DRAM ETF Slides 54% as Memory Stocks Sell Off
Investors have pulled billions from the Roundhill Memory ETF as concerns about the AI industry and memory stocks deepen.
Updated on Nov. 7, 2026 in Semiconductors
Live Poll
Would you invest in AI-related memory stocks right now?
The Roundhill Memory ETF (CBOE: DRAM) fell to $37, down 54.4% from its 2026 high and near its lowest level since April 28. Investors pulled more than $2.23 billion from the fund over the last 30 days.
Why it matters
The sell-off erases gains made since the fund launched in April and reflects broader weakness among memory stocks. Concerns about whether the AI industry is in a bubble are weighing on investor sentiment across the sector.
Fund flows and share prices for the Roundhill Memory ETF show sharp, sustained selling, with assets falling to $17.5 billion from a peak above $26 billion. Whether the outflows reverse depends on how memory stocks and AI-sector sentiment develop, which remains unclear.
The players
Micron Technology
Micron Technology is a major American manufacturer of memory chips, including DRAM and NAND flash, serving data center and consumer markets.
SanDisk
SanDisk is a major maker of flash memory and storage products that was spun off from Western Digital.
The details
Micron has dropped to $690, down 45% from its all-time high, while Samsung Electronics, SK Hynix, and SanDisk have each fallen more than 40% from their peaks. SanDisk nonetheless reported revenue up 23% sequentially to $11 billion and net income of $8 billion during the quarter.
Timeline
April 2026: The DRAM fund launched and investors began accumulating holdings.
April 28: The fund's previous lowest level before the current decline.
December: Micron's $35 billion share buyback program is set to begin.
Big Picture
The memory sell-off reverses the demand momentum that AI data center spending had built for chipmakers like Micron and SanDisk. Analysts remain divided on whether the fears are overblown or signal a real turn in the cycle.
For investors holding memory-focused funds, the sustained outflows and share price drop mean recent gains have largely reversed. The direction of memory stock prices will shape returns for anyone exposed to the sector through funds or retirement accounts.
The takeaway
Investors in memory-focused funds should weigh the sector's cyclical risk and AI-demand exposure rather than assuming recent trends will persist. Attention to supply forecasts and buyback announcements can help gauge where the sector may head next.
What happens next
Micron's $35 billion share buyback program is scheduled to begin in December.
Further reading
For broader context on the chip industry, explore our Semiconductors coverage.
Source note: This article includes information reported by Benzinga.
Live Poll
Would you invest in AI-related memory stocks right now?
