# Memory and Storage

HBM, GDDR and DRAM beside the GPU, plus data center SSDs, NAND and drives.

Theme: AI (Technology). Page: https://thematiq.io/themes/ai/memory-and-storage/

## Key facts

- **The market: $889bn** Whole memory market (DRAM, HBM and NAND), excluding HDDs and controllers (TrendForce, 2026)
- **Growth: +32%** Memory segment growth forecast (year over year) (WSTS (trade body), 2027)
- **The build: 2** of the 18 parts in the AI Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research)
- **The companies: 12** companies worth $3.6 trillion, earning on average 71% of their revenue here (Annual reports and exchange data, 2026-10-28)

## What it holds

Listed companies that earn their revenue supplying these parts of the AI Supercycle bill of materials, each read from its own reports.

| Part | Covers |
|---|---|
| Video Memory (VRAM) | HBM memory, GDDR memory, DRAM |
| Storage Devices | enterprise SSD, NAND flash, storage controllers, HDD nearline |

## 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 |

By listing country: United States 54%, South Korea 18%, Taiwan 12%, Japan 9%, China 7%.

## The market

- Whole memory market (DRAM, HBM and NAND), excluding HDDs and controllers: $889bn (2026), TrendForce <https://www.trendforce.com/presscenter/news/20260529-13068.html>
- Memory segment, Spring 2026 forecast: $800bn (2026), WSTS (trade body) <https://www.wsts.org/76/103/Global-Semiconductor-Market-Surges-Beyond-15T-2026>
- Memory segment growth, Spring 2026 forecast (year over year): +250% (2026), WSTS (trade body) <https://www.wsts.org/76/103/Global-Semiconductor-Market-Surges-Beyond-15T-2026>
- Whole memory market annual growth (a year): +44% (2027), TrendForce <https://www.trendforce.com/presscenter/news/20260529-13068.html>
- Memory segment growth forecast (year over year): +32% (2027), WSTS (trade body) <https://www.wsts.org/76/103/Global-Semiconductor-Market-Surges-Beyond-15T-2026>
- High-bandwidth memory (HBM): $7.0bn (2025), Straits Research <https://straitsresearch.com/report/high-bandwidth-memory-market>
- HBM market (growth, a year): +25% (2026–2034), Straits Research <https://straitsresearch.com/report/high-bandwidth-memory-market>
- GDDR memory market: $4.8bn (2025), Intel Market Research <https://www.intelmarketresearch.com/gddr-memory-market-47156>
- GDDR memory market (growth, a year): +9.1% (2025–2034), Intel Market Research <https://www.intelmarketresearch.com/gddr-memory-market-47156>
- GDDR SDRAM market: $8.9bn (2024), Semiconductor Insight <https://semiconductorinsight.com/report/gddr-sdram-market/>
- DRAM market, all types: $166bn (2025), TrendForce <https://www.trendforce.com/presscenter/news/20260122-12893.html>
- DRAM revenue, forecast from September 2025: $122bn (2025), Gartner <https://www.gartner.com/en/documents/7000898>
- Enterprise SSD market: $18bn (2025), Verified Market Reports <https://www.verifiedmarketreports.com/product/enterprise-ssds-market-size-and-forecast/>
- Enterprise SSD market, 265 exabytes of shipment capacity: $32bn (2025), HDIN Research <https://www.hdinresearch.com/news/479>
- NAND flash revenue: $70bn (2025), TrendForce <https://www.trendforce.com/presscenter/news/20260122-12893.html>
- SSD controller chips: $1.5bn (2025), GM Insights <https://www.gminsights.com/industry-analysis/ssd-controller-market>
- SSD controller market (growth, a year): +13% (2026–2035), GM Insights <https://www.gminsights.com/industry-analysis/ssd-controller-market>
- Nearline and cold-data HDD applications (growth, a year): +9.9% (2027–2032), Mordor Intelligence <https://www.mordorintelligence.com/industry-reports/hard-disk-drive-market>

The 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.

### 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

## What it is not

- 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

Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.