Trillions
The Quiet AI Trade That’s Raking in Billions
A complex, long-overlooked part of the semiconductor world is now available to retail investors.
SK Hynix Inc.’s 12-layer HBM4 memory chips
Photographer: SeongJoon Cho/BloombergListen and subscribe to Trillions on Apple, Spotify, iHeart and the Bloomberg Terminal.
For a while, the artificial intelligence trade was almost comically simple: just buy Nvidia. But as the buildout of massive data centers accelerates, and the AI models running on them get more complex, some long-overlooked parts of the semiconductor world are suddenly back in view. One of the most important: memory. Dominated by a small group of global giants—SK Hynix, Samsung and Micron among them—it’s a corner of the market that’s been hard for investors to access in a targeted way. Until now.