?
- HBM, GDDR and DRAM beside the GPU, plus data center SSDs, NAND and drives.
- What does Memory and Storage hold?
- Listed companies that earn their revenue from the parts it takes to build AI Supercycle: Video Memory (VRAM), Storage Devices. 12 companies as of 2026-10-28.
- What is not in Memory and Storage?
- HBM stacks including TSV stacking and base die: Video Memory (VRAM), not Graphics Processing Unit (GPU); interposer and 2.5D integration: Graphics Processing Unit (GPU) Server DRAM modules: Video Memory (VRAM), not Servers and IT Equipment SSD controllers and RAID or NVMe Storage Devices controllers: Storage Devices, not Data Processing Unit (DPU) or Motherboard Interface
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: capitalandcompute.net/memory-prices/hbm/ · epoch.ai/data-insights/b200-cost-breakdown · fourweekmba.com/hbm-the-memory-that-controls-45-of-gpu-econo · intuitionlabs.ai/articles/hbm-dram-ai-memory-demand · iot-analytics.com/data-center-infrastructure-market/ · news.futunn.com/en/post/1000831934/global-research-selection · panews.io/articles/01a1259f-d881-7008-9a96-71832906cd45 · siliconanalysts.com/analysis/nvidia-b200-blackwell-cost-brea · siliconanalysts.com/market-data · bitget.com/news/detail/12560605422208 · investing.com/news/stock-market-news/how-much-does-a-gw-of-d · investing.com/news/technology-news/what-it-costs-to-deploy-1 · itiger.com/news/1113387068 · nextplatform.com/ai/2025/11/08/vast-datas-117-billion-deal-w · x.com/Jukanlosreve/status/1988063459448418377 · x.com/pequityresearch/status/2084631439149006849 · x.com/zephyr_z9/status/2006320382958272864
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- HBM stacks including TSV stacking and base die: Video Memory (VRAM), not Graphics Processing Unit (GPU); interposer and 2.5D integration: Graphics Processing Unit (GPU)
- Server DRAM modules: Video Memory (VRAM), not Servers and IT Equipment
- SSD controllers and RAID or NVMe Storage Devices controllers: Storage Devices, not Data Processing Unit (DPU) or Motherboard Interface
- Backup, replication and recovery software and appliances: Backup and Disaster Recovery Solutions, not data center security software or Storage Devices
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.