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Kurv launches KMEM ETF targeting memory chip bottlenecks
The Kurv Memory Select ETF (KMEM) concentrates on memory chip suppliers, citing roughly 90% market control by Micron, Samsung, and SK Hynix and capacity sold out through 2028.
Kurv Investment Management has launched the Kurv Memory Select ETF (KMEM), a thematic fund designed around memory chip bottlenecks that the firm says are becoming the next chokepoint for AI data centers. In an interview featured by Yahoo Finance, CEO Howard Chan argued that while compute capacity is relatively solved, newer AI models increasingly need high bandwidth memory to retain prior prompts for more relevant outputs.
The fund’s thesis focuses on memory makers rather than “downstream” chip buyers. Chan said Micron, Samsung, and SK Hynix control roughly 90% of the memory-chip market, and that they are sold out of capacity through 2028, with new semiconductor fabs requiring $30 billion to $50 billion and years to build.
Chan also pointed to equipment constraints, saying only ASML makes the lithography equipment needed to outfit new fabs. He described KMEM’s more concentrated structure as a way to preserve the pricing power story instead of diluting it by diversifying into other parts of the memory supply chain.
Looking ahead, Chan said the memory bottleneck could persist for two to four years. He also revisited Kurv’s flagship Technology Titans Select ETF, KQQQ, which he said has a two year track record producing 15% to 18% income distributions while outperforming its underlying.
Yahoo Finance reports that Chan expects additional demand drivers, including robotics, could add upside to memory chip spending, while noting the firm monitors hyperscaler capex for signals about broader memory investment.