Although tensions in the Middle East remain a major risk to the global economy, Brent crude oil prices have stayed above 90 US dollars per barrel, while investors continue to monitor inflation risks and interest rate directions.
However, today's global stock market atmosphere shows investment money flowing back into technology and semiconductor stocks, leading to a rebound in Asian markets, led by South Korea and Japan.
What is notable is that this recovery reflects funds moving toward the "infrastructure of AI," especially the Memory sector, which is seen as a critical "bottleneck" for growth in the AI Supercycle era.
Over the past years, global investors have flocked to Nvidia shares, viewing GPUs as the "brain" of AI responsible for processing models like ChatGPT or Gemini; as AI becomes smarter, more powerful GPUs are required.
But as AI advances further, with more users and larger models, GPUs alone are no longer sufficient.
Before a GPU can compute, it must quickly transfer enormous amounts of data from memory systems; if memory is slow, even the most powerful GPU has to wait for data.
For this reason, AI Data Centers must invest in high-performance memory and storage systems, which include various components such as:
Simply put, the GPU is the "brain," while Memory is the "memory" and "blood vessels" that deliver data to the brain; if the Memory system is slow, the GPU cannot operate at full potential, even if it is a top-tier chip.
This is why investors have started paying more attention to memory chip manufacturers like SK hynix, Samsung, Micron, and Kioxia, because in the AI era, winners include not only GPU producers but also companies behind critical memory infrastructure.
Now let's look at which companies global institutional investors are choosing as Memory becomes a key infrastructure for the new AI era.
Part of the answer lies in the Tema Memory ETF (NYSE: DISK), an ETF launched at the end of June that has already attracted over 76 million US dollars in assets under management.
This fund was specifically designed to capitalize on the AI Memory trend by selecting only companies in the Memory and Data Storage supply chain, such as producers of HBM, DRAM, NAND, and storage systems for AI Data Centers.
Tema developed this fund in collaboration with SemiAnalysis, a semiconductor and AI infrastructure research firm, targeting what they identify as the "bottleneck" theme of AI growth. The fund's top 10 holdings as of 21 July 2026 are:
By country, DISK's portfolio is distributed among leading Memory industry nations: the US (32.71%), South Korea (23.37%), and Japan (17.44%).
Although there is currently no Thai mutual fund directly referencing the Tema Memory ETF (DISK), Thai investors wishing to invest in the Memory theme must access international ETFs directly; meanwhile, semiconductor funds available to retail investors in Thailand generally have a broader industry focus rather than concentrating solely on Memory.
Nonetheless, the DISK fund reflects growing institutional investor emphasis on Memory stocks, which are becoming a key investment theme in the AI Supercycle era and may offer ideas for investors seeking long-term AI beneficiaries.
Source: Investing, Tema
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