Memory chipmakers Samsung Electronics, SK Hynix, and Micron Technology have each reached $1 trillion valuation this year, but questions remain about whether earnings growth will sustain that value as momentum trading subsides.

The three dominant global DRAM makers—Samsung Electronics, SK Hynix, and Micron Technology—have each entered the $1 trillion club this year, propelled in part by retail investors chasing winners in the artificial intelligence stock boom.

The rally in semiconductor stocks, tracked by the Philadelphia Semiconductor Index, has drawn comparisons to 1999 before the dot-com bubble burst, raising concerns that the trade may be a fad rather than a sustainable trend.

These memory chipmakers are starting to generate what the article describes as enviable earnings, which raises the central question: when hot money inevitably leaves, will they still be worth $1 trillion each?