What it holds
AI Memory and Storage follows the money through the Memory and storage 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
Total memory semiconductors, all end uses
Gartner (via SK hynix Form DRS/A, reported by Blocks & Files), 2025HBM revenue CAGR (growth, a year)
Gartner (quoted in SK hynix DRS), 2025-2027HBM total addressable market
Micron (company), reported by Blocks & Files, 2025All DRAM including HBM, phone and PC memory
IMARC, 2025No publisher estimates AI memory and storage as a whole, and the figures given are for parts that differ widely in scope. HBM and NAND company and Gartner figures are close to each other and far above many generic vendor reports, while enterprise SSD estimates range from about 18 to 144 billion dollars.
All 16 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| All DRAM including HBM, phone and PC memory | $151bn | 2025 | IMARC |
| Total memory semiconductors, all end uses | $216bn | 2025 | Gartner (via SK hynix Form DRS/A, reported by Blocks & Files) |
| DDR5 for AI servers only; definition not verified | $2.1bn | 2025 | DC Market Insights |
| Enterprise SSD | $30bn | 2025 | Global Growth Insights |
| Enterprise SSD | $18bn | 2025 | Verified Market Reports |
| Enterprise SSD, with 265 exabytes shipped | $32bn | 2025 | HDIN Research |
| GDDR memory | $16bn | 2025 | Mordor Intelligence |
| GDDR memory | $4.8bn | 2025 | Intel Market Research |
| HBM | $35bn | 2025 | DC Market Insights |
| HBM revenue | $31bn | 2025 | Gartner (quoted in SK hynix DRS) |
| HBM revenue | $69bn | 2027 | Gartner (quoted in SK hynix DRS) |
| HBM revenue CAGR (growth, a year) | +50% | 2025-2027 | Gartner (quoted in SK hynix DRS) |
| HBM total addressable market | $35bn | 2025 | Micron (company), reported by Blocks & Files |
| NAND flash | $68bn | 2025 | Gartner (quoted in SK hynix DRS) |
| NAND flash | $71bn | 2025 | The Insight Partners |
| NAND flash CAGR (growth, a year) | +36% | 2025-2027 | Gartner (quoted in SK hynix DRS) |
Questions
- What is AI Memory and Storage?
- HBM, GDDR and DRAM in AI servers, plus enterprise SSDs, NAND and drives.
- What does AI 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 AI 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.