# AI Memory and Storage

HBM, GDDR and DRAM in AI servers, plus enterprise SSDs, NAND and drives.

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

## Key facts

- **The market: $216bn** Total memory semiconductors, all end uses (Gartner (via SK hynix Form DRS/A, reported by Blocks & Files), 2025)
- **Growth: +50%** HBM revenue CAGR (growth, a year) (Gartner (quoted in SK hynix DRS), 2025-2027)
- **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

- HBM revenue: $31bn (2025), Gartner (quoted in SK hynix DRS) <https://www.sec.gov/Archives/edgar/data/0002120882/000119312526120672/filename1.htm>
- HBM revenue: $69bn (2027), Gartner (quoted in SK hynix DRS) <https://www.sec.gov/Archives/edgar/data/0002120882/000119312526120672/filename1.htm>
- HBM revenue CAGR (growth, a year): +50% (2025-2027), Gartner (quoted in SK hynix DRS) <https://www.sec.gov/Archives/edgar/data/0002120882/000119312526120672/filename1.htm>
- HBM total addressable market: $35bn (2025), Micron (company), reported by Blocks & Files <https://www.blocksandfiles.com/ai-ml/2025/12/18/micron-rides-hbm-surge-to-record-quarter/1722141>
- HBM: $35bn (2025), DC Market Insights <https://www.dcmarketinsights.com/report/high-bandwidth-memory-market>
- GDDR memory: $16bn (2025), Mordor Intelligence <https://www.mordorintelligence.com/industry-reports/gddr-memory-market>
- GDDR memory: $4.8bn (2025), Intel Market Research <https://www.intelmarketresearch.com/gddr-memory-market-47156>
- All DRAM including HBM, phone and PC memory: $151bn (2025), IMARC <https://www.imarcgroup.com/dynamic-random-access-memory-market>
- DDR5 for AI servers only; definition not verified: $2.1bn (2025), DC Market Insights <https://www.dcmarketinsights.com/report/ddr5-ai-server-memory-market>
- NAND flash: $68bn (2025), Gartner (quoted in SK hynix DRS) <https://www.sec.gov/Archives/edgar/data/0002120882/000119312526120672/filename1.htm>
- NAND flash CAGR (growth, a year): +36% (2025-2027), Gartner (quoted in SK hynix DRS) <https://www.sec.gov/Archives/edgar/data/0002120882/000119312526120672/filename1.htm>
- NAND flash: $71bn (2025), The Insight Partners <https://www.theinsightpartners.com/reports/nand-flash-market>
- Enterprise SSD: $30bn (2025), Global Growth Insights <https://www.globalgrowthinsights.com/market-reports/enterprise-ssd-market-123875>
- Enterprise SSD, with 265 exabytes shipped: $32bn (2025), HDIN Research <https://www.hdinresearch.com/news/479>
- Enterprise SSD: $18bn (2025), Verified Market Reports <https://www.verifiedmarketreports.com/product/enterprise-ssds-market-size-and-forecast/>
- Total memory semiconductors, all end uses: $216bn (2025), Gartner (via SK hynix Form DRS/A, reported by Blocks & Files) <https://www.blocksandfiles.com/flash/2026/07/09/sk-hynix-ipo-filing-offers-limited-window-into-its-business/5269160>

No 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.

### 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

## 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.