High-bandwidth memory shortage extends past 2027 as three ETFs offer different angles on the semiconductor supply chain

SK Hynix is described as sold out through 2026 and Micron through 2027, with hyperscalers locking in HBM (high-bandwidth memory) capacity years ahead of delivery. Micron's fiscal Q1 2026 revenue reached $13.643 billion, up 57% year over year, with its Cloud Memory unit generating $5.284 billion at a 66% gross margin.

Three ETFs provide distinct exposures to the memory shortage: Roundhill Memory ETF (DRAM) holds nine memory and storage makers with a 0.65% expense ratio; iShares Semiconductor ETF (SOXX) tracks the broader U.S.-listed semiconductor complex at 0.34% expense ratio; VanEck Semiconductor ETF (SMH) weights equipment vendors like ASML, Lam Research, and Applied Materials at roughly 19% of assets combined, with a 0.35% expense ratio and approximately $66.86 billion in assets.

CEO Sanjay Mehrotra stated on the December earnings call: 'Our Q2 outlook reflects substantial records across revenue, gross margin, EPS and free cash flow, and we anticipate our business performance to continue strengthening through fiscal 2026,' with guided gross margin for the current quarter at 68%—a level the memory industry rarely achieves outside peak cycles.