By Joey Frenette
Publication Date: 2026-06-05 11:52:00
Quick Read
The iShares Semiconductor ETF surged ~180% in the past year while NVDA gained 56%, revealing memory chips as the real AI market driver.
MU and Korean rivals SK Hynix and Samsung hold a triopoly on high-bandwidth memory, wielding pricing power no hyperscaler can easily replicate.
Top-tier AI chips represent less than 0.2% of unit volume yet capture nearly half of all chip revenue, per Deloitte.
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Nvidia (NASDAQ:NVDA) has arguably been the biggest story of the AI boom thus far, with shares gaining more than 1,800% since the lows of 2022. Undoubtedly, the innovation going on behind the scenes has not slowed down one bit. Arguably, it’s accelerating as the era of Vera Rubin arrives while the company expands its footprint into more critical growth categories across the AI revolution.
\Whether we’re talking about RTX Spark and its potential to transform the way we think about AI PCs, or the other critical pieces of high-end hardware needed for these next-generation AI data centers, Nvidia has continued to raise the bar. Yet, you probably wouldn’t know it just by looking at the shares, which have slowed to a still-respectable 78% gain in the past two years. Either way, the lengthy pause might be in the rearview as Nvidia shares look to march choppily higher.
When you compare the past year of…
