Shocking stat of the day: The Memory ETF, DRAM, has surpassed $25 billion in assets under management (AUM) for the first time, officially overtaking the 26-year-old South Korea ETF, EWY, despite launching on April 2nd. This comes as DRAM has attracted a record +$22 billion in inflows since its debut. Over the same period, EWY has posted -$2 billion in outflows. To put this into perspective, before DRAM launched, EWY had attracted +$6 billion in inflows in 2026. Prior to DRAM, investors largely used EWY as the international proxy for memory stocks. Today, these two ETFs still carry a 46% overlap in underlying holdings. The memory trade has never been more popular.(The Kobeissi Letter)