$KIOXIA HOLDINGS CORPORATION UNSPON ADR EACH REP 0.1 COM(KXIAY.US) rose 18%, and storage-themed $Tema Memory ETF(DISK.US) and $Kurv Memory Select ETF(KMEM.US) also surged by over ten points, reigniting the narrative of an AI storage super cycle.
DRAM contract prices rose 93% to 98% quarter-on-quarter in Q1, with another 58% to 63% increase in Q2; NAND followed a similar magnitude. HBM capacity is sold out until 2027, and the supply-demand gap will persist for at least two more years. Pure-play storage names like Kioxia offer direct elasticity, while thematic tools capture capital flowing through the entire storage chain. However, note that the year-over-year growth rate of DRAM price hikes is slowing, leaving limited room for further earnings upgrades.
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