· Event impact
Memory and Storage Stocks Overtake GPUs as Top S&P 500 Performers in 1H 2026
Transmission path
Supply-chain rotation from compute (GPUs) to storage/memory as AI clusters reach physical capacity limits.
Market mechanism
Supply-chain rotation from compute (GPUs) to storage/memory as AI clusters reach physical capacity limits.
Extended read
While Nvidia dominated the initial phase of the AI boom, the first half of 2026 has seen a decisive shift toward memory and storage providers. Sandisk, Micron, and Western Digital have outperformed the broader index as the industry realizes that high-performance compute requires equally high-performance data throughput. Micron's 225% surge reflects a massive expansion in revenue and margins, driven by the transition to HBM (High Bandwidth Memory). However, analysts caution that the 10x 'millionaire-maker' returns may be behind us, with projected returns of ~4x through 2028.
Exposed assets
MU · WDC
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