Retail investor demand for chip stocks is incredibly strong: Total assets under management (AUM) in the US memory ETF, DRAM, have surged +20% over the last 2 months, to a record $28 billion. This is despite a -28% decline in the fund’s price over the same period. This comes as the fund has attracted +$12 billion in inflows during this time, with all 8 consecutive weekly inflows. In total, DRAM has pulled in +$27 billion since its inception on April 2nd, and has gained +98%. Meanwhile, the 2x leveraged long memory ETF, RAM, has seen +$893 million in inflows since its debut on June 24th. Investors are piling into memory stocks at an unprecedented pace.(The Kobeissi Letter)