How rising memory requirements and Asia’s global leadership are creating a distinct investment opportunity.
Artificial intelligence may be grabbing headlines, but behind every AI model, data center, smartphone, and cloud application is a less visible technology that makes it all possible: memory semiconductors.
While logic semiconductor chips such as CPUs perform computations, memory semiconductor chips store, retrieve, and transfer the enormous volumes of data required by modern computing workloads. As AI models become more sophisticated and workloads grow increasingly data-intensive, the need for advanced memory solutions has continued to accelerate. Essentially, as computing power expands, greater memory capacity and performance become essential to support these demands.
This has brought renewed attention to companies involved in Dynamic Random Access Memory (DRAM), NAND flash memory, High-Bandwidth Memory (HBM), and the technologies that support memory production.
Memory as the AI Bottleneck
Increasingly, memory is emerging as a bottleneck for continued AI infrastructure growth. DRAM demand is projected to exceed installed supply through at least 2030, with the supply deficit expected to peak at 29% in 2028.1 This projected shortfall underscores the challenge of bringing new production capacity online quickly enough to meet anticipated demand.
Adding capacity is neither quick nor simple. New semiconductor fabrication facilities can take years to build, qualify, and bring to efficient production levels. These constraints may limit how quickly supply can respond as demand from AI infrastructure and other computing applications expands.
Asia Sits at the Center of Global Memory
Asia sits at the center of this global ecosystem. In the first quarter of 2026, Asian suppliers represented approximately 77% of global DRAM revenue and 74% of global NAND revenue. The region is also home to key specialty-memory manufacturers and semiconductor equipment providers.2
Together, rising memory requirements, limited production flexibility, and Asia’s leadership across the memory value chain are creating a distinct opportunity for focused investment exposure.
Understanding the Building Blocks of Memory
Not all memory is the same. Three major building blocks include:
DRAM serves as a computer's short-term memory, helping processors quickly access the data needed to run applications and AI workloads.
Together, these technologies help store and deliver the data required by modern computing.
How the Memory Ecosystem Works
Producing a memory chip requires more than a chip design. Memory technologies move through several interconnected stages, including design, manufacturing, packaging, and testing, before reaching the end market.
The Amplify Top 10™ Asia Memory ETF (AHBM) provides exposure to this memory ecosystem through a concentrated portfolio spanning key areas of memory production, including design, manufacturing, packaging, and testing. AHBM is the first and only Asia semiconductor memory ETF.3
Samsung Electronics: A Global Memory Leader (005930 Korea)
Samsung is one of the world's largest memory manufacturers and a leading producer of both DRAM and NAND flash memory. The company plays a central role in supplying memory components used in everything from smartphones and PCs to cloud infrastructure and AI servers.
SK Hynix: Powering the AI Memory Boom (SKHY Korea)
SK Hynix is a leading supplier of DRAM and one of the primary developers of High-Bandwidth Memory (HBM) technology. As AI applications require faster data movement between processors and memory, HBM has become increasingly important, potentially placing SK Hynix at the center of one of the industry's fastest-growing markets.
Kioxia Holdings: Advancing Flash Storage (285A Japan)
Kioxia is a major manufacturer of NAND flash memory, which is used extensively in solid-state drives and data storage systems. As data creation and storage needs continue to grow globally, NAND remains a foundational technology for both consumers and enterprises.
CXMT (ChangXin Memory Technologies): (688825 China)
CXMT is China's leading DRAM manufacturer, and specializes in the design, manufacturing, and development of DRAM memory chips used in smartphones, PCs, tablets, servers, and other computing applications.
Nanya Technology: Focused on DRAM Development (2408 Taiwan)
Nanya specializes in designing and manufacturing DRAM products. These chips are critical to day-to-day computing applications and help support increasing memory demands across consumer and enterprise technology markets.
Winbond Electronics: Specialty Memory Solutions (2344 Taiwan)
Winbond develops memory products used in automotive, industrial, communications, and embedded applications. Its specialty memory solutions often serve end markets where reliability and durability are essential.
Macronix International: Embedded Memory Expertise (2337 Taiwan)
Macronix is particularly well known for NOR flash and memory solutions used for code storage and dependable data retrieval in automotive systems, consumer electronics, networking equipment, industrial devices, and embedded applications. These products help support applications where fast and reliable data access is required.
Powerchip Semiconductor Manufacturing: Manufacturing Capacity Matters (6770 Taiwan)
While innovation often receives the spotlight, manufacturing remains critical to semiconductor development. Powerchip provides foundry and memory production capabilities that help support the broader semiconductor supply chain.
Producing advanced memory chips requires more than chip designers alone. A specialized ecosystem of equipment providers, packaging experts, and testing leaders play a critical role in bringing next-generation memory technologies to market.
Tokyo Electron: Building the Foundation (8035 Tokyo and TOELY in U.S.)
Tokyo Electron builds sophisticated equipment used to manufacture semiconductors, including advanced memory chips. Its tools support key production processes that make modern memory technologies possible.
Advantest: Ensuring Quality and Reliability (6857 Japan)
Before memory chips reach customers, they must be tested to ensure they perform as intended. Advantest is a leader in semiconductor testing equipment, helping manufacturers validate increasingly complex memory products.
As AI and advanced computing increase demand for faster access to data, memory and the companies supporting the memory semiconductor ecosystem may become increasingly important. Asia’s leadership in memory manufacturing positions the region’s manufacturers, equipment providers, and testing companies at the center of this expanding ecosystem.
The Amplify Top 10™ Asia Memory ETF (AHBM) seeks to provide focused exposure to the companies helping design, manufacture, package, test, and enable the advanced memory technologies that power modern computing. By concentrating on ten companies across the memory value chain, AHBM offers investors a way to access one of the most essential components of the digital economy.
Fund holdings are subject to change and should not be considered recommendations to buy or sell any security.
1Deutsche Bank DRAM supply-demand model via Akros Cortex, July 21, 2026
2Akros Technologies Research Q1 2026 vendor revenue shares, 7/29/26.
3First to market claim is based on a review of industry data as of 9/10/26. No information to the contrary has come to our attention. For more information or inquiries about this claim, please contact info@amplifyetfs.com.
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Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.
There can be no assurance that the Fund’s investment objective will be achieved. The Fund is newly formed and has a limited history of operations. ETF shares are bought and sold at market price and may trade at a premium or discount to NAV. Brokerage commissions will reduce returns. The Fund follows a passive, index based investment approach and is subject to index tracking error, and non-correlation risks. The Fund is non-diversified, invests in a limited number of issuers, and may be more volatile than diversified funds.
Companies in the memory semiconductor industry may be affected by technological change, competition, intellectual property risks, supply chain disruptions, pricing pressure, regulatory developments, and evolving market demand, which may result in increased volatility. The Fund invests primarily in Asian companies and is subject to risks including economic and political developments, trade disputes, government intervention, currency fluctuations, market concentration, and regional geopolitical tensions, which may adversely affect Fund performance. The use of derivatives and swap agreements may increase volatility.
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