L4
Memory / HBM
DRAM, NAND flash, and High Bandwidth Memory manufacturers. Classic commodity cycle dynamics, but HBM has introduced a new structural demand signal tied directly to AI GPU shipments.
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HYPOTHESIS
Highest expected intra-layer correlation of any group (r > 0.85). MU, SK Hynix, and Samsung are all pricing off the same HBM demand signal from Nvidia. The memory cycle and the AI capex cycle are now coupled. SNDK adds a pure-play NAND angle — different sub-cycle from DRAM/HBM.
CAPITAL CYCLE
Capex/Depreciation: 1.2x
Coming out of a deep NAND/DRAM trough. HBM is pulling the cycle forward faster than traditional DRAM recovery would suggest. NAND prices up 80-100% in Q2 2026.
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BETA SPY
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BETA SOXX
5
CONSTITUENTS
3
OPTIONS ELIGIBLE
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INTRA-LAYER CORRELATION
Single constituent — intra-layer correlation not applicable.
CONSTITUENTS
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| TICKER | COMPANY | LAST | CHG% | β SPY | β SOXX | SIGNALS | TAGS | |
|---|---|---|---|---|---|---|---|---|
| MU | Micron Technology Only US-headquartered DRAM and NAND manufacturer. Rapidly scaling HBM3E production for Nvidia H200 a... | ... | ... | — | — | OPTIONS | hbmai_infrastructurelong | |
| HXSCL | SK Hynix First-mover in HBM3E. SK Hynix supplies the HBM stack for Nvidia H100 and H200 — effectively sole-so... | ... | ... | — | — | hbmai_infrastructure | ||
| SSNLF | Samsung Electronics Largest memory manufacturer globally. Trailing SK Hynix in HBM qualification but has dominant NAND s... | ... | ... | — | — | hbm | ||
| SNDK | SanDisk Corporation Pure-play NAND flash company spun off from Western Digital in 2024. AI training datasets, checkpoint... | ... | ... | — | — | OPTIONS | nandai_infrastructurelong | |
| STX | Seagate Technology Leading hard disk drive manufacturer and mass storage provider. AI training datasets and inference c... | ... | ... | — | — | OPTIONS | ai_infrastructurehbm |
SEMILENS v0.1 · Data via Tradier Production API · Not financial adviceBeta research: 5Y daily · Loading...